In what has been described as a very strange statement, the CEO of Malta Financial Services Authority (MFSA), Joseph Gavin, is currently indisposed. Eyebrows were raised for a short statement issued by MFSA with no explanation whatsoever. Joseph Gavin, an Irish man, was appointed as MFSA’s CEO on a salary package of around €150,000 per year following the resignation of disgraced Joseph Cuschieri. Further eyebrows were raised when it was announced that Gavin would not be replaced by Christopher Buttigieg, but by Michelle Mizzi Buontempo.
Buttigieg had acted as acting CEO after the departure of Joseph Cuschieri. However, Buttigieg is currently facing legal proceedings in Malta’s courts by a large insurance firm that is accusing him of serious matters. Buttigieg had enjoyed a series of promotions when MFSA was controlled by Joseph Cuschieri. Cuschieri had also enrolled his friend, Edwina Licari, on a €100,000 yearly salary at MFSA. Licari and Cuschieri toured the world thanks to taxpayers’ monies.
Michelle Mizzi Buontempo who has been working for the Authority for many years is renowned for her lack of action in relation to the scandal of Pilatus Bank. The Authority had not taken any action despite shocking revelations by the media on what was going on at the now-defunct Pilatus Bank.
Joseph Gavin has been under fire by Maltese financial companies since his infamous interview whereby he refused to answer questions and just walked out. It was Gavin himself who asked to be interviewed as part of a public relations exercise. The interview was organized by his spokesperson Vanessa Macdonald.
