MFSA puts ‘Fal­con’ pen­sion fund un­der con­trol of pri­vate au­dit­ing firm

Malta Independent - - NEWS -

The Malta Fi­nan­cial Ser­vices Au­thor­ity yes­ter­day said a pri­vate au­dit­ing firm had taken over the busi­ness of a Mal­tese pen­sion fund that owes mil­lions to Swedish pen­sion­ers.

Fal­con Funds SICAV, which is be­ing in­ves­ti­gated by the Swedish au­thor­i­ties, is now be­ing ad­min­is­tered by KPMG.

For­mer fi­nance min­is­ter To­nio Fenech is a di­rec­tor in the fund.

The MFSA, which has been in­ves­ti­gat­ing the con­duct of the Scheme since De­cem­ber 2015, said: “Fol­low­ing care­ful con­sid­er­a­tion of the facts avail­able to the Au­thor­ity, on 9 and 22 Septem­ber, 2016, the MFSA is­sued two di­rec­tives to the Scheme un­der the pow­ers granted to the Au­thor­ity in Ar­ti­cle 15 of the In­vest­ment Ser­vices Act.

“In or­der to en­sure the proper pro­tec­tion of the unit-hold­ers and other cred­i­tors of the Scheme, the MFSA ap­pointed KPMG Malta as a com­pe­tent per­son in terms of Ar­ti­cle 15A of the In­vest­ment Ser­vices Act with ef­fect from 11 Jan­uary, 2017, to in­ter alia: [a] to take charge of the as­sets of the Scheme for the pur­pose of safe­guard­ing the in­ter­ests of the in­vestors in the Sub-Funds of the Scheme, [b] as­sume con­trol of the busi­ness of the Scheme, [c] pe­ri­od­i­cally re­port to the MFSA and other rel­e­vant per­sons on the ac­tiv­i­ties un­der­taken, and [d] carry out such other func­tions as the MFSA may di­rect.

“This mea­sure is be­ing taken with spe­cific ref­er­ence to the Scheme fol­low­ing an on­go­ing in­ves­ti­ga­tion on the Scheme and the ter­mi­na­tion of the In­vest­ment Man­age­ment Agree­ment be­tween the Scheme and Tem­ple As­set Man­age­ment Ltd, the for­mer In­vest­ment Man­ager of the Scheme. These mea­sures will re­main in place un­til such time as the MFSA di­rects oth­er­wise.”

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