Pilatus Holding Ltd is of the belief that the ”underlying motivation for this witch-hunt against Pilatus Bank stems from the fact that the Bank was chaired by a successful Iranian businessman that the short-sighted and racist politicians of Malta are determined to see fail.”

In a statement, Pilatus Holding Limited said it is “exploring avenues for legal redress within Malta and internationally” after the bank was “destroyed… without good cause and absent any basis in fact.”

Bank chairman Ali Hasheminejad was arrested in the United States in March on charges that he participated in a scheme to evade US sanctions and funnel more than $115 million paid under a Venezuelan construction contract through the U.S. financial system

This is the Pilatus Holding statement in full:

The publication of the Konkluzjonijiet Principali tal-Inkjesta Egrant Inc. (Key Conclusions into the Egrant Inc. Inquiry) on 22 July 2018, has completely vindicated Pilatus Bank’s position and continued assertions of innocence. It has laid bare the political machinations that have destroyed Pilatus Bank without good cause and absent any basis in fact.

The findings of the Inquiry have clearly demonstrated the false and malicious nature of the campaign against the Bank, as orchestrated by local politicians and seized upon by the media, and a rush to judgment by the Maltese regulators. We reserve our strongest condemnation for the actions of the Malta Financial Services Authority (MFSA).

The MFSA has, by its misplaced application of the law, moved to halt the operations of Pilatus Bank, and sought to cripple the Bank and its robust operations. It is now apparent that the actions of the MFSA have clearly been motivated by considerations which are beyond regulatory affairs for which MFSA is responsible and thus, ultra vires its regulatory powers. No other bank operating in Malta has ever been treated in this appalling, discriminatory and heavy-handed manner. The MFSA has acted with a reckless disregard for the financial stability and viability of the Bank and it has not paused to consider the interests of its account holders and other stakeholders.

In our view, there can be no doubt that the underlying motivation for this witch-hunt against Pilatus Bank stems from the fact that the Bank was chaired by a successful Iranian businessman that the short-sighted and racist politicians of Malta are determined to see fail. Individuals within the Maltese regulators have sought to discredit and attack Pilatus Bank by deliberately and maliciously leaking confidential materials and instigating the misuse and misinterpretation of that material in the media.

The media, both in Malta and internationally, has been complicit in spreading this fake news, without fact-checking or providing any balance to their reporting. Pilatus Bank, prior to such reckless actions and attempted frameups by certain Maltese politicians and individuals within the regulatory bodies, was among the most successful banks both in Malta and the entire Europe with exceptional reputation and regulatory standards.

There has been no attempt by the Maltese regulators to correct the record, and accept their rush to judgment driven by their political affiliations. Now that the allegations against Pilatus Bank have conclusively been shown to be unfounded, false and targeted, the stakeholders of Pilatus Bank are exploring avenues for legal redress within Malta and internationally, and will pursue such action imminently and to the fullest extent possible for the tremendous damages caused by such reckless and deliberate misconduct.

We will be issuing more press releases in the coming days.

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In a statement, Partit Nazzjonalista’s Head of Delegation in the European Parliament condemned the laughable attempt by Pilatus Bank.

“It is no surprise that Pilatus Bank decided it too should exploit the spin and disinformation campaign that is currently ongoing in an effort to clear Labour Party politicians of all wrongdoing on the basis of an inquiry that had little to do with them.

"Pilatus Bank’s claim that part-published inquiry cleared it of all wrongdoing is ridiculous and deplorable.

"The brazen, unashamed manner in which Pilatus Bank is attempting to latch onto the results of the part-published inquiry is nothing short of an attempt to pervert and obstruct justice," he said.