A judge has ruled that runaway businessman Ryan Schembri, the former boss of the More Supermarkets chain, must repay Banif Bank almost €567,000 for three mortgage agreements.

Mr Justice Joseph Zammit McKeon heard the bank explain how Mr Schembri and his wife Angie had outstanding balances on three different home loans, amounting to €130,138, €54,100 and €377,316 respectively, as well as €4,337 on a credit card and €538 on a current account. The bank told the court that the Schembris had ignored previous official letters sent to them in August and September 2014, forcing the bank to step up the legal action to recoup the money.

Ms Schembri attended a court sitting in May last year and admitted to the outstanding balances owed to the bank. However, Mr Schembri is still out of the country and did not turn up in court.

This case is the latest in a series of court cases filed by creditors in a bid to recoup money owed by Mr Schembri.

The business had been completely abandoned by its directors, one of whom had fled the island

A year ago, The Sunday Times of Malta had managed to locate Mr Schembri in Dubai but he had checked out of his hotel after the newspaper had attempted to make contact with him.

Late last year, the same judge ordered the dissolution of Cassar and Schembri Marketing Limited after upholding requests by two of its many creditors who are owed an estimated €2 million.

The company went into the red while operating the More Supermarkets chain as it was unable to keep up with its debts, despite selling to third parties months before.

Mr Justice Zammit McKeon noted in his decision that no effort had been made to give the company a lifeline. On the contrary, the business had been “completely abandoned” by its directors, one of whom had fled the island.

This decision follows numerous court cases filed by several companies which are all owed money by Mr Schembri, who left Malta in September 2014 after alleged threats by loan sharks. According to reports, Mr Schembri owed some €44 million to various investors who had been promised high returns.

Mr Schembri and his former business partner for 14 years, Etienne Cassar, had formed a number of local companies, among them Cassar and Schembri Limited, related to food importation and distribution.

They had established a chain of supermarkets around the country and were also involved in trading meat products from Brazil to other countries before things began to go downhill, leaving Mr Cassar high and dry.

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