Money

No dirty money, no damage: BSP says Wirecard scammers used BDO, BPI to cover their tracks

Bangko Sentral ng Pilipinas Governor Ben Diokno that the $2.1 billion missing funds in the Wirecard scandal did not enter the Philippine banking system.

Related story: No Wirecard cash went through BDO: Nestor Tan hunting for CEO complicit staff in $2.1B scam

Bangko Sentral ng Pilipinas Governor Ben Diokno that the $2.1 billion missing funds in the Wirecard scandal did not enter the Philippine banking system.

Diokno made the clarification after BDO Unibank and Bank of the Philippine Islands were dragged into the financial scam battering the German electronic payment firm which has several clients and partners in the Philippines.

Related story: Aral sa Recto ‘yan! BPI tags submanager behind forged Wirecard papers – Consing

“None of the missing $2.1 billion of German firm Wirecard entered the Philippine financial system. The international financial scandal used the names of two of the country’s biggest banks — BDO and BPI — in an attempt to cover the perpetrators’ track,” said Diokno in a statement.

Related story: ‘Di namin kliyente ‘yan! BPI denies hand in Wirecard’s $2.1B missing funds

“Both BDO and BPI state that the financial technology firm Wirecard was not a client nor did they have any business relationship with the German firm. Both banks informed Ernst & Young, the external auditor, that the documents that attested to the presence of the supposed funds were ‘spurious’,” he added.

BDO and BPI have zeroed in on their respective employees who are suspected of providing the forged documents certifying that the $2.1 billion Wirecard funds were held in escrow in two of the country’s biggest banks.

Related story: Fall from grace: CEO of scandal-hit Wirecard resigns

“The matter has been reported to the BSP, which is conducting its own investigation. The initial report is that no money entered the Philippines and that there is no loss to both banks,” he said.

The $2.1 billion missing funds, equivalent to the German fintech’s profits since 2012, account for half of Wirecard’s $4 billion cash.

Related story: pdated: BDO says it’s a victim in $2.1B Wirecard fraud: Scammers faked our docs, forged officers’ signatures

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