Former Maltese Cross Financial Services director to be indicted for misappropriation, fraud

Jean Claude Bugeja, the former director of Maltese Cross Financial Services Ltd, is to be indicted for misappropriation and fraud, after Magistrate Antonio Micallef Trigona decreed that there were sufficient grounds for a bill of indictment to be issued.

Police Sergeant Marseanne Mifsud testified that she was present both during Bugeja’s arrest at the company's Birkirkara offices in August, as well as when Bugeja gave various statements to police.

When questioned, Bugeja told the police that he only informed the other directors once he had returned from a cruise. The other two directors were not involved and had reported the case to the MFSA, said Sergeant Mifsud.

Police Inspector Ian Abdilla had previously testified that Bugeja made a statement telling how in 2008, the situation spiralled out of control, leaving Maltese Cross with a shortfall of €6.2 million.

The testimony was delivered during the compilation of evidence against Bugeja, 42, who is pleading not guilty to money laundering, misappropriation and defrauding the other directors, Robert Cutajar and Stephen Spiteri, as well as approximately 220 clients of a sum to the tune of €4 million.

The court will continue to hear witnesses in November.

Lawyer Joe Giglio represented the accused whilst lawyers Gianella DeMarco and Stefano Filetti appeared parte civile for some of the investors.