Over 60 people, most of them foreign nationals, have applied for the financial regulator’s top job, The Malta Independent on Sunday has been informed.
Last month, the Malta Financial Services Authority issued a call for applications for the post of Chief Executive Officer. The call was issued internationally in a bid for the authority “to regain credibility”, sources had explained.
The MFSA was recently rocked by a scandal that led to the resignation of its last CEO – Joseph Cuschieri.
Sources said the authority has received dozens of applications, although many of them have been deemed to be unsatisfactory. The majority of applications were from foreigners.
It is understood, nonetheless, that the process to appoint the MFSA’s next CEO will be concluded in the next month or so.
Cuschieri resigned last year in the wake of the Las Vegas trip scandal. He stepped down after it emerged that he had gone on a trip to the United States with Yorgen Fenech in 2018, to advise the latter on regulatory matters. Fenech, who has since been outed as the owner of 17 Black and has been charged with masterminding the murder of Daphne Caruana Galizia, is a casino owner.
The MFSA’s general counsel, Edwina Licari, and a former personal assistant to disgraced OPM chief of staff Keith Schembri, Charlene Bianco Farrugia, also went on the trip.
Cuschieri, who landed the job in April 2018, resigned ahead of an internal MFSA investigation.
The board had later ‘ratified’ Cuschieri’s resignation and appointed the authority’s Chief Officer Supervision, Dr Christopher P. Buttigieg, as interim CEO.
In January of this year, it was also revealed that the MFSA had asked Cuschieri to reimburse some €23,000 he had drawn in ‘extra pay’ for attending board meetings, even if this was part of his duties as CEO.
On the other hand, the authority’s recent reorganisation and investment, a process that started under Cuschieri’s stewardship, has been hailed, especially since it emerged that Malta has passed the crucial Moneyval test.
In April, the authority started advertising the CEO vacancy both locally and abroad, including in international publications such as The Economist.
The authority falls under the responsibility of the Finance Ministry, headed by Clyde Caruana.
Sources said there was a political wish to have a “wide open process for the sake of transparency”.
A specially appointed board will shortlist the applicants and choose the next chief executive. This will be a new procedure since past CEOs were appointed by the authority’s board of governors.
Acting CEO Christopher P. Buttigieg would not say whether he would be applying for the vacancy, making his position permanent. He had told this newsroom that: “I consider myself as a career financial supervisor and have been contributing to the MFSA’s development for more than twenty years. Whist I wouldn’t like to enter into a discussion on a personal matter, please note that I am committed to continue working on achieving the Authority’s objectives”.