Bloomberry Resorts, a casino operator in the Philippines is out of trouble, albeit momentarily, for the millions of Dollars stolen from Bangladesh’s Central bank and funneled through the gaming industry.

This past week, Bloomberry files a petition with the stock exchange of the Philippines indicating the dismissal, by a court in New York, of all racketeering charges filed against the firm by the Bangladeshi firm.

The suit was fueled by the theft of $81 million in 2016 from accounts held by the bank with the Federal Reserve Bank of New York.

The money heist, which officials in the U.S believe was orchestrated by agents of the North Korean Regime, saw close to $81 million stolen from the bank’s accounts and moved to a number of individuals based in the Philippines.

The individuals, including some who had connections with junket operators locally, appeared to have laundered the sum via casinos in the Philippines, including Solaire Resort and Casino owned by Bloomberry.

The firm’s filing on Monday stated that the American Court for the Southern District of New York granted joint motion requested by Bloomberry, the Rizal Commercial Banking Corporation (RCBC) and a few other local firms as well as individuals to dismiss the Bangladeshi bank’s Racketeering Claim based on the violation of the Corruption Organization Act by the defendants.

Bloomberry also stated that the American Court declined to exercise its supplementary jurisdiction over the reminder of the claims, although the Court denied this joint motion to calling for dismissal based on lack of subject matter jurisdiction stating that another forum or court would be ideal.

Since then, only one entity has be convicted of the heist. In 2019, the court found an RCBC branch manager, one Maia Santos-Deguito, guilty of money laundering charges, although the court also pointed out that she personally did not receive any stolen funds. She is currently appealing against the ruling. Other junket operators linked to the scam were cleared of any wrong doing in 2017 as a result of insufficient evidence.

Irrespective of this good news, Bloomberry stakeholders sent the firm’s shares plummeting 6.3 percent by the close of trading on the Philippine stock exchange this past Monday, possibly because the firm announced that the coronavirus lockdown in the Philippines meant that shareholders would not receive dividends.

For the moment, Solaire Resort and Casino is in lockdown just like other entertainment City Casino as the country works to keep the virus under control.

Source: https://calvinayre.com/2020/03/23/casino/bloomberry-resorts-bangladesh-heist-civil-suit-dismissed/

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