Tag: Nexia BT

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.

In a case of too little, too late, MFSA was forced to take action against Maltese nationals Brian Tonna (link) and Karl Cini (link). The two directors of Nexia BT, the company involved in major scandals in Malta, were arraigned in courts for money laundering charges, tax evasion, and falsification of documents two years ago. Their accountancy warrants were suspended on 25 September 2020. The MFSA did not elaborate on why it waited so long to act after the duo’s arraignment.

Joseph Cuschieri was the CEO of the Malta Gaming Authority (MGA) when he was appointed as CEO of the Malta Financial Services Authority (MFSA) in 2018. Cuschieri decided to be accompanied by his long-term friend Edwina Licari, who joined him from MGA. During their term at MFSA, they traveled on 38 “business” trips together and spent €0.5 million from taxpayers’ monies. During a 2017 trip to Johannesburg, South Africa, they stayed at the luxurious Emperors Palace.

How much disgrace and national damage can regulators produce? In Malta, a lot! A Malta league basketball match is the subject of a major police investigation in Malta. The smallest EU country is well-known as a hub for gaming companies. One of the match players, Anton Axiaq, happens to be a Malta Gaming Authority (MGA) official. He works within the IT section. Maltese media reported that a criminal police investigation is underway.