Kim Wong admits getting P1B of funds stolen from Bangladesh Bank

Businessman Kam Sin "Kim" Wong admitted during a Senate hearing on Tuesday that his company, Eastern Hawaii Leisure Co. Ltd., got P1 billion of the stolen money from the account of the Bangladesh Bank with the US Federal Bank in New York.

"P1 billion nasa Eastern Hawaii -- P450 million binayaran sa 'kin na utang, P550 million nilaro [sa casino]," Wong told the Senate Blue Ribbon Committee hearing on the $81-million (at least P3.76 billion) laundered money, which was stolen from the Bangladesh Bank's account.

Wong claimed that he accepted the money, not knowing that the funds were connected to the Bangladesh Bank heist.

He said he received the P450 million as a payment of the debt of a certain Mr. Gao.

The remaining P550 million was then converted into chips and played in his casino but P510 million was lost.

"Yung natira dun, more or less nasa P40 million," Wong said.

Anti-Money Laundering Council (AMLC) Executive Director Julia Bacay-Abad told senators during the hearing that the P40 million remaining from the money converted into chips, and the P450 debt payment may possibly be returned to the Bangladesh Bank.

"If we can identify if the money is still there (in Eastern Hawaii), then we can recover it," Abad said.

Wong, for his part, said that he would be willing to surrender the P450 million.

The P510 million, however, may be hard to recover.

"Considered as gone transaction na yun... It has been lost," Philippine Amusement and Gaming Corp. (PAGCOR) COO Eugene Manalastas told the committee. —ALG, GMA News