The compilation of evidence against financial practitioners from Nexia BT and Zenith starts today before Magistrate Donatella Frendo Dimech.
Brian Tonna, Karl Cini, Manuel Castagna, Katrin Bondin Carter from Nexia BT, as well Matthew Pace and Lorraine Falzon from Zenith appeared before the court in two separate sittings as the prosecution in both cases presented the evidence against the accused.
Most have been charged with money-laundering, criminal conspiracy, making false declarations to a public authority and accountancy law breaches.
Nexia BT was a key player in setting up Schembri’s offshore structures, while Zenith held an investment account for former OPM chief of staff Keith Schembri, who was charged and denied bail on Saturday, along with the rest. A total of 20 companies were also charged.
Both cases are centred around the findings of two voluminous magisterial inquiries which have not been made public, making the sitting difficult to follow.
In case of Nexia BT, all four individuals were accused of falsifying a number of documents after the Panama Papers leak. In many cases, they had refused to answer investigators’ questions about key facts.
In the case against Zenith, the prosecution focused on deficiencies in the accused’s compliance to anti-money laundering regulations.
In both sittings, lawyers representing the accused made a request for bail. In the case of Pace and Falzon, the magistrate will decree on bail tomorrow at 8:30am.
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