Disgraced Former CEO Joseph Cuschieri Breached MFSA Guidelines And ECB Code Of Conduct.

Ben
Fri, 31 Mar 2023 06:25:04 +0000
Compliance, Malta Financial Services Authority, ticker, Casino Malta, Daphne Caruana Galizia, Edwina Licari, Joseph Azzopardi, Joseph Cuschieri, Kevin DeCesare, Mark Simiana, Tumas Group, Yorgen Fenech

Unsurprisingly, the former CEO of the Malta Financial Services Authority (MFSA), Joseph Cuschieri, violated the regulators’ ethics. An internal ethics probe into the regulator’s former CEO has determined that he infringed the MFSA‘s and the European Central Bank‘s guidelines by going on a 2020 trip to Las Vegas with businessman Yorgen Fenech, who footed the bills for their flights and accommodation. The pair and MFSA General Counsel Edwina Licari stayed at the luxury casino hotel Caesars Palace.

The Las Vegas trip came about a month after Cuschieri had moved from his position at the helm of the Malta Gaming Authority (MGA) to take up the top spot at the MFSA. Edwina Licara, who also participated in the trip, was still Legal Counsel at MGA at the time, in charge of Fenech’s company’s casino licenses. However, she was cleared of MFSA charges of unethical conduct, as reported by FinTelegram.

Yorgen Fenech stands accused of orchestrating the murder of journalist Daphne Caruana Galizia. Previously, when he held directorship of the Tumas Group empire, Fenech was a casino owner in his own right.

The MFSA published the full report of the ethics probe, authored by former chief justice and now standards commissioner Joseph Azzopardi and lawyer Mark Simiana. Publication followed a decision handed down by the Data Commissioner on the outcome of a Freedom of Information request, with the authority deciding not to exercise its right to appeal.

The MFSA had initially refused to publish the report, which condemns its former CEO. The Maltese regulator has for years blocked information on the double income received by Cuschieri, who was also drawing the ‘honorarium’ earmarked for MFSA governors to attend Board meetings.

Since Cuschieri had to attend these meetings as CEO, he was not entitled to additional remuneration. It was being paid without the Board’s knowledge or authorization. Cuschieri is listed as receiving a total of €23,233 for attending 15 meetings of the MFSA’s board during his short stint at the regulator, documents prove. It was reported that he was made to return these funds, but no information has been published.

In the past months, Joseph Cuschieri tried to rebrand himself as CP Advisory with Neil Portelli. Through his lawyer, Charlon Gouder, Cuschieri and his friend Edwina Licari tried to silence Fintelegram when we exposed his dirty laundry. It was also revealed how he splashed taxpayers’ monies.

Fintelegram is hereby publishing for the first time ever correspondence between the owner of Casino Malta Ltd, Kevin DeCesare, with Joseph Cushieri, who was CEO of the MGA. The casino is accused of facilitating suspicious funds for a drug dealer and tax evader. Decesare is asking for sponsorship from Cuschieri in this correspondence.