CC Finance Group Plc reported heavy losses in its financial statements ending June 2022, as reported by Fintelegram. It now transpires that CC Finance Group, the company behind Calamatta Cuschieri, has entered into a promise of sale agreement to sell its offices in Valletta for € 3.15 million. No reason was given behind the sale of this building in Malta’s capital city. It was announced that a board of directors meeting shall be convened on 21 April 2023.
In August 2022, CC Finance Group, which trades on the Malta Stock Exchange, informed the general public of a planned restructuring. The announcement indicated the end of 2022 as the deadline by when such restructuring would take place. This would only be possible with the authority’s approval. It now transpires that the restructuring did not take place. The Malta Business Registry’s official information confirms that the planned restructuring did not occur.
Fintelegram reported on how Calamatta Cuschieri Investments Services Limited did provide €500,000 in cash to a convicted criminal. Malta’s FIAU and MFSA did not comment on questions asked by Fintelegram. To date, no public announcement on this possible money laundering transaction was made by the Maltese authorities.
One of the company’s directors linked with CC Finance Group is Moneybase Limited. Andrew J. Zammit of GVZH Advocates is also a director of this company. Funnily enough, GVZH Advocates act as lawyers for the MFSA in court cases.
The MFSA dished out direct orders to GVZH Advocates while overseeing their operations or that of its members in companies like Moneybase Limited and sister companies like Calamatta Cuschieri Investments Services. This is an apparent conflict of interest that leaves many baffled. Co-CEOs Alan Cuschieri and Nick Calamatta have recently bought two villas in prominent areas in Malta for millions.
Alan Cuschieri now resides in Madliena, while Nick Calamatta resides in a luxurious villa in Santa Marija Estate, Mellieha, north of Malta. These properties were bought as the funds operated by Calamatta Cuschieri under CC Funds, registered substantial losses in the past year. Rudolf Muscat, a manager at FIAU, is a former Calamatta Cuschieri Investments Services Limited employee. Good connections and friends are important. Especially in Malta!