A court today accepted the request made by two directors of Maltese Cross Financial Services Ltd to have their company liquidated. The company had its licence suspended by the financial services regulator MFSA.

The two Maltese Cross directors who filed the application are Robert Cutajar of Mosta and Stephen Spiteri of Swieqi. They joined the company as directors in 2013. An investigation had looked into the company’s operations to safeguard the interests of investors and better understand the circumstances that had led to the company’s suspension. A good number of investors who lost their capital with Maltese Cross Financial Services have filed a number of judicial protests claiming the company’s directors breached regulations and gave them bad advice.

One of the company’s directors, Jean Claude Bugeja, is facing charges of fraud and misappropriation of funds.

Today’s case was presided over by Judge Joseph Zammit McKeon.