MFSA suspends Nexia BT from providing auditing services

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The Maltese financial services regulator has suspended the authorisation of Nexia BT to act as approved auditors authorised to audit accounts of insurance intermediaries in view of the temporary suspension of the registration of Nexia BT by the Accountancy Board.

Nexia BT has been the subject of controversy since the publication of the Panama Papers, which had revealed that the company was involved in the setting up offshore structures for former OPM Chief of Staff Keith Schembri Schembri and former minister Konrad Mizzi.

Last month, the company’s owner, Brian Tonna, was arrested together with Keith Schembri as well as with Karl Cini, Nexia BT’s tax and international client services partner, in the wake of the conclusion of an inquiry into allegations that Schembri received kickbacks on the sale of passports.

The MFSA had late last month directed two subsidiaries of Nexia BT from onboarding new clients in their role as a company service provider.

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