Summary of Findings
An internal review has concluded that Joseph Cuschieri, former Chief Executive Officer of the Malta Financial Services Authority (MFSA), acted in breach of both the organisation’s ethics policy and the European Central Bank’s Code of Conduct.
The assessment found that in 2020, Cuschieri travelled to Las Vegas together with businessman Yorgen Fenech, who paid for the flights and hotel accommodation. The group stayed at Caesars Palace, and MFSA General Counsel Edwina Licari was also in attendance.
Professional Background and Trip Context
The Las Vegas visit took place around one month after Cuschieri moved from his previous role as head of the Malta Gaming Authority (MGA) to lead the MFSA. At the time, Edwina Licari was still serving as Legal Counsel at MGA and was involved in matters concerning casino licences connected to companies linked to Fenech. She was later cleared of any breach of MFSA standards, according to publicly available reports.
Criminal Allegations Against Yorgen Fenech
Yorgen Fenech is facing criminal charges in Malta, accused of organising the murder of investigative journalist Daphne Caruana Galizia. Prior to the allegations, he was a director within the Tumas Group and involved in casino operations.
Publication of the Ethics Report
The findings were documented in a report by former chief justice and current Standards Commissioner Joseph Azzopardi, with legal input from Mark Simiana. The report was made public after a ruling by Malta’s Data Commissioner in response to a Freedom of Information request. The MFSA initially refused publication but did not proceed with an appeal.
Additional Payments to the CEO
The review also noted that Cuschieri received “honorarium” payments designated for MFSA governors attending board meetings. As CEO, he was expected to attend these meetings as part of his duties and was therefore not entitled to additional compensation. Records indicate that €23,233 was paid for attendance at 15 meetings. Reports state he was asked to return these funds, although no official statement has confirmed repayment.
Subsequent Professional Activity
In the period following his resignation, Cuschieri launched a venture under the name CP Advisory with Neil Portelli. Legal correspondence from his lawyer, Charlon Gouder, shows efforts by Cuschieri and Edwina Licari to challenge media coverage that focused on his conduct and use of public funds.
Release of Additional Correspondence
Investigative reports have also revealed letters between Kevin DeCesare, owner of Casino Malta Ltd, and Cuschieri during his time as MGA CEO. The casino has been linked to allegations of facilitating transactions for individuals facing drug and tax-related charges. In the correspondence, DeCesare requests sponsorship from Cuschieri.