Local financial services firm Calamatta Cuschieri Investment Services Ltd has terminated its agreement to act as Corporate Advisor of Horizon Finance plc.

Set up in 2018, Horizon Finance is a financing and holding company. It is owned by Zircon Capital Ltd and Cornhill Capital Limited, which in turn are owned by Kevin Deguara and Jean Carl Farrugia, two of the individuals facing fraud charges in the wake of the Vitals inquiry.

In a statement on Friday (today), Horizon Finance said that it has received notice from the Calamatta Cuschieri Moneybase plc subsidiary of its intention to resign from its position as Corporate Advisor.

“The company has accordingly commenced the process for the appointment of a new Corporate Advisor in line with the Prospects MTF Rules,” Horizon Finance stated.

Horizon Finance Executive Director and Chairman Kevin Deguara / Horizon Finance

It added that further details shall be announced to the public in due course.

This comes just a few days after Calamatta Cuschieri Moneybase also announced that it had terminated its agreement with DF Consultancy Services, also owned by Dr Deguara and Dr Farrugia and which had been contracted to serve as Corporate Advisor.

Dr Deguara and Dr Farrugia are two of the individuals facing charges related to the Vitals scandal, a deal to privatise three state hospitals that saw around €400 million in public funds being spent. The deal, pushed by former Prime Minister Joseph Muscat and his administration, was later annulled by court and is now engulfed in legal proceedings.

Horizon Finance Non-Executive Director Jean Carl Farrugia / Horizon Finance

Dr Deguara and Dr Farrugia were included in the second batch of charges filed by the Attorney General, together with a number of other high-profile individuals. They are facing charges tied to money laundering, having participated in a criminal activity and criminal association.

So far, the inquiry has already led to the resignation of Chris Fearne from his position as Deputy Prime Minister and Government Minister, as well as a number of professionals linked to the case.