MFSA declines comment on Brincat protest; funds used for its functions

Tista' taqra bil- Malti.

Funds administered by MFSA ‘will continue to be used exclusively in the exercise of its functions and operations,’ the Malta Financial Services Authority has said.

The statement comes in response to a judicial protest submitted by one of MFSA’s board members Joe Brincat against the Authority’s Chief Executive, Joe Cuscheri.

Brincat wrote that he did not agree with Cuscheri using public money to give out ‘golden handshakes.’

Brincat’s protest comes from the revelation that an MFSA official named George Spiteri had been in receipt of an early retirement scheme sum of over €150,000, in an attempt to reach an agreement which would terminate his employment. Spiteri was subsequently reemployed with the Registry of Companies Agency only a few weeks later.

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The Rule of Law NGO Repubblika, then called on the National Audit Office to actively investigate this re-employment.

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It was revealed that no Parliamentary vote had approved the payment to Spiteri. Brincat subsequently stated that his protest was not related to the early retirement scheme.

The board member added that it was his responsibility to prevent actions that would amount to a criminal offence; and that not doing so would render him, ‘criminally responsible.’

In their statement, MFSA says that it ‘does not consider it appropriate to comment publicly on the ongoing matters referred to by the said Governor,’ and that it, ‘shall remain focused on the implementation of its vision and strategy.’