A Costly Partnership: From MGA to MFSA
Joseph Cuschieri transitioned from his role as CEO of the Malta Gaming Authority (MGA) to take up the same position at the Malta Financial Services Authority (MFSA) in 2018. He brought along Edwina Licari, a long-time associate from MGA, who was also appointed to a senior position. During their overlapping tenure, the duo embarked on 38 “official” overseas trips, collectively expending approximately €500,000 in public funds. One of their more extravagant excursions included a 2017 visit to Johannesburg, South Africa, where they resided at the luxurious Emperors Palace resort.
MGA’s Lavish Expenditures
The South African stay came at a high cost for the MGA—and ultimately, Maltese taxpayers. The bills included:
Name |
Accommodation Type |
Cost (ZAR) |
Joseph Cuschieri |
Executive Suite |
24,100 |
Edwina Licari |
Superior King Apartment |
12,860 |
Heathcliff Farrugia |
Superior King Apartment |
12,860 |
Total |
49,820 |
These expenses raise serious concerns over the prudent use of public funds under MGA’s oversight.
Ties to Controversy: Links to Nexia BT
Before his MFSA appointment, Cuschieri was photographed dining with Brian Tonna, the embattled accountant behind the controversial firm Nexia BT. Tonna, who is now subject to criminal proceedings and has spent time in jail, had reportedly been receiving direct instructions from Cuschieri for several years.
Alleged Regulatory Favors
While at MGA, Licari allegedly authored a letter intended to support Yorgen Fenech—a casino mogul and property developer—in renewing his casino license. Despite the seriousness of such lobbying activities, the case has yet to prompt any police action.
International Escapades: The MFSA Chapter
While leading MFSA, Cuschieri and Licari again found themselves in the company of Yorgen Fenech. The three traveled to Las Vegas and reportedly spent leisure time aboard Fenech’s luxury yacht in the Mediterranean. Fenech has been accused of masterminding the assassination of investigative journalist Daphne Caruana Galizia and is currently awaiting trial from prison.
In light of these disturbing associations, Cuschieri stepped down in November 2020, his resignation marking a dramatic fall from grace.
The Fallout
Despite the controversy, Licari remains at the MFSA, drawing an annual salary of €100,000. Meanwhile, Cuschieri operates his private consultancy firm, Joseph Cuschieri & Associates, and has not faced any legal proceedings to date.
A Troubled Succession
Following Cuschieri’s exit, Christopher Buttigieg took over as interim CEO but soon became embroiled in legal troubles of his own, having been accused in court by a “subject person.” He was eventually replaced by Joseph Gavin. However, Gavin’s performance as CEO reportedly fell short during a key interview, eroding confidence in his leadership. His resignation has been scheduled for the end of the year.