The Malta Financial Services Authority (MFSA) has appointed auditor Robert Ancilleri as the competent person at law to take charge of Pilatus Bank’s affairs following the resignation, with immediate effect, of Lawrence Connell on Wednesday.

No reason was provided for Mr Connell’s resignation.

In a statement, the MFSA stressed its notice in March 2018 on the appointment of a competent person remain in full force.

Pilatus Bank, Ta’ Xbiex, remains a source of controversy following a series of leaked 2017 Financial Intelligence Analysis Unit reports that noted serious compliance shortcomings.

In March 2018, the MFSA issued several sanctions against the bank, translating into a seizure of operations after its Chairman, Ali Sadr Hasheminajad, was arrested in the US. In November of that year, the European Central Bank revoked the bank’s licence.

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Bio of Robert Ancilleri

Robert Ancilleri is an auditor by profession and runs his own practice providing accounting, business, and regulatory advisory services.

He holds a Bachelor of Accountancy (Honours) degree from the University of Malta and is a Certified Public Accountant with a practising Certificate in Auditing.

Mr Ancilleri served as the Chief Accounting Officer at HSBC Bank Malta plc up to July 2018, representing the bank at the Executive Committee of the Malta Bankers’ Association.

Earlier on in his career, he occupied senior management positions, responsible for finance at Banif Bank (Malta) plc and Volksbank Malta Group. He was part of the setting up team of Banif Bank following the acquisition of a licence from the MFSA to operate as a fully-fledged retail credit institution.

Prior to moving into banking in 2003, he worked in audit and business advisory at MSD & Co., representatives in Malta of Arthur Andersen and Ernst & Young.

Mr Ancilleri serves as a member of the Supervisory Council of a locally-based foundation. He also sits on the board of directors of three entities listed on the Malta Stock Exchange, is a fellow member of the Malta Institute of Accountants and sits on the Financial Services Committee of the same Institute.