Malta-Based Satabank Owes €76 Million To Over 5,000 Creditors Ahead Of Liquidation
Satabank owes over €76 million to roughly 5,000 creditors, a notice of liquidation for the company has revealed.
Scandal-hit Satabank went into liquidation in October 2020 roughly 18 months after the MFSA froze roughly 12,000 accounts over breaching money laundering rules.
More than a billion euros worth of suspicious transactions were allegedly investigated by financial authorities with suspected links to fuel smuggling, drug trafficking, organised crime and black-listed countries. Small fines have been issued, but no one linked to the bank has been charged as yet.
The Bulgarian bank had initiated SLAPP lawsuits against journalist Manuel Delia, MP Jason Azzopardi and Times of Malta over the issue. The cases were thrown out by courts.
According to a notice of liquidation published on the government gazette, there are around 5,400 creditors owed a total of €76,713,910 who have been asked to lodge a claim with the appointed controller.
Topping the list of creditors are Advanced Cash Limited and Duovest Capital Group and its subsidiaries, which are owed just over €10 million and €9.7 million respectively.
Altemix Limited (€4,228,654), Payandplay.com Limited (€3,066,832), Nova Participations (€2,090,977),Quantis Limited (€1,485,848), Dawn Online Advertising (€1,183,997) and Vitaco Solutions (€1,203,780) make up the list of creditors which are owed over €1 million.
A full list of creditors can be found here.
Creditors who are not included in the list or dispute the balance being shown have been asked to enter a claim before the controller within three months of the notice, which was published on 19th August. A failure to make the claim will bar the creditor from making a claim in the future.
A comprehensive list of creditors and the respective amounts due will be published within three months’ time.
What do you think of the figures?
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