Pilatus owner still has $12.9m equity in the bank

Former Pilatus Bank chairman Seyed Ali Sadr Hasheminejad has claimed a net worth of $24 million, of which $12.9 million is equity in the Ta’ Xbiex-based bank. In additional information supplied as part of bail submissions in the US, seen by Times of Malta, Mr Hasheminejad’s lawyers argue that the proposed bail package consists of a series of conditions and bonds. Apart from his $12.9 million worth of equity in Pilatus Bank, the lawyers said that Mr Hasheminejad also owned an apartment in Washington, worth approximately $1.5 million, had interest in A&H Urban Lifestyle Investments worth approximately $227,115, interests in pistachio farms in California, $3.1 million in bank accounts in Cyprus as well as a further $70,000 in other bank accounts. The lawyers, in their submission, also noted that “only a small portion of these assets are reasonably subject to forfeiture”. Read: Pilatus Bank is 'winding down' On Pilatus Bank being taken over by the Malta Financial Services Authority, with former US financial regulator Lawrence Connell being appointed to take charge of the bank’s assets, the lawyers said they were aware a “competent person” had been appointed to unwind the assets of...