MFSA investigating claims of insider trading related to MIA shares

The Malta Financial and Services Authority (MFSA) said Friday it is investigating claims of insider trading made on the social media by financial expert and former Malita Investments Chair Paul Bonello.

Bonello alleged that on Thursday morning, “some insiders, or those tipped by them,” had made “illicit trades” on the Malta Stock Exchange (MSE) as the Malta International Airport share price “jumped from 5.65 to 5.95” around early afternoon during an MSE session.

The Malta Independent reached out to the MFSA regarding these allegations and asked if an investigation would be conducted.

An MFSA official replied that the authority takes such allegations seriously and that the necessary reviews or evaluations would be made “for the appropriate action to be taken” as per MFSA internal procedures, “both from a supervisor perspective as well as in terms of enforcement if need be”.

In his comment, Bonello sarcastically commented that what happened could have been as a result of “Madonna sightings” telling them of an MIA company announcement which was then issued immediately following the session’s conclusion.

He concluded by questioning what the Malta Financial Services Authority (MFSA) would do in this situation. “Will it investigate for some six months and conclude that everyone was done properly?” he remarked.

Asked about this, the MFSA said that it is investigating the matter.

The Malta Stock Exchange was also contacted by this newsroom, but no reply has been received as of yet.