Real estate agent Paul Pisani, 55 of Pembroke has been charged in court with misappropriating €370.000 on and before 2009 personally or as director of Invest BG Ltd. Zan Zara Co Ltd, JOT Co Ltd, Sandringham Ltd and Tal-Markiza Co. Ltd.

Inspector Ivan Cilia said in court that he had received complaints from two other directors of the companies involved that they had invested a sum of money to buy property in Bulgaria. The investment was of €1.7 million.

The directors had set up companies with Mr Pisani in Bulgaria to facilitate their investment.

Some €1.4 million of their investment was transferred to their Bulgarian company while the €370,000 had 'disappeared' and was unaccounted for. They were holding Mr Pisani responsible for the money.

Stefano Filletti appeared for the directors and investors while Frank Cassar represented Mr Pisani.

Mr Pisani pleaded not guilty.

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