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MFSA issues reprimands against four Sicav directors
Reprimands issued against Royal Rainbow and Global & Emerging Markets Sicavs.
3 January 2013, 12:00am
Staff Reporter
Staff Reporter
1 min read
The Malta Financial Services Authority has reprimanded various directors of Sicavs for having failed to submit their audited financial statements for 2013.
The MFSA announced it had reprimanded Michele Sagramoso and Salvatore di Salvatore, in their capacity as directors of Royal Rainbow Fund SICAV plc, for Royal Rainbow's failure to submit its audited financial statements for the year ending 31st December, 2011 in a timely manner.
The same reprimands were delivered to Charalambos Psimolophitits in his capacity as director of Global and Emerging Market Real Estate Funds SICAV plc and Dr Frank Chetcuti Dimech, also as director of Global and Emerging Market Real Estate Funds SICAV plc.
The latter were reprimanded in connection with Global and Emerging Markets' failure to submit its audited financial statements for the year ending 31st December, 2011 in a timely manner.
Joseph MELI •
Further to my other comments it should be noted that the MRA(no annual statements published for over 7 years)along with MEPA(abject failure in not publishing last years financial statement of accounts ontime-has it now been supplied one wonders?) begs the question who will "reprimand" these authorites for such unexplained and,as yet,unjustifed failures?
Joseph MELI •
Yet more robust,strenuous and hard-hitting "reprimands" by the vigilant and pro-active MFSA.However,as in the case of a similar "reprimand " handed out to John C.Ripard (who miraculously managed to redeem his holdings-some 30,000 units-in the La Valette Fund just before it went belly-up)what form did such reprimands actually take?Were any punitive measures applied to the guilty parties or any restrcitions applied to their ability to conduct business or partake in future funds for example?What precisely does a MFSA reprimand entail?As many questions sent to that authority requesting a defintion of such reprimands have remained unacknowledged and unanswered
Joseph MELI •
More highly impactive ,robust and strenuous MFSA "reprimands".However,as in the case of John C.Ripard and his redeeming of almost 30,000 shares in the
