Two more investors who lost their capital with Maltese Cross Financial Services have filed a judicial protest claiming the company’s directors breached regulations and gave them bad advice.

Anton and Joanna Calleja asked for a refund of their capital plus interest as well as a detailed account about how their investment was handled. The protest was filed against directors Jean-Claude Bugeja, Robert Cutajar and Stephen Spiteri.

Another 14 investors filed a similar judicial protest on August 26 for some €3 million they had lost.

The firm is currently being investigated by the Malta Financial Services Authority and its operations have been suspended.

In the protest, the Callejas noted that the company had been suspended by the MFSA and revoked its licence for Mr Bugeja to act as director, financial adviser, compliance officer and money laundering reporting officer.

The authority had also declared that the company had a material shortage of assets and could not meet its obligations.

The investors held the directors responsible for damages. Lawyer Richard Sladden signed the protest.

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