Zenith placed under court control following money laundering charges against owner

The company, formerly MFSP, is being charged in court over money laundering activities


Zenith Finance has been placed under the control of the court, having appointed an administrator to take command of its business.

By means of a court decree dated 13 April 2021, Hector J. Spiteri has been appointed as administrator of Zenith Finance, to take control of its business and to preserve its assets.

Consequently, the MFSA is terminating a previous notice appointing Stephen Paris as a Competent Person for Zenith Finance, as his roles and responsibilities will overlap those undertaken by Spiteri.

Spiteri is a certified public accountant and holds a practising certificate in auditing. He is a Fellow member of the Malta Institute of Accountant, a Fellow Member of the Malta Institute of Taxation and an honorary member of the Malta Institute of Management.

A separate decision by the MFSA dated 26 March 2021 appointing Stephen Paris as a Qualified Person for Zenith Ltd, not Zenith Finance, will be remaining in full force and effect.

The company’s owner Matthew Pace and director Lorraine Falzon are currently being charged in court over money laundering

The charges include making a false declaration to a public authority, forgery and complicity in a criminal act.

At Zenith, formerly MFSP, Pace personally handled the accounts belonging to Adrian Hillman and Keith Schembri, both accused of receiving kickbacks from the sale of a printing press to Allied Newspapers.

Police had described Pace as a “professional money launderer” during a court sitting.