London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

‘Corrupt' Maltese officials draining Pilatus assets, Sadr lawyers claim

‘Corrupt' Maltese officials draining Pilatus assets, Sadr lawyers claim

A network of “corrupt government officials” have set about draining Pilatus Bank of all its assets, lawyers for the bank’s parent company Alpene Limited have claimed.

The bank’s former chairman Ali Sadr is the sole director of the Hong Kong-based Alpene.

In US court documents filed a few days ago, the lawyers say ever since the bank was “wrongfully” shuttered by regulators, it has been run in a “corrupt scheme designed to strip the bank of its assets to the detriment of its owners and to the benefit of Maltese officials, individuals and businesses”.

Alpene is seeking information in the US about the process to back claims it was unfairly treated by Malta as part of proceedings it has opened against the government before the International Centre for Settlement of Investment Disputes, an international arbitrator.

The lawyers say the bank’s license was revoked solely based on the “misguided allegations” against Sadr.

Sadr was arrested in the US in March 2018, prompting Maltese regulators to take over the bank and appoint an external administrator.

In the US, money-laundering charges against him were dropped after disclosure failures by US prosecutors in the case against him.

‘Exorbitant fees’


Sadr’s lawyers allege that the bank’s administrator Lawrence Connell entered into an agreement with a law firm connected “directly and indirectly” with the MFSA’s incoming chairman at the time, John Mamo.

The law firm, Mamo TCV, were paid “exorbitant fees” for “purported legal work”, with the resources of the bank used to pay these fees, Sadr’s lawyers said.

“In addition, Connell sold and liquidated all the assets of the bank and placed them directly into the hands of the government of Malta in their Central Bank”.

Connell resigned from his role as the bank’s administrator earlier this year.

Sadr’s lawyers also claim US consultancy firm Promontory has also been used to “drain” the bank of its assets.

Former MFSA’s chair’s role flagged


The lawyers say that prior to the “wrongful takeover” of Pilatus, then MFSA chairman Joe Bannister had “urged” the bank to hire Promontory to do some work for the bank.

They say Pilatus had refused to hire Promontory, despite Bannister’s urging, due to the “exuberant fees” they had proposed to the bank.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×