SataBank Closed

[Martin Everson]

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.

Satabank did the euro currency clearing & settlement for the Bulgarian owners group of companies (i.e leopay etc). That was the whole point of why he established the bank in Malta in the first place - to get direct TARGET2 clearing of euro payments for the group of companies he operates. Leopay owner had already started the process of de-risking from Satabank late 2017 and had moved most funds I guess before April 2018 (possibly to unicredit bank ) . They also switched from MT Ibans to BG Ibans in April if I remember as leopay moved under i-card in Bulgaria. Once Satabank was suspended in late October it hit leopay, icard etc as they were using Satabank for euro payment and settlement purposes. However those leopay payments that were inflight via Satabank's euro payment services got stuck and now those clients are.....not happy.

Anyway good luck.

 

[Martin Everson]

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.

Your lucky, hopefully you get every penny back and so does everyone else. I would be interested to know exactly what occurs at those appointments.

P.s if you see a guy wearing headphones and holding a bone saw when you turn up.....

 

[Tax Cow]

Satabank did the euro currency clearing & settlement for the Bulgarian owners group of companies (i.e leopay etc). That was the whole point of why he established the bank in Malta in the first place - to get direct TARGET2 clearing of euro payments for the group of companies he operates. Leopay owner had already started the process of de-risking from Satabank late 2017 and had moved most funds I guess before April 2018 (possibly to unicredit bank ) . They also switched from MT Ibans to BG Ibans in April if I remember as leopay moved under i-card in Bulgaria. Once Satabank was suspended in late October it hit leopay, icard etc as they were using Satabank for euro payment and settlement purposes. However those leopay payments that were inflight via Satabank's euro payment services got stuck and now those clients are.....not happy.

Anyway good luck.

You seem to know quite a bit about the case

Best post

 

[mbj]

Your lucky, hopefully you get every penny back and so does everyone else. I would be interested to know exactly what occurs at those appointments.

As maltese resident, and my private account at 100€ balance (I stopped using it month ago) I'll be able to document the first stage release process. Just to be on the safe side I'll probably openly record and stream the meeting. If they refuse this I'll come back with lawyer / ..., they should have nothing to hide. And I should have the right to document it. Likely I'll not be able to release the recording, but a transcript.

 

[Martin Everson]

You seem to know quite a bit about the case

Best post

The information is all on the internet if you search hard enough I dont have inside information or anything. Satabank was a bad bank from day one but Malta seems to allow shady characters and mafia figures to acquire banking licenses as a gateway to EU activities.

Just look at Pilatus bank that was closed earlier this year. Who thought it was a good idea to give this Iranian guy a Malta banking license who holds a damn St Kitts & Nevis passport . Lol.....corruption is real in Malta..just read the article.

Authorities seize control of bank at center of Malta corruption scandal

-------quote

"Malta’s banking regulator has frozen all transactions for customers, executives and shareholders at Pilatus Bank with immediate effect following the arrest and indictment in the US of its Washington-based Iranian owner, Ali Sadr, who was charged on Tuesday with money laundering and evading sanctions."

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[Martin Everson]

In case anyone was wondering here is a case of a guy with a leopay account whose funds are stuck at satabank. Satabank is leopay's correspondence bank aside from the new unicredit correspondence relationship - that won't last long once unicredit bank google leopay's Russian mafia connected owner .

Kostas Christodoulakis gave Satabank 1 star. Check out the full review...

 

[Bmw850]

In case anyone was wondering here is a case of a guy with a leopay account whose funds are stuck at satabank. Satabank is leopay's correspondence bank aside from the new unicredit correspondence relationship - that won't last long once unicredit bank google leopay's Russian mafia connected owner .

Kostas Christodoulakis gave Satabank 1 star. Check out the full review...

I have read this review too @Martin Everson .
You must admit that this Russian mafia owner of the group of company sata, leo pay, icard etc.... He s strong.
He built one of the best laundering machine for him and his friends, while offering a good cover by servicing idiot peeps like me.
I don't believe that they will send money to anyone honestly....
But BRAVO for this beautiful scam set up.

 

[Tax Cow]

From what it seems, the guy who posted the review had his 1000 euros "inflight" via Satabank. For regular Leopay customer deposits, now held in a new correspondent bank, I'm still pretty optimistic everyone will get their funds back.

The only reason Leopay would end relationship with customers from "risky countries" at this point is to find a new SEPA partner. It's easier to find a partner if you have EU, USA and Canada customers vs. the "rainbow of 7 colors" they had before October.

 

[Martin Everson]

He built one of the best laundering machine for him and his friends, while offering a good cover by servicing idiot peeps like me.
I don't believe that they will send money to anyone honestly....
But BRAVO for this beautiful scam set up.

It was a money launderers wet dream while it lasted . He just put himself on the radar of US and forced Malta's to act .

 

[Martin Everson]

The only reason Leopay would end relationship with customers from "risky countries" at this point is to find a new SEPA partner. It's easier to find a partner if you have EU, USA and Canada customers vs. the "rainbow of 7 colors" they had before October.

Exactly . Stay woke.

 

[Bmw850]

So it's Monday.....
Someone knows if they release the 50 euros for Christmas?

 

[mbj]

So heads up: I was not contacted today by SataBank. Despite the fact my private account qualifies for the first round.

 

[Martin Everson]

So heads up: I was not contacted today by SataBank. Despite the fact my private account qualifies for the first round.

btw have you managed to find another bank in Malta that will accept satabank funds? Has that rumor of Malta banks refusing to accept satabank funds been resolved?

 

[mbj]

I'm using transferwise for now, and am in the process to use a bank outside of Malta (Handelsbank) for my companies funds. I only have small number of clients and no end customer business. So its easy for me to convince banks to take my business.

 

[mbj]

And to directly answer the question: I've no intention to use a Maltese Bank any time soon.

 

[Martin Everson]

And to directly answer the question: I've no intention to use a Maltese Bank any time soon.

lol

 

[Bmw850]

I think the name of Malta has been hitted hard.
There will be no rush to bank there, European Union must take them out.
And at the time we speak, I haven't heard that someone gas been refunded, the circus is far to be finished.
I would let them all my money just to be in front of this scammer

 

[Bmw850]

For info leopay replied me that they need stamp on my Barclay's statement in order to refund me.

 

[Martin Everson]

Satabank: FIAU found clients with suspected organised crime links

Satabank: FIAU found clients with suspected organised crime links
------------------- quote
Satabank, the Bulgarian-owned bank recently ordered to stop operations by the Maltese financial regulator, was operating a high-risk model that had taken on clients with suspected organised crime links.

A source privy to the investigations currently underway inside the bank, which are being led by a ‘competent person’ under the guidance of auditors EY, told MaltaToday that Satabank had been operating “a very high-risk model, that is, taking onboard clients with suspected organised crime links and money laundering intentions. They were not doing proper know-your-customer and due diligence checks on the source of funds.”
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Wow I would never have guessed a Bulgarian owned bank whose owner has Russian Mafia links has been found to hold accounts with organized crime links.....good work sherlock .

 

[Bmw850]

From Satabank website, I guess it will take age if it s happen at all for non Maltese people to see their money

On Friday, we communicated that Satabank will shortly begin returning deposits to certain personal customers. These customers will be resident in Malta and have balances of between €50 and €15,000.

We are currently in the process of contacting the first group of customers to arrange appointments. Not all individuals will be contacted immediately, and we request that customers await the email confirming an appointment. We will provide further updates shortly.

All updates will first be posted on the Satabank website. This enables us to communicate any new information to our customers as fast as possible.