Nationalist Party calls for solution to Satabank saga

The PN appealed for ‘serious due diligence’ but stressed that this must be done in a strategic and holistic manner • Government tells Opposition to stop undermining financial services sector

Satabank was ordered to stop allowing clients from depositing or withdrawing funds last month
Satabank was ordered to stop allowing clients from depositing or withdrawing funds last month

The Nationalist Party has called on the Malta Financial Services Authority (MFSA) to find a strategic and holistic solution to the ongoing Satabank saga.

In a statement on Tuesday, the PN called on the MFSA to communicate with Sataank clients in a “more effective manner”, insisting that the current situation was having “considerable repercussions”.

It said that while the MFSA had said that it would be releasing deposits on some conditions, including that clients own or open a new bank account, this was proving to be very difficult for some clients.

The PN said that this had led to thousands of families not receiving their wages, other who could not access their funds, as well as companies who were not able to continue operating because of cash flow problems.

“In addition to causing suffering and financial inconvenience, the Opposition is informed that there are many that are considering alternative jurisdictions to which to relocate their operations,” the PN said.

“While the Nationalist Opposition appeals for serious due diligence, there is need for a strategic and holistic plan so that clients that always abided by the bank’s prerequisites don’t pay the price of others’ wrongdoing.”

It said that the authorities should therefore offer tangible solutions to these people and these companies.

Government reaction

Reacting to the statement, the government said that while it would be seeing to it that the bank’s clients are helped, as far as it was possible and within the limits of the law.

“At the same time, the Opposition needs to decide what it wants from the MFSA,” the financial services secretariat said.

It accused the Opposition of “arguing in the morning that the MFSA doesn’t do anything to fight money laundering and abuses, only for it to attack the same authority for taking the necessary measures in the evening”.

“The PN’s spokespersons should stop trying to undermine the authority’s work, and if they truly believe their own words, should let this independent authority work in complete serenity.”

It said the Opposition should stop “using the financial services sector for partisan objectives”.

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