We should have closed Pilatus Bank ourselves – Partit Demokratiku

Pilatus Bank has been closed, with Partit Demokratiku saying in a statement that it failed to understand why it had to be the European Central Bank to withdraw its licence, rather than the local authorities.

“Our reputation is further damaged by this humiliation. Why was Pilatus Bank allowed to operate in the first place, given its dubious grounds? Why were foreign ‘investors’ allowed to cause great damage to our country? What are the hidden costs to the health of our financial services?” PD asked

The party asked why Malta was in a situation where the European Commission had also criticised its implementation of the AntiMoney Laundering Directive. “Malta already has to pay fines for breaking European laws and directives. Now we have to spend the taxpayer’s money on fines just because we avoided legislating on things which are in the interest of Malta itself,” PD added

“It is clear that the economic well-being of the country comes second to the interests of private individuals and investors. The interests of crony capitalists and crooks are not always aligned with the health of our economy, and Pilatus Bank has been a clear and devastating example of this, with far-reaching consequences.”

Partit Demokratiku reaffirmed its dedication to a strong and ethical economy built on foundations of good governance and respect for the rule of law by the highest and the lowest in the land.