Satabank Clients See Light At The End Of The Tunnel As Government Steps In

It looks like they'll finally be getting their money back!

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Over a month after their bank accounts were suddenly frozen as part of a money laundering clampdown, Satabank clients will finally get their money back.

The Malta Financial Services Authority (MFSA) confirmed that EY, which is administering Satabank, will on Monday start releasing funds to clients with balances between €50 and €15,000 which have been through a review procedure.

Satabank will contact customers resident in Malta to fix an appointment and will give them the option of receiving their funds via another bank account or via a bank draft. Alternative arrangements will be put in place for customers who are not resident in Malta.

Meanwhile, Malta Enterprise has set up a hardship fund that will provide bridge loans to companies with Satabank accounts, allowing them to cover their salary bills. Other critical operating expenses may also be considered on a case-by-case basis. This fund will launch on Monday and will be available to Satabank corporate clients who have fulfilled certain conditions, such as having employees resident in Malta and having sufficient bank funds to cover the requested bridge loan.

Are you a Satabank client? What do you make of this announcement?

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Written By

Tim Diacono

Tim Diacono tends to clam up when asked to describe himself. You can contact him on [email protected]