Zenith received 'tens of thousands' from Schembri and Tonna's BVI companies, court told

BTI Management Ltd funnelled nearly €600,000 through a client account opened by Brian Tonna and Karl Cini for Katrin Bondin Carter, a court has heard, and tens of thousands were transferred into MFSP (now named Zenith) accounts from BVI companies owned by Keith Schembri and Brian Tonna.

The case against Zenith, Matthew Pace and Lorraine Falzon continued today, with representatives from the Asset Recovery Bureau testifying. They are accused of money laundering and fraud and had been arraigned on 20 March together with former OPM Chief of Staff Keith Schembri and 8 others.

Magistrate Donatella Frendo Dimech heard a mix of expert and police witnesses testify today.

A number of crime scene officers exhibited photographs they had taken during police searches of residences of Matthew Pace, Malcolm Scerri and Vince Buhagiar. Other police witnesses assisted in the arrests of the accused.

Representatives from HSBC, BOV, FIMBANK and Sparkasse tendered evidence relating to the accounts held by the accused, presenting documents to this effect. 

A manager at the Financial Crimes Investigation Department presented an analysis of BTI management Ltd, formerly BT finances. Nearly €600,000 passed through a BOV client account opened by Brian Tonna and Karl Cini, he said. Keith Schembri’s Colson Services Ltd and Brian Tonna’s SPX Ltd, both registered in the British Virgin Islands, would pass on tens of thousands to the company, he said.

The media was prohibited from publishing details of the testimony of Hector Spiteri, appointed by Madame Justice Edwina Grima in April to administrate the assets of Zenith Finance Ltd, as it disclosed commercially sensitive information. He had been summoned to give the court a sworn list of the assets of the company. He completed this task.

Despite having allocated three hours to the case, the sitting was over in half the time. The court reprimanded the prosecution for not successfully summoning enough witnesses to fill the session.

The case continues on 14 June at 10am.

Lawyers Edward Gatt and Mark Vassallo are appearing as defence counsel for the accused. Lawyers Andrea Zammit and Elaine Mercieca Rizzo are prosecuting.