Richard Galea Debono has been appointed to act as controller and assume control of Satabank by the Malta Financial Services Authority.

This follows the bank’s licence withdrawal by the European Central Bank earlier in the year on a recommendation of the MFSA.

All 12,000 of Satabank’s accounts were effectively frozen by the Malta Financial Services Authority in October 2018, in the wake of alleged money laundering breaches.

Galea Debono is tasked with winding up and liquidating the asset. His appointment is effective as at October 30.

Ernst & Young Limited, the competent person previously appointed by the MFSA, had its appointment terminated on the same day.