A court case has been opened against The Malta Financial Services Authority (MFSA) with the aim of withdrawing the directives against the bank, according to a statement issued by Pilatus Bank.
Pilatus Holdings accused MFSA of negligence and stated that the government agency should be held responsible for the what they called “significant damage”
The Bank stated that the MFSA accepted “the allegations of the former bank employee Maria Efimova” without verification, despite the allegations of links between the Bank and the Egrant company in Panama being false.
This occurred after the Authority accepted the information given to them by Maria Efimova, the same person providing information to Daphne Caruana Galizia about the owner of the Egrant company.
The Bank insisted that after the publication of the Egrant Inquiry’s conclusions, which it believes freed the bank from any malicious allegation, there was no reason for the MFSA to remain in the same position. The Bank remarked that its regulatory standards are among the highest in Europe.
Last March, the MFSA froze Pilatus Bank’s assets, imposed to remove and replace the chairman by an administrator and asked the European Central Bank to withdraw the bank’s license.