Tag: Gordon Cordina

Malta’s Bank of Valletta (BOV) has announced the resignation of Chief Risk Officer and Executive Director Miguel Borg. The announcement states that the resignation is effective from 5th April 2023. “The Bank is putting into place its succession plan for the positions of Chief Risk Officer and Executive Director,” it said. “There are no matters concerning Borg that warrant any disclosure in terms of the Capital Markets Rules.”

The €4-billion privatization deal was the largest a Maltese government ever struck with the private sector. It ended before the courts. A Maltese judge rescinded the deal after finding it fraudulent throughout. The original concession for running three hospitals was given to Vitals Global Healthcare, which sold it to Steward Health Care. The Medical Association of Malta (MUM) has warned about the fraudulent deal signed in 2015 and co-financed by the state-controlled Bank of Valetta.

The EU member Malta is different in many ways regarding business ethics and regulation. However, even by the low Maltese standards, it is unheard of that a Chairman of a leading national bank carry out private consultancy work. It is even more questionable when this takes place with the regulator's blessing. The Chairman of Bank of Valletta (BOV), Gordon Cordina, received €1.4 million through his companies, E-Cubed Consultants Ltd and E-Cubed iSlands Ltd, for so-called consultancy work since 2013. Maltese media The Shift revealed this.

Bank of Valletta (BOV) is considered Malta’s largest bank. In October 2020, Gordon Cordina was appointed as Chairman of the bank. Presently, 25% of the Bank's equity is held by the Government of Malta, UniCredit S.p.A. holds 10.20%, and the remaining 64.80% is in the hands of the general public. Fintelegram can reveal and publish proof that the BOV Chairman is a co-owner of Malta-registered E-Cubed Consultants Limited. He owns 50% of this company. E-Cubed Consultants has been receiving around €3,500 per month from the Malta Gaming Authority (MGA) for so-called consultancy services.

Malta is different! The Chairman of Malta's largest Bank, Gordon Cordina, has a nice side hustle through E-Cubed Consultants Limited, a company registered in Malta and operating from its Mosta offices. Gordon Cordina owns half of the shares of E-cubed Consultants Ltd and serves as a director. His partner is Stephanie Vella. The firm's auditors are RSM Malta Ltd. Fintelegram has received intelligence that clearly shows that Bank of Valletta's Chairman also acts as a consultant to the highly controversial Malta Gaming Authority (MGA).

The Malta Gaming Authority issued a gaming company's license knowing its ultimate beneficial owner was facing prosecution in Italy for financial crimes. According to documents received by Fintelegram, MGA was aware of criminal investigations against Marcel Boekhoorn and his Habanero Systems Limited during the licensing procedure. In 2019, the Durch billionaire Boekhoorn was accused by prosecutors in Reggio Calabria, Italy, of using "money, goods or assets of illicit origin."