Philippines Rizal bank ignored stop-payment order from US Federal Reserve, reports Inquirer

This came to light during the investigation into the $81 million cyber heist by a Senate committee, the Philippine Daily Inquirer reported on Tuesday.
 
The Inquirer stated that during the hearing, Senator Teofisto “TG” Guingona III revealed that, after receiving the suspicious funds on Feb 5, the publicly listed RCBC received a “stop payment” order from the Fed at 5pm on Feb 8, which was a banking holiday in the country on account of the Chinese New Year.
 
“The stop payment order was received by your bank on Feb 8, 2016,” the Inquirer quoted Senator Teofisto as saying to RCBC president and CEO Lorenzo Tan. 
 
"On the morning of Feb. 9, the first banking day, you should have seen the stop payment request. But apparently it was not honoured because the funds were withdrawn. All the funds were withdrawn,” the senator said.
 
More to follow

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