Stephen Paris, appointed by MFSA last month to run Zenith Finance has been replaced by court-appointed administrator Hector Spiteri.

In March, the Malta Financial Services Authority suspended the operations of Zenith Finance Limited and Zenith (Tied Insurance Intermediary) Limited after its owners Matthew Pace and Lorraine Falzon were granted bail over money laundering charges.

The two, along with their advisory firm, previously known as MFSP, have been charged with a slew of other financial crimes on Saturday. Their case is linked to alleged graft involving former OPM chief of staff Keith Schembri and former managing directors of Allied Newspapers Adrian Hillman and Vincent Buhagiar.

The authority had appointed Paris to safeguard the interests of clients.

On Monday it said court had appointed Spiteri administrator of Zenith Finance to take control of the business as well as preserve its assets.

"MFSA will be terminating the appointment of Paris as Competent Person for Zenith Finance since his designated role and responsibilities overlap those that will be undertaken by Spiteri."

The authority said people can contact Spiteri on hectorspiteri58@gmail.com.

 

 

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