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With €500,000 Missing, Bolt Malta Shareholders Take Former Franchise Director To Court

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It seems like Bolt Malta’s troubles are only getting started now that shareholders are taking a former director and another shareholder to court after half a million euros of the company’s money suddenly disappeared.

After Bolt International cut ties with the local operators of the franchise, TaxMal Ltd, due to management indiscretions, it has now been revealed that two British shareholders – Micheal Jams Pearce and Samuel James Reynolds – and a British Virgin Islands-registered company called Andromeda International Investments Limited have filed a judicial protest against Taxmal Ltd.

The protest was filed against the company as well as Estonian national Mr Vambo Laud and Ms Kertu Mossov, who were operating Taxify Malta’s local operations, it was reported in the Times of Malta.

According to the shareholders, around €1.7 million was transferred from Taxify OU in Estonia, where the company was founded, to Mr Laud’s personal bank account, between March 2017 and July 2018.

Only half of an expected €1 million to be transferred to Taxmal Ltd’s accounts ever appeared.

According to the shareholders, Mr Laud and Ms Mossov refused to provide the company’s management accounts, which led them to employ financial consultants to try to make sense of the situation.

Now, the shareholders are trying to find the missing half a million. They’ve also stated that they hold Mr Laud and Ms Mossov fully responsible for any damages the company was suffering as a result of their actions.

Mr Laud was removed from Taxmal Ltd’s director and legal judicial representative in June 14th.

Until everything is resolved, Bolt Malta continues to offer its services in Malta, with all payments currently being sent to the mother country in Estonia for processing, and not to the local franchise.

TaxMal Ltd has issued a statement saying no court proceedings have been filed

“With reference to the news item carried on the 12th August 2019, we wish to clarify certain inaccuracies in the information reported.”

“Some of the shareholders of TaxMal Limited, which holds the licence to operate the Bolt operation in Malta, filed a judicial protest in February 2019 calling upon specific individuals to account for company monies for which they were responsible. Cabbers Limited, an associated company, received a similar judicial protest on the same date. Since no information has been forthcoming from the individuals concerned, the appropriate investigations are being concluded before any legal rights can be asserted.”

“However, at this stage, no court proceedings have been filed by TaxMal or its associated company against any parties whatsoever. It is premature to make any further comment at this stage given the sensitivity of the potential claims.”

This article has been updated

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