Ivan Bartolo has stepped down from the board of 6Pm as from last Wednesday, severing his links with the company he founded in 1996.

The company had gone from strength to strength, and in early 2017  employed over 175 employees.

Read: A quantum leap beyond Malta

However, it was acquired by British firm Idox Health a year ago, which shocked shareholders during its AGM when it revised 6PMs financial statements for 2014 and 2015 after it emerged that revenues had been inflated.

Idox Health restated profits - audited by Nexia BT - of £0.8 million and £1.7 million for the two years to losses of £0.2 million and £4.8 million, respectively.

The results said there were flaws in internal controls, as a result of which the revenues were inflated from the actual £8.8 million in 2014 to £9.7 million, and from £8.4 million in 2015 to £11.3 million.

The announcement said that the results were “materially misstated”, mostly due to a failure of internal controls and management in the operations. It said that accounting standards had been applied in an “erroneous and inconsistent” way.

Read: New 6PM owners say 2014, 2015 revenues had been ‘inflated’