New administrator for Zenith Finance appointed – MFSA

By means of a decree of the Court on 13 April 2021 relating to Zenith Finance Limited (‘Zenith Finance’), Hector J. Spiteri was appointed as administrator of Zenith Finance to take control of the business of Zenith Finance as well as to preserve all the assets of Zenith Finance, the MFSA said in a notice,

Zenith was in the news recently as Zenith Finance’s Matthew Pace and Lorraine Falzon were charged with, amongst other things, money laundering, when police arraigned a total of 11 people – including former OPM chief of staff Keith Schembri.

As a consequence of that court order, the Malta Financial Services Authority will be terminating, with effect from 28 April 2021, the appointment of Stephen Paris as Competent Person for Zenith Finance on the basis of the fact that the designated role and responsibilities of Mr Paris will overlap those will be undertaken by Mr Hector J. Spiteri.

Spiteri is a Certified Public Accountant and Auditor. Any communication in relation to Zenith Finance should henceforth be addressed to Hector J. Spiteri on the following email address: hectorspiteri58@gmail.com.

For the avoidance of doubt, the Authority’s decision dated 26 March 2021 to appoint Stephen Paris as Qualified Person for Zenith (Tied Insurance Intermediary) Limited is and shall remain in full force and effect until the Authority otherwise directs.