FinTelegram reported that the Irish Joseph Gavin resigned from his post as CEO of the Maltese Financial Services Authority (MFSA). Earlier this month, MFSA announced that Gavin would resign later this year. However, he resigned before the end of the Summer. The Irish lawyer was appointed to the financial regulator in July of 2021 on a package reportedly worth €160,000. The previous CEO, Joseph Cuschieri, has had to leave in disgrace, and the Acting CEO who succeeded him, Christopher P. Buttigieg, is facing lawsuits surrounding his conduct as an MFSA official. A mess!
Before joining MFSA, Joseph Gavin served as general counsel within the Central Bank of Ireland between 2009 and 2015. Last year Joseph Gavin angrily terminated an interview that the MFSA itself had invited Times of Malta to. During that interview, he had refused to say if he had delved into potential failures at the financial regulator that led to the licensing of Nemea Bank, Pilatus Bank, and Satabank.
All three banks had their Maltese licenses withdrawn by the European Central Bank (ECB) within a span of three years between 2017 and 2020.
Gavin had replaced disgraced Joseph Cuschieri after shocking revelations that linked him to Yorgen Fenech, the alleged mastermind of the assassination of a Maltese journalist. Cuschieri had resisted calls to resign but could not take the pressure and resigned in disgrace. Cuschieri left his mark by dishing out hundreds of thousands of euros in direct orders and splashing taxpayers’ monies, including in luxury hotels for his traveling. He used to be accompanied by his dear friend Edwina Licari, who still enjoys her time at MFSA. Licari had also accompanied Yorgen Fenech to Las Vegas.
Following Cuschieri’s departure, Christopher P. Buttigieg was appointed as Acting CEO. However, Buttigieg was side-lined this time round, and the Acting CEO is now Michelle Mizzi Buontempo.
Buttigieg had enjoyed numerous promotions by Joseph Cuschieri but is facing serious accusations in Malta’s courts whereby it is alleged that he tried to force a subject person to sell his business to a competitor.
Both Michelle Mizzi Buontempo and Christopher P. Buttigieg do not declare their conflicts of interest. They have been enjoying hefty salaries at MFSA for over a decade. During their years at MFSA, they failed to act in serious cases like Pilatus Bank. They are yet to be investigated by the Malta Police for their lack of action. Hundreds of licensed firms surrendered their Malta license during the past years. MFSA has been reporting huge losses in the past years.
