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Tag: Yorgen Fenech

Disgraced Maltese Regulator MFSA Ordered to Pay €414,000 for Unjust Dismissal of Former COO!

Malta Financial Services Authority tamir -
The former CEO of the Maltese financial regulator MFSA, Joseph Cuschieri, was a disgrace to the authority. The unjust dismissal of former MFSA COO Reuben Fenech by then-CEO Joseph Cuschieri has led to a damage payment of almost €414,000. Under the leadership of Cuschieri and his team, the Maltese financial regulator has lost its reputation and has become a symbol of the failure of financial market supervision.

Interesting: Disgraced Former MFSA CEO Still Fit For Public Service Jobs!

Job Movements Ben -
Malta is different. There, it's really the good networks and friends that count first and foremost. Sincerity or reputation is less important. After a devastating internal investigation, Joseph Cuschieri was forced to resign as CEO of the Malta Financial Services Authority (MFSA) in 2020. Cuschieri used to be a good friend of the arrested Maltese entrepreneur Yorgen Fenech. However, he has been given a new government appointment, the Maltese online media The Shift reports.

Disgraced Former CEO Joseph Cuschieri Breached MFSA Guidelines And ECB Code Of Conduct.

Compliance Ben -
Unsurprisingly, the former CEO of the Malta Financial Services Authority (MFSA), Joseph Cuschieri, violated the regulators' ethics. An internal ethics probe into the regulator's former CEO has determined that he infringed the MFSA's and the European Central Bank's guidelines by going on a 2020 trip to Las Vegas with businessman Yorgen Fenech, who footed the bills for their flights and accommodation.

Maltese Networks! MFSA Report Clears General Counsel Edwina Licari!

Malta Financial Services Authority Ben -
In October 2020, the Malta Financial Services Authority’s (MFSA) Board of Governors commissioned a review to carry out necessary verifications about a possible breach of ethics by former CEO Joseph Cuschieri and General Counsel Edwina Licari. The report, issued in Nov 2022, concludes that Licari need not face such charges. However, the report also implies problematic conduct during her time as MGA executive and sheds light on the Maltese way of doing supervision.

MFSA: The Maltese Intransparency Problems With Its Regulators Continue!

Malta Financial Services Authority Mark Lagarde -
The regulatory environment in Malta is different. Very different, indeed. The Maltese online platform Shift revealed that Malta Financial Services Authority (MFS) entered into a questionable arrangement to pay its retired former CEO Joseph Gavin some €65,000 for him to “give a handover” to the new acting CEO, a senior MFSA executive. Gavin stepped down last summer after being absent from work for over a month but was still paid €11,000 per month.

That’s Malta, Stupid! The EU Should Start To Ask Critical Questions About Money Laundering!

MGA tamir -
A new study calls Malta a money laundering hub in connection with gambling activities. Nothing new here! In May 2017, whistleblower Valery Atanasov, a former MGA employee, exposed email exchanges that demonstrated that the regulator had broken its own rules between 2012 and 2014 and created "conditions that allow suspicious financial operations, money laundering, and other criminal practices.” Joseph Cuschieri, the then-CEO, was awarded the post of CEO of the Malta Financial Services Authority (MFSA).

The Maltese Blogger Killing – New Convictions But Still Waiting For The Alleged Masterminds’ Trials!

Corruption Charlene Lensburg -
Last week, two brothers, George Degiorgio, 59, and Alfred Degiorgio, 57, charged with the car-bomb assassination of the Maltese journalist and blogger Daphne Caruana Galizia in October 2017 have been sentenced to a 40-year prison term. They pleaded guilty to her murder on the first day of their trial. Caruana Galizia, the "one-woman Wikileaks" had investigated political corruption in Malta and abroad. She was known as a harsh critic of the Maltese government.

MFSA’s Edwina Licari And Joseph Cuschieri Splashed Malta’s Taxpayers’ Monies!

Malta Financial Services Authority tamir -
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.

Seriously? MFSA CEO Joseph Gavin Will Be Stepping Down!

Malta Financial Services Authority Ben -
Well, that's a bit strange! But then, it's Malta. MFSA's Irish CEO Joseph Gavin will be retiring early and stepping down from his role later this year following a recent absence for medical reasons., MFSA informed in a one-sentence notice. The Irish lawyer was appointed to the financial regulator in July of 2021 on a package reportedly worth €160,000. Gavin previously served as general counsel within the Central Bank of Ireland between 2009 and 2015.

MGA’s Chief Internal Audit James Grech Resigns

MGA Charlene Lensburg -
The Maltese regualator MGA has been hitting the headlines for the wrong reasons during the past years. Following resignations, including that of Heathcliff Farrugia and Anton Axiaq, both being prosecuted for alleged serious crimes, the Chief Internal Auditor of MGA, James Grech resigned for unknown reasons. The regulator did not make any announcement of the departure. James Grech was enrolled within MGA during the days when disgraced Joseph Cuschieri was at the helm of the Authority.

Embarrassing: And Malta Gaming Authority official is investigated for basketball match-fixing

Illegal gambling Ben -
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.

Malta’s MFSA saw no reason why to deny a license to Pilatus Bank

Malta Financial Services Authority tamir -
The smallest EU State, Malta was the first European Union state ever to be greylisted. The FATF grey listed Malta in June 2021. In 2014, the MFSA had issued a banking license to Pilatus Bank. There was no reason for Pilatus Bank to be refused a banking license when it applied for one, Andre Camilleri, the then-director-general of MFSA, said in courts. Pilatus Bank had its license revoked by the ECB in 2018 after the bank’s chairman, Ali Sadr Hasheminejad, was indicted on money laundering charges in the U.S.

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