Nexia BT auditors Brian Tonna and Karl Cini have resigned from the Malta Institute of Accountants due to the disciplinary proceedings that were initiated against them after their involvement in the Panama Papers scandal, The Times of Malta reports.

MIA President Franco Azzopardi had confirmed with The Malta Independent last May that the institute has initiated proceedings against Tonna and Cini, which could have seen their membership revoked.

““We have been watching the allegations that have surfaced since the Panama Papers and also let’s not assume that our institution has some form of executive investigative powers. However, action from the MIA council has been triggered so the disciplinary procedure process has started and it will take its due course for their membership to be revoked,” Azzopardi had said.

Sources told The Times of Malta that the disciplinary process stopped once the pair ceased to be members.

MIA would have been able to remove their membership, but not their professional warrant, which falls under the authority of the Accountancy Bard.

Tonna revealed himself to be the Ultimate Beneficial Owner of the infamous Egrant Inc, while Nexia BT through BT international is the sole shareholder of Mossack Fonseca & Co. (Malta) Ltd; the parent company is at the heart of the Panama Papers revelations.

Tonna was also named in leaked FIAU reports, which alleged that Keith Schembri received kickbacks through the sale of passports.