Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

‘Corrupt' Maltese officials draining Pilatus assets, Sadr lawyers claim

‘Corrupt' Maltese officials draining Pilatus assets, Sadr lawyers claim

A network of “corrupt government officials” have set about draining Pilatus Bank of all its assets, lawyers for the bank’s parent company Alpene Limited have claimed.

The bank’s former chairman Ali Sadr is the sole director of the Hong Kong-based Alpene.

In US court documents filed a few days ago, the lawyers say ever since the bank was “wrongfully” shuttered by regulators, it has been run in a “corrupt scheme designed to strip the bank of its assets to the detriment of its owners and to the benefit of Maltese officials, individuals and businesses”.

Alpene is seeking information in the US about the process to back claims it was unfairly treated by Malta as part of proceedings it has opened against the government before the International Centre for Settlement of Investment Disputes, an international arbitrator.

The lawyers say the bank’s license was revoked solely based on the “misguided allegations” against Sadr.

Sadr was arrested in the US in March 2018, prompting Maltese regulators to take over the bank and appoint an external administrator.

In the US, money-laundering charges against him were dropped after disclosure failures by US prosecutors in the case against him.

‘Exorbitant fees’


Sadr’s lawyers allege that the bank’s administrator Lawrence Connell entered into an agreement with a law firm connected “directly and indirectly” with the MFSA’s incoming chairman at the time, John Mamo.

The law firm, Mamo TCV, were paid “exorbitant fees” for “purported legal work”, with the resources of the bank used to pay these fees, Sadr’s lawyers said.

“In addition, Connell sold and liquidated all the assets of the bank and placed them directly into the hands of the government of Malta in their Central Bank”.

Connell resigned from his role as the bank’s administrator earlier this year.

Sadr’s lawyers also claim US consultancy firm Promontory has also been used to “drain” the bank of its assets.

Former MFSA’s chair’s role flagged


The lawyers say that prior to the “wrongful takeover” of Pilatus, then MFSA chairman Joe Bannister had “urged” the bank to hire Promontory to do some work for the bank.

They say Pilatus had refused to hire Promontory, despite Bannister’s urging, due to the “exuberant fees” they had proposed to the bank.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×