Satabank owes over €76 million to over 5,000 creditors

Satabank owes more than €76 million to more than 5,000 creditors, according to information in government gazettes.

Notice of liquidation was published in the Official Gazette. “The Administrator of Satabank plc shall provide all creditors who may have a claim on the assets under management (Satabank plc) in a publicly available manner indicating the names of the creditors and the amounts the Administrator has admitted as debt to each of them. I advise you to pay attention to the list.”

A very long list of over 5,000 creditors was published, with a total value of over €76 million.

Satabank became famous for all the wrong reasons after being subject to a joint inspection and audit by the Malta Financial Services Authority and the FIAU in 2018.

Deficiencies were found in the bank’s anti-money laundering procedures and EY was drafted to control the bank’s assets, ultimately resulting in the complete freezing of all 12,000 bank accounts. launched a more in-depth study of the transactions of banks and their customers, highlighting multi-billion euro transactions.

Over 300 reports of suspicious transactions on Satabank, worth more than €130 million, were finally flagged by experts. The bank ended up fined him a hefty €3.7million by the FIAU for violating money laundering regulations. This fine was reduced to €851,000 by the Court of Appeal in December 2020. On 5 October 2018, a fine of €327,500 was imposed for failing to respond to requests from the FIAU within the stipulated period and for providing incorrect information to the same authorities. This fine was reduced to €68,000 by an appeals court. Satabank owes over €76 million to over 5,000 creditors

Show More
Back to top button