Christmas Is Coming But Some Satabank Clients STILL Cannot Access Their Frozen Deposits
It’s been around two months now since Satabank was placed under administration due to money laundering concerns, but some clients have still not obtained access to their deposits.
“We offered to assist EY [the administrator] in processing the release of the depositors funds faster and to collect and submit all of the required information of its members, which number over 1000,” ATSUBUF, an association representing Satabank clients, said. “However, two weeks have passed and EY has not yet released these depositor funds and has not yet given ATSUBUF a concrete reply. We are concerned with the release process and, from the information we have gathered, not every depositor who resides in Malta got their money back.”
“We note that there is lack of information on how many Satabank depositors have been contacted, how many individuals got access to their money and how many individuals are to receive their funds in the next release to date.”
“As an association we urge the authorities and EY to provide more details on the matter. Transparency is core in such cases, it is also the right of depositors, both those holding individual as well as those holding corporate accounts, to know all the details.”
The returning process of depositor funds officially started on 26th November, around a month after the accounts were frozen. The first stage involved clients with balances between €50 and €15,000. Corporate account holders will only see their funds released in the final phase but have been offered bridge loans to help them pay their employees’ salaries.
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