Nexia BT Advisory Services Ltd on Thursday had its corporate advisor authorisation for the Stock Exchange’s prospects multilateral trading facility market withdrawn with immediate effect.

The withdrawal comes after the licence was suspended some days ago when Nexia BT partners Brian Tonna and Karl Cini were taken into police custody over a money-laundering investigation. 

They were released on police bail after being held for almost 20 hours. 

In a statement, the Malta Stock Exchange said it has determined that the company will no longer be approved to provide services to prospective or current prospects multilateral trading facility companies. It decided it was in the best interests of the market, investor protection and in the best interests of the exchange to cancel the corporate advisor status. 

It said it had concluded its investigations into the feasibility and suitability of Nexia BT Advisory Services Limited to continue to operate as corporate advisors following the circumstances that arose after the freezing of assets, resulting from the investigation and attachment order issued by the Criminal Courts on September 21.