All sponsorships and donations dished out by the MFSA have been stopped following the departure of disgraced former CEO Joseph Cuschieri after a report by the National Audit Office stating they went against good governance policies.
When Cuschieri was appointed CEO of the Malta Gaming Authority and then the MFSA, he passed some €200,000 to a Foundation controlled by the wife of disgraced former prime minister Joseph Muscat.
Following an audit by the NAO, in which these unauthorised donations were highlighted, the MFSA stopped all donations.
All “donations and sponsorships were no longer permissible,” according to a new NAO follow-up report issued this week.
The Auditor General’s Office said that following its analysis of the MFSA’s 2022 management accounts, “no donations were traced in the income and expenditure for the period ending 31 December 2022”.
Among the governance issues found while Cuschieri was at the helm of the MFSA, the NAO found that in 2019 the public authority had contributed €88,077 in donations to various beneficiaries, mainly to Muscat’s Marigold Foundation.
Condemning this behaviour, the Auditor General’s Office had said that the financial services regulator must ensure that good governance is always safeguarded when affecting disbursements from public funds.
The MFSA was also ‘reminded’ that the government’s Social Causes Fund “was specifically created for this purpose” and that “the NAO feels that such donations, which should be kept to a minimum, are to be duly regulated”.
Earlier, it transpired that Cuschieri had passed on to Michelle Muscat’s Foundation over €200,000 between 2014 and 2019.
Donations or sponsorships to the tune of €20,000 each time were approved directly by Cuschieri.
The NAO had also found repeated flaws, disregard for procurement rules and abuses by Cuschieri, who signed multi-million-euro contracts without any authorisation and recruited personnel against established rules both at the MGA and the MFSA.
He was forced to resign following revelations that, together with the MFSA’s chief lawyer, Edwina Licari, he had travelled to Las Vegas on a trip financed by Yorgen Fenech, now facing charges over the Daphne Caruana Galiza murder.
Despite his track record, Prime Minister Robert Abela has appointed Cuschieri to serve on the board of Malta Strategic Partnership Projects Ltd, which is responsible for lucrative government privatisation deals. He was also appointed chairman of the Eco-Contribution Appeals Board.
What outrightly disgraceful behaviour. Where was the Board headed by the umpteenth worthless Professor chairman? As always, fellow citizens, do as they preach but do not do as they do
Ooooops, lucky that Chosef managed to get his Maserati in time…..
That was paid by us, the people.
Xibka ta’ qerq u serq wara l-paravendu ta’ Fondazzjoni.
SIMPLY OUTRAGEOUS!!!🤑🤮👎
Mafia shiha fil-veru sens tal-kelma, imbad jiehdu ghalihom!
Mhux tant ghax jiehdu ghalihom, imma ghax iridu jghallmuk x’inhi l-governanza! Ha nkun car jien dejjem nirreferi ghal politically appointed top people mhux ghar rank and file tal-impjegati tal-MFSA li huma nies integri, kuxjenzuzi u korretti.
A botox job funded by the foundation created to service Michelle.
Not even happy with herself, imagine with Joseph who hanged the historical Damocles’s Sword on her head, when he put her name in the Egrant Account. Enjoy Dear .
make hay whilst the sun shines – and she really meant it – corrupt greedy pigs.
Il kelma korrotti saret ftit wisq biex tiddeskrivi l kriminalita ta dawn in nies jekk tista ssejhilhom hekk.
And where are the Euro200,000????
Issa? Business as usual? Ifrah Gahan bil mitt euro!
That would pay handsomely for some private school fees!
Has the so-called Michelle Foundation itself been audited? Have its up to date audited accounts been published?