Satabank said on Sunday it has started to contact corporate customers as part of the controlled release of funds. 

On Friday, a company filed a judicial application seeking the return of €62,864 in deposits frozen by Satabank and demanding compensation.

Satabank was placed under EY’s control in October after a joint inspection by the MFSA and the Finanical Intelligence Analysis Unit found shortcomings in anti-money laundering controls. The client funds held by Satabank were also placed under EY’s control.

Read: Satabank clients living ‘on bread and cheese’

The bank said on Sunday a significant number of deposits have been returned and it will continue to contact customers on a staggered basis as part of the controlled release of funds in January.

Satabank said it was committed to the best possible outcome for its customers and was working closely with the relevant authorities to achieve this.

 

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