SataBank Closed

[Bmw850]

Did someone else notice they missed to publish todays "Weekly update"?

I was looking for it, even through the Facebook group.. but nothing.
I think they will never send back the money to us so there is not a lot to wait

 

[Bmw850]

Noob question:
We know the link between Leopay satabank and mypos icard.
But something weird happened not sure I understand.
Satabank got frozen account and for now to money refund to customers.
Leopay has terminated my account and after they asked for a lot of documents , they never sent me back my money .
But mypos ipay asked me for my banking details I sent them on last friday and I received my money yesterday.
Someone understand?

 

[Martin Everson]

Someone understand?

Yes I do. That group of companies icard, mypos, leopay, satabank etc was run by the shady Bulgarian Christo Georgiev. A quote below from the Times of Malta.

"The Bulgarian owner was also known for his close relations with the Russian mafia"

Malta knew damn well this guy was shady. It will come out that he had paid of the right people in Malta to get the banking license in the first place so they all turned a blind eye to what he was up to. You can read my original posts back in May 16th 2018 when I stated the bank is in trouble plus where I stated the whole group is shady in other posts.

Leupay blocked account

------- example quote

"I don't mean to scare you but something looks wrong in this whole picture. The split of Leupay from Satabank may give hints to de-risking. Christo Georgiev is co-owner of Satabank and owner of icard. So both Leupay and Satabank have common ownership. However Leupay has now moved Leupay under icard and it is no longer under Satabank. This indicates that sh*t is hitting the fan with Satabank and troubles lay ahead for the bank - this is no assumption I can assure you."
-------------

P.S There are still people using Euro Pacific Bank that are in denial that it will disappear also .

 

[Martin Everson]

At least someone has the balls to protest in Malta and in the right place - at EY offices. Satabank accounts were audited already some months ago and as a result satabank was fined for its short comings. Now EY going back in and pretending to go through the same audit procedure to just make money out of this tragedy while flying in staff who are being paid exorbitant rates. Corruption is real in Malta. Watching the EY vultures devour the carcass of satabank and strip it of money owed to clients is shameful. Shame on Malta MFSA staff for sharing in the spoils...hint hint .

‘Hungry’ Satabank Clients In Pizza Protest To Ramp Up Pressure On Maltese Authorities - Lovin Malta

 

[Bmw850]

At least someone has the balls to protest in Malta and in the right place - at EY offices. Satabank accounts were audited already some months ago and as a result satabank was fined for its short comings. Now EY going back in and pretending to go through the same audit procedure to just make money out of this tragedy while flying in staff who are being paid exorbitant rates. Corruption is real in Malta. Watching the EY vultures devour the carcass of satabank and strip it of money owed to clients is shameful. Shame on Malta MFSA staff for sharing in the spoils...hint hint .

‘Hungry’ Satabank Clients In Pizza Protest To Ramp Up Pressure On Maltese Authorities - Lovin Malta

Poor guy. But you and me know that it will bring nothing. They will just find a way to go bankruptcy with the help of E&Y and Malta government. Who will try to go against it, let me see in the future...will surely die in car crash

 

[Bmw850]

Someone got any infos now?

 

[mbj]

Just lots of rumors, nothing of substance.

 

[mbj]

Now there are multiple news sources claiming the deposit release process will be started Nov 26:

MFSA says first set of Satabank deposits to be released - Newsbook
First group of Satabank clients to get funds back on Monday

Sadly only customer groups between 50 and 15000 eur balance. Which only my (mostly unused) private account qualifies for.

Still not a bad sign, as when this group does not have to accept a haircut, it would be hard to justify the other groups will have to eat losses.

 

[mbj]

So being a sceptic person. Here is the link to the statement by the MFSA: https://www.mfsa.com.mt/pages/readf...vember 2018/UPDATE ON SATABANK 22 11 2018.pdf

I see very specific wording in there. Quoting (dunno how to do real quotes in this forum):

```
The first customers will be selected from those which have balances between €50 and
€15,000, and which have been through a review procedure. These customers will receive the
entire balance held in their account. Satabank will be contacting customers resident in Malta to
fix an appointment in order to arrange for payment. At the appointment, customers will be able
to choose whether they provide account details of a credit or payment institution or receive a
bank draft. Alternative arrangements are being put in place for those customers who are not
resident in Malta.
```

> These customers will receive the entire balance held in their account

Why does the MFSA have to state this? Will there be other customer "classes" that do not receive the "entire balance held in their account"? Not reassuring for me.

> The first customers will be selected from those which have balances between €50 and €15,000,

I do read this as: There is a group of customers that have 50 - 15k € in their account, and from THOSE (so a subset of those) they *select* some people who get the entire balance back.

So sorry, I'm not convinced at all this results in an acceptable process. They have high payed individuals that word these statements, and if you are that specific something is in the bushes.

@MartinEverson your call, you seem to know enough about such cases to chime in.

 

[negon]

Let's see who is getting anything and in case they get something how much! I believe this is another bank with mismanagement!

 

[Martin Everson]

So being a sceptic person. Here is the link to the statement by the MFSA: https://www.mfsa.com.mt/pages/readf...vember 2018/UPDATE ON SATABANK 22 11 2018.pdf

Keep a copy of that letter above in a very safe place. If you don't get your money back in full because of this wrong method of distributed (i.e 50 euro to 15k euros customers first) decided upon by the MFSA then you can take class action against the Malta government depending on whether your country has signed an agreement with Malta that has the discrimination clause present. They stated in their letter in relation to non-residents "Alternative arrangements are being put in place for those customers who are not resident in Malta.". While for locals of Malta they stated "Satabank will be contacting customers resident in Malta to fix an appointment in order to arrange for payment." This is clear discrimination in the handling of depositors in that they are being treated differently than locals and are not being afforded the same opportunity or treatment.

You see Malta has signed international agreements i.e country to country agreements titled Reciprocal Promotion And Protection of Investments. These actions would be in violation of those agreements and would constitute clearly discriminatory actions if they go ahead. For example under Article 4(1) (B) of agreement with Sweden it states:

http://investmentpolicyhub.unctad.org/Download/TreatyFile/3538

----------------quote

Article 4 Expropriation and Compensation

(1) Neither Contracting Party shall take any measures depriving, directly or indirectly, an investor of the other Contracting Party of an investment unless the following conditions are complied with:

(a) the measures are taken in the public intrerest and under due process of law;

(b) the measures are distinct and not discriminatory; and

(c) the measures are accompanied by provisions for the payment of prompt, adequate and effective compensation, which shall be transferable to any other State selected by the investor without delay in a freely convertible currency

--------------------------

This is the same angle that lawyers are using to sue Cyprus over favoring local Cypriot deposits over foreign Greek depositors.

Home - cyprusaction.gr

Good luck anyway.

 

[mbj]

So first time I'm in luck, I'm a maltese resident. Will let everybody know how it goes. I've got a private account (100€ balance) eligible for the current distribution round. Will post a brain dump of the procedure I experience. My business account does not qualify for the current round.

 

[Tax Cow]

How do you guys think this Satabank shitshow carries over to LeoPay and iCard AD?

Are there any former Leopay customers who have not yet received back their funds, although other bank details for redemption of funds were provided?

 

[Bmw850]

How do you guys think this Satabank shitshow carries over to LeoPay and iCard AD?

Are there any former Leopay customers who have not yet received back their funds, although other bank details for redemption of funds were provided?

I have one personal account at Satabank, with less than 15 k but I m not Malta resident. Don't know if I m eligible for the funds return of Monday.
I got a business account with Leopay ( e-terminated ) since a month, provided them my banking details. No money returned.

 

[Martin Everson]

So first time I'm in luck, I'm a maltese resident. Will let everybody know how it goes. I've got a private account (100€ balance) eligible for the current distribution round. Will post a brain dump of the procedure I experience. My business account does not qualify for the current round.

Your lucky, but spare a thought for the [ with his 300,000 euro life savings who does not qualify for this first round. I guess people with 100 euro balances or between 50-15k euros are more important than people with life savings . How on earth did they come up with 50-15k bracket, what justifies this?

The fact they are arranging appointments in person for individual Malta clients smells to me that some people may be walking into a trap and may be arrested on site . It's Malta after all, so everyone make sure you make arrangements in case you never come home from that appointment and go from jail to extradition to US for some USD offense....i'm joking lol......but sh*t happens sometimes .

 

[Tax Cow]

I have one personal account at Satabank, with less than 15 k but I m not Malta resident. Don't know if I m eligible for the funds return of Monday.
I got a business account with Leopay ( e-terminated ) since a month, provided them my banking details. No money returned.

It's odd. Perhaps fraudulent scam. Leopay has detached its business from Satabank and now relies entirely on iCard AD. Do you still have a Maltese IBAN with Leopay? They migrated to Bulgarian IBAN this summer. The e-money accounts are not backed by government compensation scheme but your account should not even be linked to Satabank at this point. The proof of this is your Bulgarian IBAN.

Maybe they are looking for ways to fraudulently offset some of the Satabank losses by stealing from the unsecured Leopay accounts that are unrelated at this point?

- Furthermore, in an interview to UK newsletter they stated that less than 1% of Leopay customers are affected by Satabank closure. 99% of funds of Leopay are supposedly not held in Satabank. CEO stated there's no liquidity crisis in Leopay. In that case, there's no reason to delay funds redemption that long.

 

[mbj]

I suspect that these payment providers have "big" emoney accounts at satabank. And

Your lucky, but spare a thought for the with his 300,000 euro life savings who does not qualify for this first round. I guess people with 100 euro balances or between 50-15k euros are more important than people with life savings . How on earth did they come up with 50-15k bracket, what justifies this?

My business account is more in the area of that pensioner , and far more important than this 100€. I'm only lucky that I'm a resident so I do not have to wait for whatever process they come up for non residents. And yes I agree with you this "staged" release based on "total balance of the point of freeze" is bulls**t. Its the worst possible metrics for decision on what accounts to release first.

 

[mbj]

The fact they are arranging appointments in person for individual Malta clients smells to me that some people may be walking into a trap and may be arrested on site . It's Malta after all, so everyone make sure you make arrangements in case you never come home from that appointment and go from jail to extradition to US for some USD offense....i'm joking lol......but sh*t happens sometimes

I got the same thought, my business is 100% legit, and everything is well documented. Also I visited the US multiple times this year, so I think I'm fine. they could have snatched me at the border if they wanted.

 

[Bmw850]

Your lucky, but spare a thought for the with his 300,000 euro life savings who does not qualify for this first round. I guess people with 100 euro balances or between 50-15k euros are more important than people with life savings . How on earth did they come up with 50-15k bracket, what justifies this?

The fact they are arranging appointments in person for individual Malta clients smells to me that some people may be walking into a trap and may be arrested on site . It's Malta after all, so everyone make sure you make arrangements in case you never come home from that appointment and go from jail to extradition to US for some USD offense....i'm joking lol......but sh*t happens sometimes .

Double like, it s sounds really possible

 

[Bmw850]

It's odd. Perhaps fraudulent scam. Leopay has detached its business from Satabank and now relies entirely on iCard AD. Do you still have a Maltese IBAN with Leopay? They migrated to Bulgarian IBAN this summer. The e-money accounts are not backed by government compensation scheme but your account should not even be linked to Satabank at this point. The proof of this is your Bulgarian IBAN.

Maybe they are looking for ways to fraudulently offset some of the Satabank losses by stealing from the unsecured Leopay accounts that are unrelated at this point?

- Furthermore, in an interview to UK newsletter they stated that less than 1% of Leopay customers are affected by Satabank closure. 99% of funds of Leopay are supposedly not held in Satabank. CEO stated there's no liquidity crisis in Leopay. In that case, there's no reason to delay funds redemption that long.

Since long, I don't remember when exactly, my Iban change to Bulgarian one .