Depositors and clients at Bulgarian-owned Satabank in Malta, shut down by the local regulator, MFSA, are irate because the hourly "international" rate being charged by EY (Ernst & Young) to review client records for evidence of money laundering and terrorist financing are charging €689 an hour of partners' time. At this rate, the amount of money ultimately left to distribute to clients will be severely depleted. That is clearly an excessive fee, especially given the tasks EY needs to complete before reimbursing bank customers. Who approved this sweetheart deal, which was awarded to a local EY office, which then brought in "experts" at obscenely high hourly rates.
|Not at $777/an hour, they aren't|