Malta’s CC Funds, owned by Calamatta Cuschieri Investments Management, has registered major losses over the past months and years. Only 7 out of 23 funds have registered a positive return since inception. CC Funds form part of CC Finance Group plc and operate from Malta. A FinTelegram analysis clearly shows that most CC Funds are making substantial losses. The company’s directors are Nicholas Calamatta, Alan Cuschieri, Alexander Cuschieri, and Carmel John Farrugia.
The Emerging Market Bond Fund Eur Dist has lost 27.41% since inception, while the Emerging Market Bond Fund Eur Dist Institutional has been losing 26.78% since inception. The Growth Strategy fund, which was only registered in November 2021, has lost 17.58% in value. Most of the funds charge an entry fee of up to 2.5%. The custodian of these funds is Sparkasse Bank Malta p.l.c.
In mid-June 2022, a shocking court testimony in Malta by Joseph Difesa revealed that Malta licensed Calamatta Cuschieri, which operates Calamatta Cuschieri Investment Services Limited, did hand him €500,000 (half a million euro) in hard cash. Before this transaction, Joseph Difesa was found guilty of criminal acts, including organized piracy in the audiovisual industry. This should have made him a high-risk client for any licensed company. Calamatta Cuschieri Investment Services Limited did not issue a denial.
Further troubles arose for Calamatta Cuschieri when it was found guilty of not following investment rules by the Maltese Courts.
Calamatta Cuschieri Investments Services Limited is regulated by the Malta Financial Services Authority (MFSA). A high official at MFSA, Christopher Buttigieg, is being sued by Malta’s Lifestar. He is being accused of pressuring Lifestar’s top official to sell his company to a competitor. Buttigieg sits on the executive committee that has the power to take action against Calamatta Cuschieri. So far, no public announcement of any investigation into Calamatta Cuschieri has been made by MFSA.
The FIAU has also remained silent on the matter. FIAU officials do not publish their conflicts of interest.