Jean Claude Bugeja has been made to resign as director of Maltese Cross Financial Services pending an investigation by the Malta Financial Services Authority.
The authority found the company was unable to meet its obligations due to reasons directly related to its financial circumstances. The authority had received complaints from investors. The MFA directed Mr Bugeja to desist from providing any financial services and from carrying out any functions within the firm.
Investors will be advised as to how they may apply for compensation.