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SataBank Closed
- Thread starter nitehawk
- Start date
Yes they did alongside a documentary credit business etc. Otherwise they are not making money on service charges alone.
However we are all flying blind. This is why I remind people it is important to only deal with banks that publish their financial reports. It is important to avoid banks like Sata and Euro Pacific Bank that publish nothing.
Right now everything is guess work and based on memory. They have removed all docs from their website
The irony is I've sent a significant amount to corporate Satabank account just recently to pay corporate tax. Should I tell tax authorities now, sorry, you fucked my money already?
This is from 2015 but shows they had a loan book.
Satabank falls to first year loss, but remains poised for growth - maltawinds.com
------------------------ Quote
Since launch, Satabank has built up loan assets worth €48.6m, including €43.1m loaned or advanced to other banking institutions of which €38.4m is loaned to banks in Europe and €4.7m in the Americas, all of which is due to be repaid within 12 months.
The book also comprises €5.6m loaned to individuals and corporate entities, of which €0.1m are at probable risk of not being paid in full, with the vast majority of this, €5.0m, due within one year.
This means total assets held by the bank were valued at €54.5m as at 31 December 2015, which also includes investment securities worth a total of €4.9m.
Of Satabank’s total loan book, 98%, or €53.2m, is interest bearing, with €48.6m due within three months, €1.0m within one to five years and a further €3.6m not due for repayment after five years or longer.
The bank also has a number of debt securities available for sale, valued at a total of €4.6m. This includes €4.1m of debt security for sale in Europe, €0.3m in the Americas and €0.2m in Asia.
Satabank has also built up deposits from customers worth €37.7m in its first 15 months, in addition to liabilities from e-money holders worth a further €6.3m.
This means that the bank’s total liabilities as at 31 December 2015 were valued at €44.6m.
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Ok what I have seen also from KPMG is that at end of 2016 the bank made a profit of 5.63m euros before taxes. Total assets at end of 2016 were 324m euros. Total liabilities 311m euros. Capital adequacy ratio was 18% and liquidity coverage ratio 268%. If things favorable during 2017 and 2018 then there is enough cash on hand to pay everyone back 
. Basically on paper this was a solid bank financially it seems. However things may have deteriorated recently enough so that the MFSA stepped in i.e money held at central bank was depleting rapidly .
. Basically on paper this was a solid bank financially it seems. However things may have deteriorated recently enough so that the MFSA stepped in i.e money held at central bank was depleting rapidly .They publicly stated that as a solution, funds will be transfered to other EU account.
Satabank ignored those details when requesting, stating no update on the case yet.
They publicly asked to notify them about the upcoming urgent payments which I did, have to pay corporate tax soon.
Same ignored with template response.
Lots of public bulls**t so far
Satabank ignored those details when requesting, stating no update on the case yet.
They publicly asked to notify them about the upcoming urgent payments which I did, have to pay corporate tax soon.
Same ignored with template response.
Lots of public bulls**t so far
Good day to you all,
New member here. I am with the same problem , owning an account with satabank.
First of all thank you, there is useful informations here.
Last informations ( non confirmed ) that I have is that in few weeks satabank will release funds to customers.
Do someone estimate what is few weeks?
New member here. I am with the same problem , owning an account with satabank.
First of all thank you, there is useful informations here.
Last informations ( non confirmed ) that I have is that in few weeks satabank will release funds to customers.
Do someone estimate what is few weeks?
Satabank has funds to pay back depositors
--------- quote
"Satabank has enough funds to pay back depositors, however, experts would have to finish combing through the bank’s 12,000 accounts first, sources in the financial services watchdog said."
"Sources involved in overseeing the process said Satabank holds around €300 million in customer deposits. Efforts were ongoing to release depositors’ funds as soon as possible, but no definitive date could be given yet."
"EY and the watchdog were now assessing which of the bank’s clients were at the highest risk of suffering immediate financial consequences from the block on all accounts."
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I don't suppose a company like Ernest & Young (EY) get's much large business on a tiny island like Malta. They must be on a daily rate to be stalling paying out customers and dragging out the job
. Just imagine this was BOV the country would shut down......my bad it may soon be actually after the deposit for the other money laundering Malta bank (Pilatus Bank) was paid in via BOV 
. Goodluck to putting money in any Malta bank. US DOJ has taken out two Malta banks in one year for money laundering and Malta government and ECB had no choice but to pull plug .
Could mean anything. Once process starts could be 2019 before they get to you.
--------- quote
"Satabank has enough funds to pay back depositors, however, experts would have to finish combing through the bank’s 12,000 accounts first, sources in the financial services watchdog said."
"Sources involved in overseeing the process said Satabank holds around €300 million in customer deposits. Efforts were ongoing to release depositors’ funds as soon as possible, but no definitive date could be given yet."
"EY and the watchdog were now assessing which of the bank’s clients were at the highest risk of suffering immediate financial consequences from the block on all accounts."
------
I don't suppose a company like Ernest & Young (EY) get's much large business on a tiny island like Malta. They must be on a daily rate to be stalling paying out customers and dragging out the job
. Just imagine this was BOV the country would shut down......my bad it may soon be actually after the deposit for the other money laundering Malta bank (Pilatus Bank) was paid in via BOV . Goodluck to putting money in any Malta bank. US DOJ has taken out two Malta banks in one year for money laundering and Malta government and ECB had no choice but to pull plug .Could mean anything. Once process starts could be 2019 before they get to you.
I hear you. My mind constantly switches between the following hypothesis:
* They are working in a legit state of total emergency, and the lack of communication stems from that fact, as they have more important things to deal with
* They are fundamentally incompetent, and the lack of communication stems from that fact
Both are bad. As when there is reason to be in total emergency: They'll have trouble paying everybody back. And if there is total incompetence: There is reason to be concerned they'll not manage to fairly pay everybody back.
Everything I saw lets me flip flop between these both extremes.
Seems what I posted about months ago in other threads about satabanks shady Bulgarian owner and corporate structure appears to be true . They keep switching countries, renaming and moving operations around. They have run back to Bulgaria and renamed to leopay etc. If you have not pulled your money out of its associated companies such as icard, leopay, mypos etc then you should do so today. If no one in the EU has the balls to bring down his money laundering operation then the US DOJ will as we are seeing because they touched USD ....be warned and stay safe...get your money out!!!!
FIAU was warned about Satabank owner in 2013, PN MP claims
-----------------Quote
"Malta's financial watchdog was handed a 300-page report about Satabank’s owner in 2013 but never acted on it, PN MP Jason Azzopardi has claimed.
Dr Azzopardi told parliament on Tuesday that the report came from the Luxembourg financial intelligence analysis unit, after Satabank’s owner - Bulgarian Cristo Georgiev- moved his operations from Luxembourg to Malta."
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. They keep switching countries, renaming and moving operations around. They have run back to Bulgaria and renamed to leopay etc. If you have not pulled your money out of its associated companies such as icard, leopay, mypos etc then you should do so today. If no one in the EU has the balls to bring down his money laundering operation then the US DOJ will as we are seeing because they touched USD ....be warned and stay safe...get your money out!!!!FIAU was warned about Satabank owner in 2013, PN MP claims
-----------------Quote
"Malta's financial watchdog was handed a 300-page report about Satabank’s owner in 2013 but never acted on it, PN MP Jason Azzopardi has claimed.
Dr Azzopardi told parliament on Tuesday that the report came from the Luxembourg financial intelligence analysis unit, after Satabank’s owner - Bulgarian Cristo Georgiev- moved his operations from Luxembourg to Malta."
----------------
This person honestly thinks that Maltese government gives a damn about his plight? He could starve to death for all they care. The government sees all clients of Satabank as criminals and that is exactly how everyone is being treated.
Satabank clients living ‘on bread and cheese’
-------------quote
"Satabank account holders are struggling to make ends meet, with some saying they can only afford buying bread and cheese.
One of them, who spoke to Times of Malta on condition of anonymity, said on Tuesday he was living day by day, hoping the little he had could be stretched as much as possible.
“It’s a nightmare. People cannot even begin to understand what we’re going through. My lifestyle had to change overnight. I started eating the things I had in the fridge and freezer but now that’s empty and I’m living on just bread and cheese,” the man said.
He said he had heard similar stories from other account holders queuing outside the bank’s offices in St Julian’s."
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Satabank clients living ‘on bread and cheese’
-------------quote
"Satabank account holders are struggling to make ends meet, with some saying they can only afford buying bread and cheese.
One of them, who spoke to Times of Malta on condition of anonymity, said on Tuesday he was living day by day, hoping the little he had could be stretched as much as possible.
“It’s a nightmare. People cannot even begin to understand what we’re going through. My lifestyle had to change overnight. I started eating the things I had in the fridge and freezer but now that’s empty and I’m living on just bread and cheese,” the man said.
He said he had heard similar stories from other account holders queuing outside the bank’s offices in St Julian’s."
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This person honestly thinks that Maltese government gives a damn about his plight? He could starve to death for all they care. The government sees all clients of Satabank as criminals and that is exactly how everyone is being treated.
Satabank clients living ‘on bread and cheese’
-------------quote
"Satabank account holders are struggling to make ends meet, with some saying they can only afford buying bread and cheese.
One of them, who spoke to Times of Malta on condition of anonymity, said on Tuesday he was living day by day, hoping the little he had could be stretched as much as possible.
“It’s a nightmare. People cannot even begin to understand what we’re going through. My lifestyle had to change overnight. I started eating the things I had in the fridge and freezer but now that’s empty and I’m living on just bread and cheese,” the man said.
He said he had heard similar stories from other account holders queuing outside the bank’s offices in St Julian’s."
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Innocent until proven to have friends in government positions to help out
Satabank pay €689 an hour for competent person
This is interesting wording:
> “Prior to the [MFSA’s directive] of 20 October, the bank continued to meet its financial prudential requirements, was liquid and operating well above its minimum regulatory capital ratios. The bank’s liquidity was adequate to ensure normal day-to-day running and operations.”
"Prior" - so nothing about "now".
This entire statement, to me, is the first hint of "we are in financial trouble" right now. As this statement is "overly specific". Its the first step to establish a narrative.
This is interesting wording:
> “Prior to the [MFSA’s directive] of 20 October, the bank continued to meet its financial prudential requirements, was liquid and operating well above its minimum regulatory capital ratios. The bank’s liquidity was adequate to ensure normal day-to-day running and operations.”
"Prior" - so nothing about "now".
This entire statement, to me, is the first hint of "we are in financial trouble" right now. As this statement is "overly specific". Its the first step to establish a narrative.
My concerns and that of people like Martin Everson who know the local way how things work might not have been too unwarranted... A month in, no money in sight and narrative slowly making a U turn.
I do hope everyone is getting their money out. The good thing is that there is enough publicity and a few positive statements about liquidity that might make things turn out ok at the end. The MFSA has kind of shot themselves in the foot with the prior narrative and publicity of this all.
I still see the EMI accounts that were clearly marked as being non-protected at big risk. That "international" team alone at their rates and "ultra fast working pace" will bleed a nice chunk of money out of the remaining balance and they are already creating that narrative:
"“In the context of a small bank that is a Maltese-licensed and regulated credit institution, the above rates are exorbitant and unreasonable. [They] are clearly not in the interest of the bank, nor of its depositors, employees and shareholders. If such rates were to be maintained unabated, the fees of the competent person will inevitably deplete the bank’s capital…”"
Insured / domestic SME accounts getting (some) money back and unprotected EMIs being served with that explanation... we were fully liquid until the consultants bleed us dry... not our fault... no wrong doing. The regulators probably pointing towards the EU and general anti laundering procedures.
I do hope everyone is getting their money out. The good thing is that there is enough publicity and a few positive statements about liquidity that might make things turn out ok at the end. The MFSA has kind of shot themselves in the foot with the prior narrative and publicity of this all.
I still see the EMI accounts that were clearly marked as being non-protected at big risk. That "international" team alone at their rates and "ultra fast working pace" will bleed a nice chunk of money out of the remaining balance and they are already creating that narrative:
"“In the context of a small bank that is a Maltese-licensed and regulated credit institution, the above rates are exorbitant and unreasonable. [They] are clearly not in the interest of the bank, nor of its depositors, employees and shareholders. If such rates were to be maintained unabated, the fees of the competent person will inevitably deplete the bank’s capital…”"
Insured / domestic SME accounts getting (some) money back and unprotected EMIs being served with that explanation... we were fully liquid until the consultants bleed us dry... not our fault... no wrong doing. The regulators probably pointing towards the EU and general anti laundering procedures.
So like I was thinking out loud earlier in the post I made earlier (see my below quote) this is clearly EY colluding with Malta MFSA insiders to milk the bank dry and drag the job on for as long as possible
. Satabank have the right to complain and Satabank is just raising the red flag. EY is being allowed to enrich themselves and share in the spoils of a now dead Satabank with money that should be used to pay back clients. I wonder who is getting the kickbacks from all of this work been given to them? .I don't suppose a company like Ernest & Young (EY) get's much large business on a tiny island like Malta. They must be on a daily rate to be stalling paying out customers and dragging out the job
I imagine at least 160 hours have been spent on this project so far based on 4 x 5 day week and 8 hours a day - maybe they even billed for weekend work...lol. For one partner on 689 euros an hour that is 110,240 euros in charges to Satabank for one person so far. I imagine for a team of 10+ EY people the cost has already probably topped 1m euros
. They are milking this bank dry as it is probably the only large work they will get in Malta for a while like I said above .EU needs to step me thinks and investigate what is going on if EY is charging these rates for a small island bank like Satabank its no Deutsche Bank. I smell corruption....but who will come forward as Malta blows up investigators who try to expose government corruption
.Investigative Journalist in Malta Is Killed in Car Bombing
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