A company is seeking the return of €62,864 in deposits frozen by Satabank and demanding compensation.
In a judicial application filed on Friday, Juanafil Finance Ltd director Adrian Chetcuti de Carlo requested that Satabank, Ernst and Young (EY) and the Malta Financial Services Authority return the frozen deposits.
The company is also demanding compensation for “abusive and illegal” action taken by the authorities.
Satabank was placed under EY’s control in October after a joint inspection by the MFSA and the Finanical Intelligence Analysis Unit found shortcomings in anti-money laundering controls. The client funds held by Satabank were also placed under EY’s control.
Read: Satabank clients living ‘on bread and cheese’
Juanafil Finance said in its application it had used Satabank’s services on the basis that it was a licensed bank that “presumably” went through all the necessary due diligence checks by the authorities. It said it had relied on this fact before entrusting its money to the bank.
The company added it had never been notified directly or through public means stipulated by law that there were any reservations about the operations of the bank that could hamper free…
