BOV terminates relationship with alleged kidnapper, closes all his accounts

Despite being a multi-millionaire, Borg is now unbanked.


Christian Borg, the owner of No Deposit Cars and an alleged kidnapper, has failed to reverse a decision made by his bank – Bank of Valletta – to close all of his accounts amid ongoing criminal investigations.

Bank of Valletta decided to terminate all banking services with Borg, which included the closure of all his bank accounts. Borg lodged a legal challenge and asked the Court to reverse the decision, claiming it would hurt him and his businesses.

But the Court, presided by Judge Josette Demicoli, refused to issue a warrant of prohibitory injunction against the bank, stating they have every legal right to decide who to accept as clients.

In January 2022, Borg, 29 at the time and already a multi-millionaire through various businesses, including a car hire business, was arraigned in court, together with others, accused of kidnapping a man, threatening to chop off his fingers and rape his sister.

It later emerged that Borg, who had also conducted business with Prime Minister Robert Abela and said on social media he considers him a personal friend, was under police investigation over possible money laundering and drug dealing activity.

The investigations are ongoing and have not led to any charges against Borg.

Last May, Bank of Valletta informed Borg that it had decided to terminate its relationship with him and all companies connected to him.

The bank informed Borg that all his accounts would be closed within two days and told him to find another financial institution. The bank gave Borg an additional grace period of four months, with some restrictions in place.

When presenting his legal challenge, Borg said he had tried to find another bank but was unsuccessful.

Arguing that BOV had no right to close his accounts, as this would jeopardise his businesses and prevent him from paying his children’s school fees, he said he always had a good relationship with the bank and had complied with all their requests.

As evidence of this, Borg said that until last January, BOV had issued him with a platinum credit card – reserved for wealthy account holders – after he passed all the necessary due diligence.

Borg accused the bank of having insufficient reason to terminate his banking facilities and claimed it was all due to media reporting.

The bank insisted it had every right to bank with whoever it deemed fit, arguing that while adverse media about Borg could not be ignored, it had different reasons to close all his accounts and was not obliged to explain them.

In its decree, the Court upheld BOV’s arguments that it has a right to terminate its relationship with Borg without a specific reason.

It said Borg could try to get a remedy through the Financial Services Arbiter, the competent authority to judge the matter in the context of established EU law, which entitles every citizen to a bank account.

Christian Borg celebrating Robert Abela’s election as Labour Leader in front of the prime minister’s office in Valletta.

Following his arraignment, media reports focused on the wealth the 29-year-old had accumulated in around a decade.

At just 19, Borg had started a lucrative car hire business, which was soon worth millions of euros and with a fleet of thousands of vehicles.

Borg had also claimed close ties with the prime minister, including doing business together on a Żabbar property when Abela was also acting as his lawyer.

Between 2016 and 2020, Borg declared an income of just €1.1 million for tax purposes even though he purchased properties of over €2.1 million in value during the same period.

Investigators suspect Borg may have used his car hire business to launder money from other criminal activity, including drug trafficking.

So far, no charges have been issued, and investigations continue.

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Godfrey Leone Ganado
Godfrey Leone Ganado
2 months ago

I am surprised that the Court did not also impound/block any accounts receivable from his business and/or personal debtors as well as stocks held for sale like cars.

Kurt zammit
Kurt zammit
2 months ago

So until the news came out he passed all bov’s due diligence processes.
Doesn’t say much about bov.

Peter Zammit
Peter Zammit
2 months ago

Why hasn’t FIAU frozen the assets of Christian Borg companies and the other directors yet?

Is it possible for someone to purchase 2.5 million worth of properties without disclosing the source of the funds? , we are waiting to see if you treat everyone equally.

Toninu ta' Virginia
Toninu ta' Virginia
2 months ago

Prosit lil Bank of Valletta li fl aħħar ħa innizjativa li għalaqilhom il-kontijiet , nispera li anke tad-diretturi.

Li għadni ma nistax nifhem kif l-assi tad-diretturi u l-kumpaniji għadhom ma ġewx iffrizati , Mela Sur Gafa , FIAU lil min tridu inthom tibgħatu għaliħ u tippruvaw iggenuhħ? Għax veru niskanta f’dan il pajjiz , smajna fl aħbarijiet , flus aktarx gejjin min Droga , Money laundering , kidnap , x’jonqos Sur Gafa ?

Hemm xi ħadd għadu qed jattilhom lil dawn ?

Smajna wkoll fl aħbarijiet li inhafrulhom eluf ta’ cittazzjonijiet mil Lesa ! Min kien responsabli Sur Gafa ?

Nistennew u naraw !

John Mifsud
John Mifsud
2 months ago

Il-probabbiltà lil Puluzija jkollha taġixxi għax ħa tibda l-inkjesta , il-bqija ma kienu jagħmlu xejn! Grazzi lil Dr Jason Azzopardi u David Casa, għax kieku ma kienx għalihom ħadd ma kien ikun jaf b’xejn! Prosit Sur Kummissarju !

Last edited 2 months ago by John Mifsud
Stanley B
Stanley B
2 months ago

After Christian Borg and his colleagues were featured in the news, did BOV initiate their due diligence processes?

The other directors and partners who were responsible for the kidnapping etc. —what happened to their accounts? I assume that they will also be closed. When this started, remember that a new director ( Joe Camenzuli ) assumed control of the company.

“We stand our ground as the vehicles are registered in our names,” said manager Luke Milton in an interview at the company showroom in Qormi (The Times, April 2023) “Mr. Milton, are there any issues with transferring cars currently? Please take note, TM.”

Bank of Valletta, do your full due diligence on everyone involved in this racket ASAP.

All other local banks, take note of this!

Last edited 2 months ago by Stanley B
Anna Briffa
Anna Briffa
2 months ago
Reply to  Stanley B

Investigations should also be made into how BOV did their original due diligence in this case.

Jane M
Jane M
2 months ago
Reply to  Stanley B

Who conducted the due diligence at BOV? I assume that if something was wrong, the bank would be the first to know.
As evidence of this, Borg said that until last January, BOV had issued him a platinum credit card. 
Bov seems to turn a blind eye. On one occasion, Christian Borg deposited a total of €100,000 at different ATMs in a single day. Is this a joke? I assume that many people will be implicated alongside these criminals!

Last edited 2 months ago by Jane M

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