Zenith Finance’s Matthew Pace and Lorraine Falzon have been granted bail against several conditions by a court over money laundering charges which they are facing.
The two, who are prominent members of Zenith Finance – formerly known as MFSP, were charged with, amongst other things, money laundering last Saturday when police arraigned a total of 11 people – including former OPM chief of staff Keith Schembri, who is facing court for the first time this morning.
The case against them began on Thursday, where police described Pace in particular as a “professional money launderer”
They were initially not granted bail on Saturday, but made a fresh application after the case was moved to a different magistrate.
Indeed, on Friday morning, Magistrate Donatella Frendo Dimech granted bail to both.
She said that having taken into account the criminal record and seriousness of the crime as well as the fact that there was no risk of absconding and the police said that he cooperated, compounded by the fact that the prosecution failed to substantiate the fears mentioned, Matthew Pace can be released on bail.
Matthew Pace and Lorraine Falzon
He was ordered to deposit his travel documents with the court and has to report to the Qawra police station daily, observe a curfew and not change his residential address. Pace is prohibited from going to the airport or any other airfield or within 10m from the coast. Bail is secured by a deposit of €40,000 and a personal guarantee of €60,000.
On Falzon, the court said that her criminal record is spotless and observed that the prosecution had declared that there was no fear of her absconding and that the evidence is entirely preserved in the acts of the magisterial inquiry.
The court granted Falzon bail, ordering her to sign a bail book every day and observe a curfew. She is also prohibited from approaching the airport or the coast. Bail is secured by a deposit of €25,000 and a personal guarantee of €50,000.
The magistrate also ruled that there was enough prima facie evidence for them to be formally charged under a bill of indictment.