'Gullible' MFSA blindly believed Efimova - Pilatus

Pilatus Bank has gone to court in an effort to force the MFSA to withdraw its directives against the bank. In a statement issued on Friday evening, Pilatus Holdings accused the financial regulator of being negligent and gullible, and said that it would be holding it responsible for the “very significant” damages it could end up suffering. The bank said it had filed a judicial protest earlier this week calling it to withdraw directives imposed and serving it notice that it was ready to sue for any damages it incurred. The MFSA froze Pilatus Bank’s assets in March and forced its chairman out. It subsequently appointed an administrator to oversee the bank and asked the European Central Bank to withdraw its banking licence. In its statement, Pilatus said that its regulatory standards were “among the highest in Europe” and that its liquidity coverage ratio was six times higher than the required amount back in February, when it stood at 601%.  Sources within Malta’s financial regulator have said that Pilatus faced a “serious liquidity problem” following the arrest of the bank’s chairman, Ali Sadr Hasheminejad, in the US back in March. 'Like judge and jury' In its statement on Friday,...