A shocking court testimony in Malta by Joseph Difesa revealed that Malta-licensed Calamatta Cuschieri (https://cc.com.mt) which operates Calamatta Cuschieri Investment Services Limited was handed €500,000 in cash by his investment advisor. The court case revolves around an alleged fraudster, Ryan Schembri, who after receiving millions from various Maltese investors, fled to Dubai. Years later, he was arrested in Scotland and extradited back to Malta whereby he is facing multiple charges including money laundering.
Joseph Difesa explained in detail in court how in 2013, he visited his financial investment advisor, Calamatta Cuschieri, and withdrew €500,000 in hard cash. According to Difesa, he handed this hard cash to Ryan Schembri. Difesa did not explain whether he had deposited hard cash at Calamatta Cuschieri or provide any details about his source of funds or wealth. Joseph Difesa was found guilty of criminal acts including organised piracy in the audiovisual industry prior to this transaction.
The present directors of Calamatta Cuschieri Investments Services Limited (C13729) 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, 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 Arbiter of Financial Services.
Questions sent to the Malta Financial Intelligence Assistance Unit (FIAU) and Maltese authorities about these shocking Court revelations have not been answered. Calamatta Cuschieri Investments Services Limited is regulated by the Malta Financial Services Authority (MFSA). MFSA and FIAU have 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.
Fintelegram will publish further information about this case.
