On 8 May 2020, the Malta Financial Services Authority (“Authority”) issued a number of directives to Dr Christian Ellul after being found to have acted in breach of/not satisfying the following:
- Article 5(1)(c)(iii) of the Company Service Providers Act, Rule 5.0 of the Rules for Company Service Providers and Paragraph 4 of the Code of Conduct for Trustees; and
- Rule 15.06 of the Rules for Company Service Providers.
In light of the above, in particular the lack of honesty and integrity displayed by Dr Ellul as a result of his behaviour and business relations the Authority has decided, in terms of article 48(2)(a) of the Trusts and Trustees Act, article 11 of the Company Service Providers Act, and article 16(2)(b) of the Malta Financial Services Authority Act, to direct Dr Ellul to:
(i) divest himself, at the earliest possible, of all the qualifying shareholdings which he holds, whether directly or indirectly, in RES Malta Ltd and SOLV International Ltd; and
(ii) refrain from accepting any new appointments and acquiring any shareholdings which require the Authority’s approval in entities licensed or otherwise authorised or supervised by the MFSA for a period of 5 years from the date of the Authority’s decision.
Provided that, insofar as the directive set out in point (i) above relates to Dr Ellul’s qualifying shareholding in SOLV International Ltd., its coming into effect is subject to such conditions as imposed by the Authority in its decision of the 8 May 2020.
This decision may be appealed before the Financial Services Tribunal in accordance with applicable law.