The Malta Financial Services Authority has revoked MPM Capital Investment’s licence and banned its directors from holding similar positions for 10 years over unlicensed payment services.
Directors Alexander Mangion and Melyvn Mangion were subject to the MFSA ban.
According to a public notice on the MFSA website, MPM provided the regulator with “false, inaccurate and misleading information.”
It was also accused of failing to act and cooperate with the MFSA in an open and honest manner and failing to inform the MFSA of material information concerning the company immediately upon becoming aware of the matter.
MPM has been ordered to undertake the transfer of the company’s investment services business and the orderly transfer of the remaining clients’ investment holdings.
Company told not to conceal records
It was also instructed to maintain proper safeguards of all records relating to MPM’s operations, including its investment services activities.
The company was told not to destroy, conceal or alter records in any way and cooperate fully with the inspector appointed by the MFSA.
The MFSA’s action against MPM is subject to appeal.
In April, the MFSA demanded a complete list of all MPM’s clients, and also asked its directors to ensure all records are safeguarded.
“The company should therefore not destroy, conceal or alter such records in any way which would prejudice the authority’s functions at law,” the MFSA said.