The Maltese CC Finance Group plc (website), which includes Moneybase and Calamatta Cuschieri Investments Services Limited, registered a loss of €869,000 for the year ended 30th June 2022. This has definitely been a bad year for the Calamata Cuschieri Group. After the year-end, Calamatta Cuschieri Investments Services was found guilty of not meeting the relevant regulatory obligations and ordered by the Maltese court to refund an investor more than €100,000.
The Maltese company was also mentioned in shocking testimony in courts for handing out hundreds of thousands of euros in hard cash to a convicted criminal.
The audited accounts were signed by Charles Borg and Kari Pisani. Borg also acts as Director of BNF Bank plc in Malta. Bank of Valletta plc, which has recently been fined by Malta’s FIAU more than €2 million, acts as a banker to CC Finance Group plc.
GVZH Advocates act as legal advisors to CC Finance Group plc in a move that clearly creates a conflict of interest given that they also act as legal advisors to the regulator, which is supposed to monitor Calamatta Cuschieri Investments Services, namely the MFSA. The same lawyers defending the MFSA offer their services to one of the companies, it is supposed to regulate.
While increasing its total clients to more than 40,000, the company registered a 50% decrease in net flows and a 3.5% decrease in revenue. The assets under management decreased from €2.28 billion to €2.1 billion. The retail funds managed by Calamatta Cuschieri Investments Services Limited saw substantial losses during the past months.