Former Prime Minister Joseph Muscat blessed MFSA CE Officer Joe Cuschieri to continue to draw an increased pay package from the regulatory authority.
Besides, Cuschieri asked for his position as an ex-officio member of the Board of MFSA, apart from his salary as CEO of more than €100,000.
MFSA Chairman John Mamo said at a Parliamentary hearing on Tuesday before the Committee on Public Nominations that after an internal audit committee in the Financial Regulator, he asked MFSA to provide Muscat with advice on how Cuschieri would receive this extra salary in addition to becoming its CEO.
Responding to PN MP Karol Aquilina’s questions, Mamo claimed that he had turned to the former Prime Minister for the MFSA at that time.
MFSA Chairman John Mamo said at a Parliamentary hearing on Tuesday before the Committee on Public Nominations that after an internal audit committee in the Financial Regulator, he asked MFSA to provide Muscat with advice on how Cuschieri would receive this extra salary in addition to becoming its CEO.
Responding to PN MP Karol Aquilina’s questions, Mamo claimed that he had turned to the former Prime Minister for the MFSA at that time.
However, after the Finance Minister sought further advice on this subject, the MFSA chairperson said that the decision to grant Cuschieri this extra fee was reversed later.
Last November, after Times of Malta, had announced that Cuschieri made his resignation, shortly after being appointed financial regulator, for all expenses paid for a trip to Las Vegas with murder suspect Yorgen Fenech.
Mamo said Fenech and Cuschieri were “MGA friends.”
From 2013 to 2018, Cuschieri led MGA and controlled the gaming sector in which the Fenech Tumas Group invested heavily.
The MGA is punished for the unlawful extension of Portomaso casino’s concession owned by Tumas Gaming by Dragonara Gaming rivals. The extension was granted while Cuschieri still led the MGA.
Vegas journey to ‘delinquency’
Asked during the committee’s meeting regarding Las Vegas travel, Mamo said it was a “maladministrative” and not a big crime.
Mamo said that Cuschieri’s internal investigation had ended but was not released for ‘some reason.’
When asked if he considered the survey report to be released, Mamo said that he didn’t have strong feelings either way.
