Malta’s CC Funds, owned by Calamatta Cuschieri Investments Management, are still registering major losses. Only a handful out of 23 funds has registered a positive return since inception. CC Funds form part of CC Finance Group plc and operate from Malta. The Emerging Market Bond Fund Eur Dist and the Emerging Market Bond Fund Eur Dist lost more than a third of their value since inception. The Growth Strategy fund, which was only registered in November 2021, has almost a quarter of its value.
The company’s directors are Nicholas Calamatta, Alan Cuschieri, Alexander Cuschieri and Carmel John Farrugia.
In mid-June 2022, shocking court testimony in Malta by Joseph Difesa revealed that Malta licensed Calamatta Cuschieri, which operates Calamatta Cuschieri Investments Services Limited, did hand him €500,000 (half a million euro) in hard cash. Joseph Difesa was found guilty of criminal acts, including organized piracy in the audiovisual industry before this transaction. This should have made him a high-risk client for any licensed company. Calamatta Cuschieri Investment Services Limited did not issue a denial.
Calamatta Cuschieri was found guilty of not following investment rules by the Maltese Courts.
Despite the hefty losses being suffered by the retail investors, mostly Maltese citizens, who invested in CC Funds, two directors of Calamatta Cuschieri Investments Services Limited have recently moved to luxurious villas. Alan Cuschieri and Nicholas Calamatta, who goes by the name of Nicky Calamatta, moved to Madliena, a posh area in Malta.
