An Italian investor, hard hit when his deposits at Satabank were frozen, has filed a judicial protest against Satabank, Ernst & Young and the Malta Financial Services Authority.

Davide Maria Di Maio together with his brothers Sergio and Alessandro, all three shareholders and directors of Dream House Malta Limited, said the freezing of their bank account was causing a negative financial impact upon their business.

Last October Satabank plc had been directed by the Malta Financial Services Authority to refrain, cease and desist from taking further deposits into the accounts of its current customers, after a joint inspection and audit by the MFSA and FIAU had found shortcomings in the bank’s anti-money laundering procedures.

In their protest the Di Maio brothers stated that although in October the MFSA had appointed Ernst & Young as the competent body to monitor Satabank plc and initiate a controlled process for the return of customer deposits, their bank account remained frozen.

The freezing of this current account was causing financial problems for the Italian investors, both locally as well as in Italy, resulting in the termination of employment of their employees at Dream House Malta Ltd when payment of wages could no longer be effected regularly.

Moreover, a planned construction project by the Di Maio family at Birzebbugia, had also been negatively impacted by the freeze and had resulted in the extension of a promise of sale from November to April, a delay which translated into a financial impact upon the company.

For this reason, the protesting parties requested the First Hall, Civil Court to order the release of their funds with immediate effect, whilst holding the Bank and the relative local authorities responsible for damages.

Lawyer Malcolm Mifsud signed the judicial protest.