Pilatus Bank chairman forced out by MFSA

Updated 5.10pm Pilatus Bank chairman Ali Sadr Hashemi Nejad has been ordered to step down by Malta's financial regulator.  In a statement issued shortly before 5pm, the Malta Financial Services Authority said that it had decided to order the removal of Mr Ali Sadr as bank director, suspend his voting rights as a shareholder of the bank and ordered him to refrain from exercising legal and judicial representation of the bank.  The MFSA's supervisory council also ordered Pilatus Bank to suspend any banking activity related to any of its shareholders, directors, senior managers and anyone connected to them.  Pilatus Bank has also been told to get MFSA clearance before moving any of its assets and warned that the regulator is considering introducing further measures.  READ: Pilatus and the MFSA - what could happen next? Mr Sadr was arrested by US authorities in New York and charged with secretly funneling $115 million through the US banking system, circumventing the country's sanctions against Iran.  The MFSA announcement came following a day-long meeting of its supervisory council, which had convened at 8.30am following overnight news of Mr Sadr's arrest.  In its statement, the...