Company:Pilatus Bank

From HandWiki
Pilatus Bank
TypeCorporation
Founded2014
Defunct2018
HeadquartersTa' Xbiex, Malta
Key people
Seyed Ali Sadr Hasheminejad, founder and CEO

Pilatus Bank Plc was a bank established in Ta' Xbiex, Malta.[1][2] The bank was created in 2013 to provide private and commercial banking services to high net-worth individuals and was closed down in 2018, after major local and international money laundering scandals.[3][4][5] The bank was also involved in major local political controversies involving former energy minister Konrad Mizzi, former OPM chief of staff Keith Schembri, and businessman and murder suspect Yorgen Fenech.[6][7][8][9]

History

Pilatus Bank started its operations in January 2014. Its owner was Seyed Ali Sadr Hasheminejad, known as Ali Sadr.[10] The bank came into the spotlight after reporter Daphne Caruana Galizia accused the bank of laundering funds from allegedly corrupt schemes on behalf of offshore companies and individuals.[11][12][13] An 18-month investigation by a magistrate in Malta disproved any claims that Egrant was connected to Joseph Muscat or Michelle Muscat.[14] However, the bank was found to lack any serious controls to monitor money transfers, fined and eventually had its banking licence revoked.[15][16][17]

Ali Sadr was charged with violating US sanctions against Iran in the United States in March 2018.[18] Found guilty at trial, the court decision was reversed in July 2020.[19]

On 4 November 2018, the bank had their banking license revoked by the European Central Bank (ECB).[20] Following the release of Ali Sadr in 2020, Pilatus tried unsuccessfully taking legal action through the European Court of Justice for the return of the banking license and for damages against the ECB.[21][10] In September 2022, the International Centre for Settlement of Investment Disputes has called on Malta to halt any possible legal action against Ali Sadr. Sadr is claiming Maltese authorities, namely the MFSA and FIAU have personally prosecuted him and violated his rights.[22][23][24] There is intense political pressure for Maltese authorities to take legal action against Sadr.[25][26]

Pilatus Bank clients

"Aliyev Empire", by The Sentry, maps many of Pilatus Bank’s high-risk and politically connected customers from Azerbaijan, including Arzu and Leyla Aliyeva, daughters of Azerbaijan’s President Ilham Aliyev, who leads a brutal and repressive regime.[27]

The Sentry's network map is live here: https://atlas.thesentry.org/azerbaijan-aliyev-empire/network-map/

See also

  • List of banks in Malta

References

  1. ↑ Micallef, Keith (25 March 2020). "PilatusBank was a ‘money transfer operation’". Times of Malta. https://timesofmalta.com/articles/view/pilatusbank-was-a-money-transfer-operation.780716. 
  2. ↑ Borg, Jacob (2022-12-03). "Pilatus Bank for dummies: the entire scandal explained, step-by-step" (in en-gb). https://timesofmalta.com/article/pilatus-bank-dummies-entire-scandal-explained-stepbystep.997680. 
  3. ↑ Tronchet, Sylvain (2018-04-18). "Des entreprises françaises sous contrôle d'oligarques azerbaïdjanais via le paravent maltais" (in fr). https://www.franceinter.fr/monde/projet-daphne-laxiste-malte-permet-aux-oligarques-azerbaidjanaises-de-controler-des-entreprises-francaises. 
  4. ↑ Chandrasekhar, Anand (2019-06-26). "Pilatus accused of paying millions to secure Indian defence contract" (in en-GB). https://www.swissinfo.ch/eng/business/lucrative-contract_pilatus-accused-of-paying-millions-to-secure-indian-defence-contract/45057876. 
  5. ↑ Garside, Juliette; Kirchgaessner, Stephanie (2018-04-23). "Azeri ruling families linked to secret investments via Maltese bank" (in en-GB). The Guardian. ISSN 0261-3077. https://www.theguardian.com/world/2018/apr/23/azerbaijan-ruling-families-linked-to-secret-investments-via-maltese-bank. 
  6. ↑ Bonnici, Julian (2021-03-26). "Keith Schembri Opened Pilatus Bank Account Weeks Before Alleged Transfer On Passport Kickbacks" (in en-GB). https://lovinmalta.com/news/keith-schembri-opened-pilatus-bank-account-weeks-before-alleged-transfer-on-passport-kickbacks/. 
  7. ↑ Borg, Jacob (2022-01-30). "Company in 17 Black cash trail received ‘suspicious’ Pilatus funds" (in en-gb). https://timesofmalta.com/article/company-in-17-black-cash-trail-received-suspicious-pilatus-funds.931174. 
  8. ↑ "Pilatus whistleblower claims Azeri billionaire is behind 17 Black" (in en). https://theshiftnews.com/2018/06/08/pilatus-whistleblower-claims-azeri-billionaire-is-behind-17-black/. 
  9. ↑ Balzan, Jurgen. "Keith Schembri, Konrad Mizzi to face criminal charges over 17 Black". Newsbook. https://newsbook.com.mt/en/keith-schembri-konrad-mizzi-to-face-criminal-charges-over-17-black/. 
  10. ↑ 10.0 10.1 "EUR-Lex - 62022CJ0256 - EN - EUR-Lex" (in en). https://eur-lex.europa.eu/legal-content/EN/SUM/?uri=CELEX:62022CJ0256. 
  11. ↑ Camilleri, Ivan (2017-04-24). "No comment on police commissioner's fenkata from Home Affairs Minister" (in en-gb). https://timesofmalta.com/article/no-comment-on-police-commissioners-fenkata-from-home-affairs-minister.646157. 
  12. ↑ Vella, Matthew (23 September 2019). "MFSA-FIAU joint investigation in Pilatus Bank completed and handed to police". Malta Today. https://www.maltatoday.com.mt/news/national/97588/pilatus_transaction_investigation_sent_to_police. 
  13. ↑ Borg, Jacob (2018-04-23). "Pilatus Bank used by Azeri elites to move millions into Europe" (in en-gb). https://timesofmalta.com/article/pilatus-bank-used-by-azeri-elites-to-move-millions-into-europe.677236. 
  14. ↑ Vella, Matthew (17 December 2019). "Egrant magisterial inquiry". Malta Today. https://www.maltatoday.com.mt/news/national/99310/pn_leader_adrian_delia_to_publish_egrant_magisterial_report_in_full#.Xw-6AShKiUk. 
  15. ↑ Malta, Times of (2021-08-31). "Pilatus fined record €4.9m for letting millions flow through Malta unchallenged" (in en-gb). https://timesofmalta.com/article/pilatus-fined-record-49m-for-letting-millions-flow-through-malta.897280. 
  16. ↑ Malta, Times of (2021-08-31). "From €750,000 to €150 million: What investigators discovered at Pilatus Bank" (in en-gb). https://timesofmalta.com/article/from-750000-to-150-million-what-investigators-discovered-at-pilatus.897286. 
  17. ↑ "Public Notice regarding Pilatus Bank" (in en-US). https://www.mfsa.mt/publication/public-notice-regarding-pilatus-bank/. 
  18. ↑ Raymond, Nate (20 March 2018). "U.S. arrests Iranian over alleged sanctions evasion scheme". Reuters. https://www.reuters.com/article/us-usa-iran-crime/u-s-arrests-iranian-over-alleged-115-million-sanctions-evasion-scheme-idUSKBN1GW32E. 
  19. ↑ Johnson, Carrie (12 June 2020). "Prosecutors move to drop their own case after evidence issue". NPR. https://www.npr.org/2020/06/12/875137248/prosecutors-move-to-drop-their-own-case-after-evidence-issue-the-judge-wants-ans. 
  20. ↑ "Malta's Pilatus Bank has European licence withdrawn". The Guardian. 5 November 2018. https://www.theguardian.com/world/2018/nov/05/pilatus-bank-malta-european-banking-licence-withdrawn. 
  21. ↑ "Pilatus to sue European Central Bank for damages in American courts". Malta Today. 1 December 2020. https://www.maltatoday.com.mt/news/national/106228/pilatus_to_sue_european_central_bank_for_damages_in_american_courts#.X8anCi-l00o. 
  22. ↑ "International body orders pause to all proceedings against Pilatus' Ali Sadr" (in en-gb). https://timesofmalta.com/articles/view/international-body-orders-pause-proceedings-pilatus-ali-sadr.981455. 
  23. ↑ "Ali Sadr Has A Case Against Malta" (in en). 2022-08-07. https://www.econotimes.com/Ali-Sadr-Has-A-Case-Against-Malta-1638901. 
  24. ↑ "Ali Sadr SLAPPs Malta police, criminal proceedings ‘suspended’" (in en). https://theshiftnews.com/2022/09/17/ali-sadr-slapps-malta-police-criminal-proceedings-suspended/. 
  25. ↑ "Pilatus Bank failed to publish audited accounts" (in en). https://theshiftnews.com/2020/03/20/pilatus-bank-failed-to-publish-audited-accounts/. 
  26. ↑ "Magistrate ruling on Pilatus challenge is ‘perversion of and contrary to justice’ – Repubblika - The Malta Independent". https://www.independent.com.mt/articles/2025-01-16/local-news/Magistrate-ruling-on-Pilatus-challenge-is-perversion-of-and-contrary-to-justice-Repubblika-6736267162. 
  27. ↑ https://x.com/TheSentry_Org/status/1947364299007025559



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