Following the Malta Financial Services Authority’s suspension of Maltese Cross Financial Services Limited last week, the authority said today it took a number of measures to safeguard the company's assets and protect the interests of investors.

The authority said it had revoked its approvals granted to Jean Claude Bugeja to act as a company director, compliance officer and money laundering reporting officer and to provide investment services.

It also issued a directive directing Mr Bugeja to resign as a director of the company, desist from providing any financial services and from carrying out any functions within the company, not to access the company’s records, IT systems and its offices and retain and desist from destroying, damaging or altering any documentation which he might have in his possession relating to the company and/or its clients.

The Investor Compensation Scheme will be advising investors on how they may apply for compensation.

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