Your career began in 1989 and you would move on to advise governments, financial institutions and corporates on complex cross-border transactions. What drew you, at such a young age, to the intersection of law, geopolitics, and emerging markets?

At first it was a matter of personal encounters, mostly in London, being a young international lawyer watching the work of colleagues who worked in markets as Vietnam, Argentina, Mexico, Zimbabwe, and Russia. They were involved in sovereign disputes, foreign investment, debt negotiations, emerging financial centers. These  markets offered untapped growth but also regulatory hurdles. They came with shifting geopolitical alliances, trade restrictions, conflict, and unpredictable government. Once I had moved there myself, I quickly realized it was an environment where you had to learn fast. I advised our clients while based in these locations for longer periods, in Latin America, the former Soviet Union, where Minsk became my base, and in Southeast Asia. I would move on to live in emerging markets for decades. In 2004 we opened our office in Istanbul. Turkey was on the way to rank just behind China, it was an emerging market in rapid economic expansion. It seemed the right venue for our work. My time in Istanbul became a watershed in my career and would have a significant impact on the future direction of my work.

I was very fortunate, in the sense that I was in the right place at the right time in those early years.  I built very loyal friendships in business and clients started to call us from around the world. To break into a market at such a young age, I doubt it would be possible today, but this was a different era.

As a senior lender, Brun Lubert spends much time on the ground. We combine macro research with extensive fact-finding in the countries where we operate. Francis Bacon emphasized observation, fact over speculation. I strongly believe in field analysis. Marc Faber once mentioned that fund managers should be more out in the streets, that true market insight is not found solely in corporate boardrooms or research reports. It continues to surprise me how little fact-finding is done by fund managers on non-listed corporates in Africa or Eurasia, and how biased opinions continue to exist amongst investors as to the risk these markets carry. These views are more of an ideological nature than based on fact, and sustain the inequitable relationship between developed countries and former colonies that have been struggling with government debt since they gained independence. We work very hard to change the course of this narrative, and to make emerging markets securities a core investment in well diversified portfolio management.

You are known for trading volatile markets and structuring assets across continents. You have worked on landmark projects from Nigeria to Indonesia, from Morocco to Paraguay. How do you personally define risk  -  and has that definition evolved over four decades?  As a lender we are active in the United States with the majority of our work in global emerging markets. We look at risk from a senior lender's perspective, and how to mitigate risk. In 2025 I held a keynote address at an international conference in Accra, Ghana. I discussed 16 risk factors, including sovereign risk, country risk, political violence, inconvertibility, expropriation, ESG, and compliance, which have a negative impact on credit ratings for emerging markets, and drive up the cost of cross-border lending to corporates in emerging markets. Africa suffers heavily from underdeveloped corporate debt markets, with South Africa, Egypt, and Nigeria being the exceptions. The situation in India is better,  in that companies are obliged to obtain credit ratings which makes our work easier. In African countries, corporates with strong growth potential struggle to get access to global debt capital markets. Attempts are made to change this landscape. African governments have joined rank to create a Pan-African credit rating agency, as was widely publicized during the United Nations General Assembly in New York in September 2025. Yet as long as no independent Pan-African credit rating agency is on the horizon, investors will hesitate. The same can be said of international lenders considering their legal enforcement rights in these markets before they commit. As I said before, the accepted definition of emerging markets risk remains heavily influenced by antiquated colonial narratives and requires urgent change, although one must stay realistic to the fact that emerging markets do carry risks and lenders have no option than to carefully assess these risks to protect their position.

Your work in Delta State, Nigeria, includes structuring 131,000 ha of customary land rights into bankable titles for plantation development. What have these years taught you about land, identity, and economic justice in Africa?

The Delcom project in Nigeria is truly unique in that it involves thousands of smallholder farmers  and their families across Delta State. It is a global flagship project and we are very proud to support the project as senior lender. With a land bank of 131,000 ha for the development of oil palm plantations, we have worked on the legal transfer of customary land rights held by the smallholder famers to the Delcom Cooperative, the governing body authorized to develop the Delcom project. These transfers have been undertaken based on very strict compliance and sustainability standards to ensure the voluntary consent of the smallholder farmers and their future economic benefits from the Delcom project. Every step has been documented, forms have been signed, consultancy meetings across regions have been held, and videos have been made of these events. Today there exists a unique archive of legal documents and audiovisual materials that we intend to publish in collaboration with the Delcom Cooperative to share with the rest of the world.

The process has resulted in a bankable land title, known as a  Certificate of Occupancy, which is a critical requirement for us to act as senior lender  for the project.

I am an agnostic lender. Governments come and go. It is true that one project, however large, will not change the world, and Africa, although it is massively improving from an economic viewpoint, is still far away from what we in the developed world would consider an equitable or just society. I strongly support the idea that aid for Africa must be replaced with self-reliance and trade, and that the transfer of knowledge and technology to African businesses and entrepreneurs must be improved to accelerate this process.

My Foundation supports cultural projects in Africa, which highlight heritage architecture  and art related to the history and culture of ethnic groups. We recently expressed our interest to contribute to the construction of a new museum in Nigeria, which will curate the history of women's anti-colonial uprisings in Western Africa, known in Nigeria as the Women's War of 1929, the first major women revolt, led by 25,000 women in defiance of the British colonial authorities.

In June, you were speaking at the INTEGRA International EMEIA Conference on "The Power of Small Nations". What role do you believe small states  -  like Malta  -  can play in the shifting global order?

It is important to stay alert in a changing geopolitical world. As the Government of Malta has emphasized in Malta Vision 2050, the diversification of the economy remains a priority. The integration of Malta in regional trade blocs beyond the EU is in my view of critical importance. The neutral status of Malta can assist to improve access to new markets.

I find the dependency of Malta on the EU worrying. The position of the EU continues to be heavily affected by a changing global landscape across economic and geopolitical frontlines. Apart from economic stagnation, the EU faces de-industrialization, a shrinking workforce and ageing population. The EU is highly dependent on external alliances and global energy price swings. It remains 100% dependent on China for heavy rare earth materials, and 55% of machinery and equipment is imported from China. US tech giants as Amazon, Google Cloud and Microsoft are dominating 80% of the EU's cloud infrastructure, which is a vital risk in itself. The United States is addressing its global priorities, and the allocation of U.S. defense materials and military personnel in Europe. Although we see noticeable improvement across EU Member States investing in their defence capabilities, the EU can no longer rely on the unconditional support of the White House.

It would be an exaggeration to state that the EU is heading towards the status of a colony in the developed world, but it has become dangerously dependent in vital industries. It is lagging behind in several areas compared to the United States and China, and could potentially face disruptions and decrease in sovereignty in the future. The continent is waking up to the implications of all this, but there is still a long way ahead. Malta, as an open economy remains vulnerable to future systemic risks as a result of the country's deep integration with the EU.

You founded Per Tumultum Motion Pictures in 2016 in New York to produce and finance documentaries. What compels a financier and senior international legal counsel to turn to cinema as a medium of truth?

I am very interested in feature-length documentaries and independent film productions, and how documentaries shape the way in which we understand and engage with the world. Documentaries show us the best and the worst of society and can inspire, or demand change. It has become one of the most powerful ways of participating in the public domain, with the ability for narratives to find large audiences via social media and streaming platforms.

I established Per Tumultum in 2016 in New York after I had realized I had missed out on the financial closing of an independent film production I had been interested in before. A wonderful and humane script about a forbidden love affair situated in New York in the 1950s, based on a novel written by Patricia Highsmith. The film was eventually produced between the United States and the UK, and directed by Todd Haynes. For years investors had not been interested and considered the production a high risk endeavour. Once released, it received wide praise and was several times nominated.

Per Tumultum recently set up a team to start the pre-production for a feature-length documentary on the era and life of one of Europe's most charismatic political leaders, a polarizing politician, a working-class hero to many,  an authoritarian dictator to others. His life spans an important period of the 20th century history of Europe, and runs parallel with the 1929 crash, fascism gaining ground in the 1930s, the Second World War, the British Empire, anti-colonialism and independence, the movement of non-aligned countries of  the 1950s, to the creation of a modern independent nation state. The narrative follows the history of Europe during this era unfold from the protagonist's perspective and the role he took in this. It is a fascinating story which has lost none of its relevance. We are very excited about the project, which is currently at the research stage, and expect to bring out the trailer out in the next months. The feature-length documentary shall be submitted to the European film festival circuit before going into theatrical release.

The Space Pioneers Fund you sponsor supports advanced space related technology. How do you see the next frontier of investment beyond Earth?

Brun Lubert develops investment strategies for emerging industries. We have no doubt that the global space economy is emerging as one of the fastest growing industries, and is evolving from a government-led industry into a multi-trillion commercial industry. There is a widening gap between the growth rate of the space industry and the availability of debt finance, which is where we offer the Brun Lubert Space Debt Finance Program for corporates and are also actively  involved in the Space Pioneers Capital Fund.

You have led firms in Istanbul, Mauritius, New York, and beyond. What has leadership looked like for you as a woman navigating male-dominated financial and legal spheres?

I have spent my entire working life working with men. I have been fortunate in that I have always been a business owner and never an employee. I started in 1989 with my international law firm, and from early onwards I developed friendships that would last over the decades. It is difficult to overestimate the importance of friendship. Most of us were sent across the world, to Montevideo, Ho Chi Minh City, Bangkok, Minsk, Havana. It was an era when the term "emerging markets" had been coined by Antoine Van Agtmael a few years before. Emerging markets had not yet evolved into a separate asset class, nor did they attract the same attention as today. Investors were scarce and far between, we were a small crowd out there. Over time, several of us came to know each other's families and we have looked out for each other, while going through what was a rather hectic environment. I am very grateful for the connections we built in those years that last until today.

Beyond my own life in New York, I am not optimistic about how the position of women is evolving. Women have massively entered the labor market in the past decades. Yet only a small percentage of women have moved upward. The situation remains distinctly uneven. When I was younger, I used to think that women should work harder, accept the mores of the market before demanding change, and that recognition would come eventually. That turned out to be one of the biggest fallacies of my life. Women are not handed recognition, they have to demand it. Being the best in class, which many women in higher education increasingly are, if we look at the number of women entering universities and the fact that their exam grades are on average higher than those of their male peers, or being astute and industrious at the workplace does not provide a guaranty for equitable treatment in opportunity and pay. Frequently the opposite is true.

If women wait for recognition, it may take another two centuries.  Women should become more independent in thinking and behavior. I am well aware that such behavior by women is often met with rejection, if not ostracization by society. I have come to believe there is no other way. It is the price women are made to pay by society, and it is still happening today. This is why I will always support women as Madonna or Taylor Swift, who would not have existed if they had waited for someone, or had accepted the way the industry and media tried to define and stigmatize them, or for some flung out of space acknowledgment. Instead, they created their own opportunity and moved on. The rest is history, and their millions of followers show it is possible and inspirational.

You have structured everything from sukuk to SPACs, from sovereign debt to film finance. What is the common thread  -  the intellectual pleasure  -  in structuring?

That is a very good question. I believe it is the dream of building something with a team, the creativity and resilience it takes to realize a project that is bold and of interest. When I was an adolescent, my main interest was in arts, in cinema, literature. It still is today. In the late 1970s, I lived in the fifth arrondissement in Paris, hanging out in museums and Parisian discos, mingling with actors and painters. I would attend courses at the Sorbonne, but life was in the cafes and streets. It was a great time. I was very good in drawing and painting, and was somehow embarking on a future as a painter. But there was no such thing in our family, it was unimaginable. I went on and studied public and commercial international law at several universities, including at Notre Dame Law School, and completed a PhD in international law, on the law of war. Today I feel very comfortable in my profession and I am grateful for the excellent education that I received.

Brun Lubert structures debt instruments and finances projects in private and public debt capital markets, including for industrial agricultural production, manufacturing, green transportation, energy-infrastructure and storage, logistic parks, commercial real estate, smart cities, energy pipelines, urban corridors and so on.

These projects require creativity, in addition to best-in-class legal and insurance capabilities. To stand on an 8 kilometers long beach strip somewhere in the world next to an owner explaining that he wants to build a smart city, and to be surrounded by absolutely nothing other than sand and sea in the wide distance, or to work with a young entertainment performer who intends to build the largest film studio in Africa and has never undertaken a project of such magnitude. It may be bold and it may take years, it usually does, but these are reasons for staying in this business.

You are discussing a new digital platform linking Malta and SubSaharan Africa. What potential do you see in Malta as a bridge between continents?

With Africa on its doorstep, I believe the time is right for Malta to look southward. Malta is well-positioned to act as a gateway for investments into Africa, due to its geographical position, EU membership, its historic connections with Northern Africa, strong financial services industry, and Free Port. Africa has moved on from, in the words of the Economist in 2010, a "hopeless continent", to the next economic frontier. Five of the 10 fastest growing global economies are domiciled in Africa. The center of economic gravity has shifted south and eastward. Emerging markets represent 50% of global GDP (based on purchasing power parity) and contribute 65% to global annual GDP. In the list of the 20 largest cities in the world no city from the developed world is represented, with New York ranking 22, and Los Angeles at rank 27. None of the European capitals is represented in the list of 30 largest cities in the world.