Financial practitioners Matthew Pace and Lorraine Falzon of Zenith are back in court today as the compilation of evidence against them in a case of corruption and money laundering continues.
Pace is the owner of the financial services firm Zenith, previously MFSP Finance while Falzon is a director and the firm’s money laundering reporting officer.
Last month the court heard how Pace was described as a ‘professional money launderer’ by an expert appointed to work on the Hillman inquiry.
Police investigators, as well as officials from various regulatory entities, have so far presented information regarding the accused’s financial dealings.
Tensions between the prosecution and the defense flared during the last sitting, over the fact that lawyers representing the accused have not yet been granted a copy of the magisterial inquiry on which some of the charges against their clients were based.
In that sitting the prosecution also received a dressing down by the court over the manner in which it was presenting evidence. The court warned that there was no room for a “fishing expedition” on the part of the prosecution and that witnesses and evidence submitted needed to be strictly linked to the charges brought against the accused.
One of the companies owned by Pace was this week revealed to have bid for a government tender a move described by industry sources as questionable, given the circumstances.
The two were granted bail some weeks ago with Magistrate Donatella Frendo Dimech decreeing that there was enough evidence for the pair to stand trial.
Pace has been granted bail against a deposit of €40,000 and a personal guarantee of €60,000. Falzon was granted bail against a deposit of €25,000 and a personal guarantee of €50,000.
They have been banned from travelling and are required to sign a bail book every day.
They have both pleaded not guilty to charges of money laundering and corruption amongst others.
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