Major financial services and fund management firm Calamatta Cuschieri Moneybase has announced that it has terminated its agreement with DF Consultancy Services Ltd, which had been contracted to serve as a Corporate Advisor.

DF Consultancy Services Ltd is owned by Jean Carl Farrugia and Kevin Deguara, both of whom are facing charges of fraud in relation to the hospitals privatisation case.

In a market update released on Friday (today), Calamatta Cuschieri Moneybase said the termination would take effect immediately, and appointed RSM Malta as Corporate Advisor as from Saturday (tomorrow).

“The company announces that it has terminated its agreement with DF Consultancy Services Limited as Corporate Advisor effective from the 10th May 2024 and announces that RSM Malta has been appointed as Corporate Advisor effective from11th May 2024.”

The conclusion of a magisterial inquiry into the scandal-plagued privatisation of three public hospitals and the filing of criminal charges against a host of individuals including top politicians, civil servants and legal and financial professionals rocked Malta this week. 

Earlier on Friday, Deputy Prime Minister and former Health Minister Chris Fearne submitted his resignation. On Thursday, Joseph Rapa, former Permanent Secretary within the Health Ministry, had his nomination to be re-elected to the Board of Directors of APS Bank withdrawn.