Court refuses to remove Pilatus Bank administrator

The Maltese Courts have refused Pilatus Holdings’ request to have Lawrence Connell removed from his position as administrator for the assets of Pilatus Bank Limited.

Connell was appointed to this role by the Malta Financial Services Authority.

Pilatus Holdings is headed by Ali Sadr Hasheminejd and Hamidreza Ghanbari, and it controls Pilatus Bank. The MFSA has appointed an administrator to take care of the bank’s assets and to control its investments and banking services following Sadr’s arrest in the United States.

The Court ruled that Pilatus Holdings’ requests were to be denied as otherwise both the MFSA and Lawrence Connell would not be able to operate properly. This could damage Pilatus Bank, its creditors and the financial services sector.