Updated on Sept 2 with TaxMal clarification


Shareholders of a taxi company have gone to court over around €500,000 that they claim went missing from the company’s bank accounts.

In a judicial protest filed in the Civil Court, Commerce Section, the shareholders of Taxmal Limited, the operators of taxi service Taxify, claimed that funds transferred to a fellow shareholder and company director were not entirely deposited in the company’s bank accounts.

Taxify became Bolt in March.

Bolt allows users to request a private cab through their smartphone. The company was founded as Taxify in Estonia by a 19-year-old entrepreneur in 2013 and quickly spread across Europe, with its Malta-based services beginning in 2017. 

Last month, Bolt terminated its contract with Taxmal Limited due to an undisclosed breach of contract.

Last month, Bolt terminated its contract with Taxmal Limited due to an undisclosed breach of contract

The judicial protest was filed by Andromeda International Investments Limited, registered in the British Virgin Islands, and British nationals Michael James Pearce and Samuel James Reynolds.

It was filed against Taxmal Limited, Estonian national Vambo Laud and Kertu Mossov. The latter two were operating Taxify’s Malta’s operation. The shareholders claimed that Mr Laud and Ms Mossov were refusing to provide the company’s management accounts, forcing them to appoint financial consultants to find out the company’s real financial situation.

According to the report, between March 2017 and July 2018, around €1.7 million had been transferred from Taxify OU in Estonia to Mr Laud’s personal bank account.

Of these, only around €500,000 from approximately €1 million had actually been transferred to Taxmal Limited’s bank account.

The shareholders held Mr Laud and Ms Mossov responsible for any damages the company was suffering as a result of their actions.

According to documents submitted with the Registrar of Companies, Mr Laud was last month “removed” from being Taxmal Limited’s director and legal and judicial representative. The change was effective June 14.


TaxMal clarification

In a clarification to the article, TaxMal said it sought to make clear that no court proceedings have yet been filed by the company. 

The following the full text of the reply:  

"With reference to the news item published, we wish to clarify certain inaccuracies in the information reported.

Some of the shareholders of TaxMal Limited, which holds the licence to operate the Bolt operation in Malta, filed a judicial protest in February 2019 calling upon specific individuals to account for company monies for which they were responsible.

Cabbers Limited, an associated company, received a similar judicial protest on the same date. Since no information has been forthcoming from the individuals concerned, the appropriate investigations are being concluded before any legal rights can be asserted.

However, at this stage, no court proceedings have been filed by TaxMal or its associated company against any parties whatsoever. It is premature to make any further comment at this stage given the sensitivity of the potential claims."

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