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PILATUS BANK PLC

Investment Services

Status:

Licence Authorised

ROC Company ID:

C 62995

Identification:

PIL

Registered Address:

WHITEHALL MANSIONS, LEVEL 2,
TA' XBIEX WHARF,

Town:

TA' XBIEX

Country:

MALTA

Postcode:

XBX 1026
ROC Registration Date: 06/12/2013

Licence Issue Date:

06/08/2015


Category of Licence:
  • Category 2


Member of the Investor Compensation Scheme:
Yes

Penalties / Sanctions Applied

Penalty DateInfringement TypeAmount (€)
21/03/2018 Notice to the Public concerning Mr Ali Sadr Hasheminejad and Pilatus Bank Limited

Pilatus Bank Limited, (“the Bank”) having registration number C-62995 and operating from Whitehall Mansions, Level 2, Ta’Xbiex Wharf, Ta’Xbiex XBX 1026, Malta and which holds a credit institution licence in terms of the Banking Act (Chapter 371 of the Laws of Malta), and an Investment Services licence in terms of the Investment Services Act (Chapter 370 of the Laws of Malta).

The Authority has determined to take the following actions concerning Mr Ali Sadr Hasheminejad:

1. In terms of Article 14(10) of the Banking Act the Authority has issued an order to remove Mr Ali Sadr Hasheminejad, with immediate effect, from the position of director of the Bank and any executive roles that he holds within the Bank.
2. In terms of Article 4B(1) of the Banking Act, the Authority has directed that with immediate effect Mr Ali Sadr Hasheminejad:
a. Suspends the exercise of his voting rights as shareholder of the Bank; and
b. Refrains from exercising the legal and judicial representation of the Bank.


The above measures have also been taken in terms of Article 15(1) and (2)(c) of the Investment Services Act (Cap 370).

In addition, in terms of Article 4B of the Banking Act and until notified further, the MFSA has directed Pilatus Bank Limited not to allow any banking transactions, including withdrawals or deposits held with the Bank by the shareholder, members of the Board of Directors and Senior Management officials of the Bank, or any connected persons or related persons thereto, whether direct or indirect.

The Bank has been further directed to obtain the MFSA’s prior approval before effecting any movement of the Bank’s assets.

The Authority is also considering other supervisory measures that may be applicable in the circumstances.

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Update 22/03/2018

Public Notice concerning Pilatus Bank Limited

This notice is being issued in respect of Pilatus Bank Limited (“the Bank”) having registration number C-62995 and operating from Whitehall Mansions, Level 2, Ta’ Xbiex Wharf, Ta’ Xbiex XBX 1026, Malta and which holds a licence to operate as a credit institution in terms of the Banking Act (Cap. 371 of the Laws of Malta) and an Investment Services Licence in terms of the Investment Services Act (Cap. 370 of the Laws of Malta).
The MFSA has today appointed Mr Lawrence Connell (bio attached) as a ‘Competent Person’ in terms of Article 29(1)(c)and(d) of the Banking Act and Article 15A(1)(b)and(c) of the Investment Services Act to:
(i) take charge of all the assets of Pilatus Bank Limited. In this case, reference to assets also includes any assets related to the investment services business of the Bank;

(ii) assume control of the Bank’s banking and investment services business and to continue carrying on that business until such time as the MFSA may direct.
The MFSA has also issued an additional Directive in terms of Article 15 (1) and (2) of the Investment Services Act and Article 16(2b) of the Malta Financial Services Authority Act (Cap. 330) directing the Bank not to dispose, liquidate, transfer or otherwise deal with clients’ assets and monies.
These measures shall remain in place until such time as the MFSA may direct otherwise.

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Generated on: 19 August, 2018 - 08:26