Philippine Court Clears Eastern Hawaii Leisure in 2016 Cyber Heist Case
In a significant development, a Philippine court has lifted asset preservation orders on accounts of Eastern Hawaii Leisure, clearing the company of any direct link to the infamous 2016 cyber security incident. The decision follows a lengthy legal battle and brings closure to one aspect of the case.
The journey to this point began in 2016 when North Korean hackers orchestrated a sophisticated cyber attack, sending fake money transfer requests totaling $1 billion. A staggering $101 million was processed, with $81 million finding its way to the Philippine bank RCBC.
The incident led to a lawsuit filed by Bangladesh Bank against 20 individuals and entities, including Solaire Resort and Eastern Hawaii Leisure. The case alleged involvement in the stolen funds. However, both Solaire and Eastern Hawaii successfully argued against jurisdiction in the Philippine courts.
The Court of Appeals later confirmed the decision to lift the asset preservation orders, citing lack of evidence linking the companies to the cyber security incident. Eastern Hawaii Leisure subsequently returned $4.63 million as part of the stolen funds.
Meanwhile, the Hong Kong Court of Final Appeal and the Hong Kong High Court also issued decisions that led to the unfreezing of funds for Eastern Hawaii Leisure. The New York Supreme Court, however, ruled that it has jurisdiction to hear the case against RCBC, but no ruling has been made on the validity of the lawsuit.
The Philippine court's decision to lift the asset preservation orders on Eastern Hawaii Leisure marks a significant step in the ongoing legal saga surrounding the 2016 cyber security incident. While the company has returned a portion of the stolen funds, the case against RCBC and other entities remains open, with jurisdictions around the world continuing to grapple with the complex legal implications of the incident.
