MFSA appoints new controller to oversee liquidation of Satabank

MFSA appoints new controller to oversee liquidation of Satabank

A new controller has been appointed for Satabank, taking over from Ernst and Young the Malta Financial Services Authority said,

The MFSA said it has now appointed Dr Richard Galea Debono to act as controller and to assume control of the Entity (Satabank) for the purposes of the Controlled Companies (Procedure for Liquidation) Act, namely to wind up and liquidate the controlled asset.

The engagement of the Controller is effective as at 30 October 2020.

Ernst & Young Limited, the Competent Person appointed by the MFSA in October 2018 will have its appointment terminated on 30 October 2020. 

Satabank had its banking licence withdrawn by the European Central Bank last July. A year and a half earlier, the MFSA froze its roughly 12,000 accounts on suspicions that the bank had broken money laundering rules.