Finance Minister Edward Scicluna would not comment on the ongoing issues related to alleged abuse of power by the Malta Financial Services Authority CEO, insisting the entity did not fall under his remit. 

On Monday, MFSA governor Joe Brincat filed a judicial protest accusing CEO Joe Cuschieri of abuse of power and public funds by offering a golden handshake to a senior employee to dismiss him. 

The MFSA said in a statement it would not be making any public comments about the accusations, prompting the former Labour minister to ask for a meeting with the Auditor General to present his case. Asked by Times of Malta yesterday whether he still had confidence in Mr Cuschieri in light of the recent developments, Prof. Scicluna would not say, insisting instead that he “cannot get involved in other ministers’ remit”.

“The MFSA falls under another ministry’s remit, to start with, and, secondly, it is completely independent. That is where the Finance Ministry comes in because we have ensured that the financing of the MFSA is independent,” Prof. Scicluna said.

In August last year, the Office of Prime Minister Joseph Muscat assumed political responsibility for financial services regulation. 

I cannot get involved in other ministers’ remit

Until the previous year, the MFSA had been assigned to the Finance Minister. 

At the time, when Times of Malta had contacted the Finance Ministry about the change, a spokesman seemed unaware of the switch and had insisted that nothing had changed with regard to the portfolio that had been assigned to the minister, despite public information showing otherwise. 

Pressed further about the issues at the financial services regulator and whether, as Finance Minister, he had any views on the matter, Prof. Scicluna again would not say.

“I told you, I’m not going to get involved in an independent and autonomous entity. Everyone has a view,” he said, refusing to answer any further questions on the matter.