Earlier this year, LifeStar Insurance, a licensed Maltese insurance firm, filed court proceedings against its regulator Malta Financial Services Authority (MFSA), and one of its top officials. Paolo Catalfamo, the owner of major insurance company LifeStar, formerly Global Capital, is claiming “arbitrary and capricious treatment” and accused Christopher Buttigieg, a top MFSA official of pressuring him to sell his company to a competitor. The first sitting in front of Judge Toni Abela took place on 30th May 2022. The next sitting is scheduled for 5th July.
Fintelegram is following this Maltese court case. The lawyers representing MFSA are Louis Degabriele and Kristina Rapa Manche. Eyebrows were raised for the selection of such lawyers, given that the same lawyers are representing plaintiffs who sued MFSA on grounds of constitutional courts. It is not known why the MFSA opted to be represented by these lawyers, given that the same lawyers are arguing in other cases, that the MFSA is not abiding by Malta’s Constitution and the European Convention of Human Rights.
Fintelegram is informed that the Board of Supervisors of the European Securities and Markets Authority (ESMA) and the European Banking Authority are awaiting the resignation of Christopher Buttigieg, following these serious allegations. He represents MFSA on these boards of the EU institutions.
In his court submissions, Paolo Catalfamo claims Christopher Buttigieg, the MFSA Chief Officer Supervision, actively pushed him to sell his company to a competitor, IVAlife Insurance. Catalfamo is claiming that on more than one occasion, starting at a meeting in May 2020, Buttigieg asked why Catalfamo would not sell LifeStar Insurance to IVAlife if only to avoid making his life miserable by having to deal with the MFSA. Lifestar Holdings PLC made a public announcement about this lawsuit.
Christopher Buttigieg made the headlines for the wrong reasons in the past years. He was the promoter of the failed project which labeled Malta as a “blockchain island.” His failed project cost the Maltese taxpayers some €3 million. Members of the Executive Committee of MFSA do not publicly declare their conflicts of interest.
