MFSA orders Brian Tonna’s BTI to stop onboarding of new clients

Financial regulator instructs two companies belonging to Brian Tonna to stop onboarding of new clients and stop providing existing clients with new services

Brian Tonna, the managing partner of Nexia BT
Brian Tonna, the managing partner of Nexia BT

The financial regulator has instructed that BT International Limited and BTI Management Limited, companies owned by auditor Brian Tonna, who is implicated in a passport kickback investigation, stop taking on new clients.

The MFSA halted all onboarding of clients by BT International and ordered the company to stop providing existing clients with any new or additional services.

The same order was issued to BTI Management Limited.

Both BTI and the audit firm Nexia BT had their assets frozen in an attachment order issued by the courts in relation to the kickbacks investigation, which implicated former prime minister Joseph Muscat’s chief of staff Keith Schembri.

READ ALSO: Keith Schembri’s asset freeze extended

The MFSA will now assess the impact that the recent developments may have on the operations of the company and its ability to satisfy on an ongoing basis the applicable requirements under the laws.

The companies have to provide a detailed report to the MFSA on the impact that these developments have on the business of BTI; and issue a notification to clients on the recent developments and their impact on their services.

The company was also directed to seek clients’ confirmation whether they wish to retain the services provided by BTI.

READ ALSO: Tonna has golden passport licence suspended, Stock Exchange launches investigation

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