The MFSA has appointed Mr Lawrence Connell as a ‘Competent Person’in terms of Article 29(1)(c) and (d) of the Banking Act and Article 15A(1)(b) and (c) of the Investment Services Act to:

(i) take charge of all the assets of Pilatus Bank Limited. In this case, reference to assets also includes any assets related to the investment services business of the Bank;

(ii) assume control of the Bank’s banking and investment services business and to continue carrying on that business until such time as the MFSA may direct.

The MFSA has also issued an additional Directive in terms of Article 15 (1) and (2) of the Investment Services Act and Article 16(2b) of the Malta Financial Services Authority Act (Cap. 330) directing the Bank not to dispose, liquidate, transfer or otherwise deal with clients’assets and monies.

These measures shall remain in place until such time as the MFSA may direct otherwise. Any communication in relation to the Bank should be addressed to the Bank on the following number: +356 2779 9999.