ATUSBUF remains without a concrete reply from EY

ATUSBUF offered to assist EY in processing the release of the Satabank depositors funds faster. It offered to collect and submit all of the required information of its members which amount to slightly more than 1000 at present.

However, two weeks have passed since ATUSBUF had a meeting with EY on the release of depositors funds at Satabank, and EY is yet to give the association a concrete reply.

ATUSBUF is concerned with the release process, from the information we have gathered not every depositor who resides in Malta got their money back. ATUSBUF notes that there is lack of information on how many Satabank depositors have been contacted, how many individuals got access to their money and how many individuals are to receive their funds in the next release to date.

As an association we urge the authorities and EY to provide more details on the matter. Transparency is core in such cases, it is also the right of depositors both those holding individual as well as those holding corporate accounts to know all the details. Corporate account holders will only see their funds released in the last phase.

The clients have a right to know who will pay the salaries of Satabank’s employees and the Competent Person appointed by the MFSA, whether it is from the money to be used in the release of funds or with other funds provided by the government.

ATUSBUF would like to inform that a two step action plan has been suggested by its legal team to assist aggrieved clients of Satabank. We invite all people to join our association to give the right representation to the depositors and in general to all of the bank and financial services' users.