Regulator shuts down MPM Capital Investments over unlicensed payments service

The Malta Financial and Services Authority has ordered the closing-down of all client accounts at MPM Capital Investments, an investment services firm, after the MFSA declared its directors and owners to no longer be fit and proper to hold their positions.

Directors Alexander Mangion and Melvyn Mangion, a one-time spokesperson to the foreign ministry before 2013, were given a 10-year prohibition on taking up any approved position with MFSA-licensed positions.

The MFSA cancelled MPM’s licence and appointed an inspector to investigate and report on the affairs of MPM.

MPM was ordered to submit its client list to the MFSA and to notify its clients of the MFSA’s enforcement.

The MFSA said MPM had been carrying out money remittance services without the required licence, and then provided the MFSA with false, inaccurate and misleading information.

MPM also failed to cooperate with the MFSA “in an open and honest manner,” and did not inform the MFSA of material information concerning the company immediately upon becoming aware of the matter.

MPM was asked to stop onboarding of clients, and transfer back its client holdings. It was also ordered to safeguard all records of operations and investment services activities.