Minister should remove Malta Stock Exchange chief, PN says

The Nationalist Party is calling for the removal of the Executive Chairman of the Malta Stock Exchange, Joseph Portelli who also sits on the board of a crypto exchange that was fined €1 million. 

In a statement, the PN noted that Portelli is a member of the board of OKCoin Europe Ltd. Last month, it was fined €1,054,269 by the Financial Intelligence Analysis Unit for risk assessment failures. The fine is subject to appeal. 

The PN stated that despite this, Finance Minister Clyde Caruana, who appointed Portelli to his role at the Malta Stock Exchange, has taken no action. The opposition also noted that Portelli also sits on the Malta Financial Services Advisory Council.

“By failing to act, Clyde Caruana is effectively endorsing a situation where individuals involved in questionable or illegal activities are allowed to retain sensitive public roles such as that occupied by Portelli.”

The opposition stated that this would be unacceptable in any other European country, as it called on Clyde Caruana to remove Portelli from his post. “It is obvious to everyone except Clyde Caruana and Joseph Portelli that Portelli’s position is no longer tenable.”

The statement was signed by shadow minister for finances, Graham Bencini.