A Magisterial inquiry into Pilatus Bank has cost, up until last March, €7,501,664.50, Justice Minister Edward Zammit Lewis said in Parliament.

He was responding to a question posed by PN MP Jason Azzopardi.

The inquiry is believed to have concluded last December, however no conclusions were ever published. The inquiry report was reportedly passed on to the State Prosecutor,  but in a statement, the Office of the State Advocate said that no inquiry was handed over to the State Advocate in December 2020 in so far as the matter does not fall within the remit of the Office of the State Advocate..

The Times of Malta had reported that the inquiry recommended that proceedings be initiated.

The inquiry was launched just before the bank had been shut down, and looked into potential wrongdoing by its employees.

Pilatus Bank was at the heart of controversy years ago. Among other things, compliance concerns were raised by the FIAU in the past, however the bank had successfully contested the FIAU's findings.

The bank was also mentioned in the Egrant saga, where an inquiry asked police to look into potential money laundering activities involving Azeri activities at the bank.