Arab Press

بالشعب و للشعب
Monday, Jul 07, 2025

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The lawyers say the bank’s license was revoked solely based on the “misguided allegations” against Sadr.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

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
×