Bank Association preparing action plan to assist Satabank clients

The Association of Bank Users and Consumers (ATUSBUF) stated that it was preparing a two-step action plan which was suggested by its legal team to assist aggrieved Satabank clients. In a statement the Association invited Satabank clients as well as other financial services users to join the Association.

ATUSBUF was formed shortly after the Maltese authorities froze the accounts held at Satabank and appointed a competent person to take care of the banking. Many have adversely affected since the accounts freeze, including people with individual accounts.

In a statement ATUSBUF said that despite having met with EY over two weeks ago, it has not yet received a reply whether they would be assisting EY in releasing the depositors funds. The Association said it offered EY to collect and submit all the required information of its members in order to facilitate the release of their funds.

The Association lamented that not enough information was being disclosed stressing that transparency was needed in such cases.

ATUSBUF asked who will be paying for the salaries of Satabank employees as well as the competent person. The association emphasized that the clients had a right to know whether the salaries will be taken from the money which was segregated for the release of funds of individual and corporate clients of the bank or whether the government was providing for the salaries.