The former director of a financial services company that lost millions in clients’ money told the other two directors about the financial mess when he returned to Malta from a cruise, a court heard.

Magistrate Antonio Micallef Trigona yesterday found there was sufficient evidence for Jean Claude Bugeja, former director of Maltese Cross Financial Services Ltd, to be indicted on fraud charges.

Police Sergeant Marseanne Mifsud testified in the compilation of evidence that the other directors did not know about the losses, which started in 2008.

Mr Bugeja said he only told them what was going on when he returned from a cruise. The directors confirmed they were not aware, she said.

Mr Bugeja, 42, from Għaxaq, is pleading not guilty to misappropriation and defrauding two of his former colleagues and directors, Robert Cutajar and Stephen Spiteri, and about 220 clients out of some €4 million.

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