New controller appointed to liquidate Nemea Bank

Last Updated on Tuesday, 16 November, 2021 at 10:55 am by Andre Camilleri

Michael Spiteri Bailey has been appointed as the controller of Nemea Bank by the Malta Financial Services Authority to oversee the winding up of the bank.

The liquidation of the bank, which had its license withdrawn by the European Central Bank in 2017, has stalled owing to appeals by the bank’s owners against the decision to close the bank.

The MFSA had found serious regulatory breaches in the running of the bank after an inspection in 2016.

The MFSA said that Spiteri Bailey’s task will be “to assume control of the Entity for the purposes of the Controlled Companies” and “namely to wind up and liquidate the controlled asset.”

His engagement comes into force on 16 November 2021.

Price Waterhouse Coopers (PwC), the competent person appointed by the Authority as communicated on 27 April 2016, will have its appointment terminated on 16 November 2021.

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