In mid-June 2022, shocking court testimony in Malta by the convicted criminal Joseph Difesa revealed that MFSA-licensed Calamatta Cuschieri, which operates Calamatta Cuschieri Investment Services Limited, did hand him €500,000 in cash. Before this transaction, Joseph Difesa was found guilty of criminal acts, including organized piracy in the audiovisual industry. This should have made him a high-risk client for any licensed company, but Calamatta Cuschieri did not bother.
Calamatta Cuschieri Investment Services Limited did not issue a denial. This is indeed worrying. The court case revolves around an alleged fraudster, Ryan Schembri, who fled to Dubai after receiving millions from various Maltese investors. Years later, he was arrested in Scotland and extradited back in Malta, whereby he is facing multiple charges, including money laundering.
In court, Joseph Difesa explained in detail how in 2013, he visited his financial investment advisor, Calamatta Cuschieri, and withdrew €500,000 in hard cash. This money was then passed on to Ryan Schembri.
Calamatta Cuschieri Investments Services directors include Charles Borg, Nicholas Calamatta, Alan Cuschieri, Alexander Cuschieri, and Michael Galea. The company is owned by CC Finance Group plc, which is owned by Gardell Investments Limited and Taurus Investments Limited.
Three of the present directors, namely Alan Cuschieri, Nicholas Calamatta, and Michael Galea, act as directors of Moneybase Limited. Calamatta Cuschieri was found guilty of not following investment rules by the Maltese Courts.
Alan Cuschieri, Michael Galea, and Nicholas Calamatta are also directors in a company named Moneybase Limited, for which MFSA has recently awarded a license. 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.
The Malta Financial Intelligence Assistance Unit (FIAU), under the helm of Kenneth Farrugia, has not yet fined Calamatta Cuschieri. The MFSA issued no public statement despite these shocking court revelations. The company uses bank accounts at HSBC Bank Malta plc and Bank of Valletta plc.
The MFSA regulates Calamatta Cuschieri Investments Services. The Malta Police has so far remained silent despite having a regulated entity being mentioned under oath of handing out €500,000 in hard cash to a client with a criminal past.
Malta’s Finance Minister Clyde Caruana has so far failed to answer questions from Fintelegram.
