The MFSA-regulated Michael Grech Financial Investment Services Limited (www.michaelgrechfinancial.com) has its offices on the beautiful island of Gozo. The Maltese Arbiter ordered the company to pay €43,000 in damages to former clients who lost a substantial part of their investments. Michael Grech is the company’s main shareholder and director. The Arbiter found that the regulated investment firm failed to adhere to the laws when selling these products to the clients.
Way back in 2018, two individuals filed a complaint against Michael Grech Financial Investments Limited with the Maltese Financial Arbiter. They claimed that in 2012 the investment firm sold them a financial product that went bust. The name of the instrument was Commerzbank 3-Year Phoenix Worst of Equity-Linked Notes.
The Maltese media recently mentioned Michael Grech for having a private lunch with Maltese Prime Minister Robert Abela, who is embroiled in several accusations of tax evasion. Michael Grech (pictured left) was accompanied by building contractors who are very close to the Government. Malta was greylisted in June 2021 by FATF. A few days after this dinner, the Labour Party in Malta, which is currently in Government, was presented with a donation of over €200,000 from unknown sources in Gozo.
Michael Grech, the beneficial owner of Michael Grech Financial Investments Limited, is deemed fit and proper by the Malta Financial Services Authority (MFSA). The Maltese regulator is headed by the likes of Edwina Licari (former MFSA CEO Joseph Cuschieri‘s travel companion) and Christopher Buttigieg, the official behind the failed blockchain island project. The MFSA officials have hit the headlines for the wrong reasons over the past years.
Since Malta was grey-listed, many licensed funds, SICAVs, and firms surrendered their licenses.