Court approves Zenith Finance clients assets transfer to CiliaFormosa Financial Advisors
Hector Spiteri, the Court-appointed Administrator for Zenith Finance Limited, announced to clients last week that the Court has approved the release of their assets by way of transfer of holdings to CiliaFormosa Financial Advisors Ltd.
“The announcement was welcomed as it offers clients whose assets have been held under a freezing order since 20 March of last year the opportunity to access their investments once again, without the existing limitations, the Zenith Group said.
An administrator for Zenith had been appointed after 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, back in 2021, in a case related to the sale of a printing press to Allied Newspapers.
Zenith, in a statement, said: “CiliaFormosa Financial Advisors Ltd. (company registration number C92744) is duly licenced by the Malta Financial Services
Authority to provide investment services, under the Investment Services Act. Clients who wish to transfer to CiliaFormosa, simply need to provide their consent by signing the Client Authority Form sent to them over the past days, by 15 May 2022. Clients who prefer to transfer to another provider may do so, subject to court approval, by providing signed instructions and their preferred advisor’s details to Zenith by 15 May 2022, and guidance will be provided accordingly.
“Clients are guided by the letters sent out to them and are encouraged to contact Zenith or CiliaFormosa should they need any support to finalise the transfer. Zenith may be contacted via email on info@zenithgroup.mt or by phone on +356 2133 2200, whilst CiliaFormosa can be contacted via email on operations@ciliaformosa.com, or by phone on +356 2226 0200. Zenith Finance Limited is licensed by the Malta Financial Services Authority to provide investment services, under the Investment Services Act (Cap 370).”