Malta Police Say They’re ‘Working Closely’ On Pilatus Bank Case
The Maltese police force has said it’s “working closely” with other agencies and authorities on the case of Pilatus Bank’s chairman, who was arrested by the United States last night and charged with evading US sanctions on Iran.
“Kindly note that while the Malta Police have not been approached by the US authorities regarding this case, we are working closely with other agencies and authorities on this matter,” a police spokesperson told Lovin Malta. “Further comments regarding this case cannot be given, both due to legal constraints and due to the fact that such disclosure can hamper work that is currently being carried out.”
Ali Sadr Hasheminejad was arrested last night on charges that he evaded US sanctions on Iran by funnelling over $115 million from Venezuela through US banks as part of a multimillion deal – signed by Iran and Venezuela back in 2006 – to build 7,000 housing units in the South American country. The housing project was led by Stratus Group, an Iranian conglomerate controlled by Ali Sadr’s family – one of the wealthiest families in Iran.
US prosecutors say Ali Sadr belonged to a committee overseeing the project’s execution and that he took steps to evade US economic sanctions by concealing the role of Iran and Iranian parties in payments sent through the US banking system.
This included using his St Kitts and Nevis passport to incorporate companies in Switzerland and Turkey which in turn received payments from US banks on behalf of Stratus Group, therefore hiding the Iranian ownership and evading US sanctions.
The Malta Financial Services Authority convened today to discuss what action to take against Pilatus Bank in the wake of its chairman’s arrest, but no decision has been taken yet as of the time of writing.
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