Millions of Maltese banks abolished a fine by Marcel Bukhorn | Financial

Millions of Maltese banks abolished a fine by Marcel Bukhorn |  Financial

It concerns practices operating under the Cashper brand name between September 2013 and June 2016. At that time, the company made 140,000 short-term loans, often at a significant cost. In addition to the 14 percent interest allowed by law, clients often also have to pay a quarter of the loan amount in costs. For example, a customer who borrowed 200 euros for thirty days had to pay a total of 252.15 euros.

Novum Bank, which has a Maltese banking license, provided the Dutch loans from a branch in Berkel en Rodenrijs. However, this branch was not registered with the Maltese regulator, as a result of which this office withdrew from the supervision of the AFM. After the supervisor rang the bell with the bank, he immediately stopped lending in Holland. Boekhoorn owns a majority stake in the bank through his investment firm Ramphastos.

However, according to the Central Bank of Bahrain, Novum Bank did not violate the rules. The judgment on which the AFM relies will not apply to the Maltese Bank. Unlike the AFM, the CBB considers that Novum Bank can request exemption from the licensing requirement. The CBB is the final judge in this case.

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