The Malta Financial Services Authority (MFSA) has appointed veteran lawyer Richard Galea Debono to act as controller and assume control of Satabank plc.

Dr Galea Debono, who once served as Chairman of the Telemalta Corporation, mainly practises contract and commercial law, with a specific focus on insolvency law. He is tasked with winding up the bank and liquidating its assets.

The Financial Intelligence Analysis Unit (FIAU) had in 2018 charged the bank with serious breaches of money laundering rules, slapping it with a record €3 million fine.

Satabank was charged with accepting clients with suspected links to organised crime and money laundering intentions. Billions in funds of dubious origin are suspected to have passed through the bank’s accounts before it was shuttered.

In July 2020, the European Central Bank revoked Satabank’s license on recommendation of the MFSA. Former MFSA CEO Joseph Cuschieri had said that the Satabank case involved heavy coordination between the FIAU, MFSA and Central Bank of Malta.

Dr Galea Debono is taking over from EY, who had previously been appointed by the MFSA in October 2018 to advise and monitor Satabank on proper business conduct. Their appointment terminated on 30th October 2020.