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Tag: Edward Scicluna

Malta’s Deputy Prime Minister Resigns Amidst EU Commission Nomination Withdrawal Following Hospital Corruption Charges

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In a spectacular political shakeup in Malta, Deputy Prime Minister Chris Fearne resigned and requested the withdrawal of his nomination to the EU Commission after being implicated in the latest corruption scandal involving the privatization of Maltese Vitals hospitals. This adds another layer to the ongoing investigation into a corruption case that has already ensnared several high-profile figures, including former Prime Minister Joseph Muscat.

Malta’s Vast Corruption Scandal: Former Prime Minister Joseph Muscat and His Network Charged with Corruption and Money Laundering!

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Malta's former prime minister Joseph Muscat, his chief-of-staff Keith Schembri, ex-minister Konrad Mizzi, and 19 other individuals and companies will be charged with money laundering, corruption, bribery, and other serious crimes, the Times of Malta reports. This case, unfolding within the already tarnished framework of Maltese political integrity, recalls previous reports by FinTelegram detailing the island's longstanding issues with corruption.

Liquidator Of Israeli-Maltese Binary Options Scam Broker OneTwoTrade Resigned!

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The Maltese Up & Down Marketing Limited d/b/a OneTwoTrade allegedly scammed hundreds of victims and millions of euros with its binary options fraud scheme. It went into liquidation. However, Jean-Paul Debono, the liquidator, resigned in January 2023. He informed the Maltese Business Registry of his decision. One of its former directors Ivan Grixti (LinkedIn), is a former Malta Labour Party MEP candidate.

Malta’s FIAU And The Pilatus Bank Scandal

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There is no stop to the scandals in which Malta’s FIAU is embroiled. Pilatus Bank was a Malta-based bank with a license issued by the Malta Financial Services Authority (MFSA) when Edward Scicluna was the Minister of Finance. Today, Scicluna is the Central Bank Governor of Malta. In September 2016, the Malta FIAU inspection highlighted several shortcomings in the bank’s operations. But the FIAU issued a clean bill of health.

EFRI, Paytah, and quite interesting Financial Ombudsman Hearings in Malta

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Phoenix Payments Ltd d/b/a Paytah, registered in Malta and regulated by the MFSA, is currently at the center of regulatory and criminal investigations in several European jurisdictions. In addition, Paytah is facing claims from scam victims who made deposits to various scams through Paytah and its affiliates. The European Fund Recovery Initiative (EFRI) represented the interests of victims at an obscure Financial Ombudsman hearing in Malta. Franklin Cachia of CSB Group represented Paytah. Cachia is currently the company's contracted compliance officer.

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