Malta financial regulator MFSA has announced that CEO Joseph Cuschieri has resigned his post following the conclusion of an investigation led by former Malta Chief Justice Joseph Azzopardi.

The regulator’s General Counsel, Edwina Licari, will apparently be reinstated to her role after she (and Mr. Cuschieri) voluntarily suspended themselves pending the results of the investigation.

The investigation was initiated by the MFSA’s board earlier this month after media reports surfaced in the country that Mr. Cuschieri and Ms. Licari had gone on an all-expenses-paid trip to Las Vegas with Maltese businessman and casino owner Yorgen Fenech in May 2018. At the time of the trip Ms. Licari was still legal counsel at the country’s gambling regulator the MGA. Mr. Cuschieri was just a month into his job at the MFSA, after heading the MGA.

Adding a touch of mystery to the whole affair, Yorgen Fenech was detained at sea by Malta’s armed forces in late 2019 and is a suspect in the 2017 murder of Maltese journalist Daphne Caruana Galizia.

The MFSA noted that interim CEO Christopher Buttigieg will remain in that role while the process to recruit a new CEO gets underway.

The MFSA’s full statement on the matter follows:

Public Statement NOVEMBER 26, 2020 On 25 November 2020, the Malta Financial Services Authority received the report of the Board of Review, which had been appointed by the Board of Governors on 3 November 2020 to carry out the necessary verifications regarding a possible breach of ethics by Mr Joseph Cuschieri and Dr Edwina Licari. On the same day, the Board of Governors of the Malta Financial Services Authority received Mr Cuschieri’s resignation from his role of Chief Executive Officer.

The Authority has taken note of Mr Cuschieri’s resignation. It has also taken note of the Board of Review’s opinion on the cases of both Mr Cuschieri and Dr Licari. The Board of Review’s conclusion regarding Mr Cuschieri leads the MFSA Board to ratify his resignation. As regards Dr Licari, the Board of Review’s conclusions do not warrant her continued self-suspension. The Board of Governors has decided to present a copy of the Board of Review’s report for information to the Minister of Finance and Employment.

The Board of Governors takes the opportunity to thank Chief Justice Emeritus Joseph Azzopardi and Dr Mark Simiana for their services and for their commitment and determination to conclude the assessment process expeditiously.

The Board wishes to confirm that Dr Christopher Buttigieg will continue to serve as Chief Executive Officer ad interim while the process to recruit a new CEO gets underway.