MFSA denies claims about its chairman

The Malta Financial Services Authority reacted today to remarks in Parliament by Labour MP Evarist Bartolo who asked how MFSA chairman Joe Bannister was a partner with one of the authority's own consultants in a company in the Cayman Islands. In a statement, the authority said Prof. Bannister is not a business partner but a non-executive director of the mentioned fund and of four other schemes that have no association with Malta. "Prof. Bannister’s involvement in international fund business is known to the Malta Financial Services Authority and to the public, both in Malta and overseas. His involvement is listed in his biography, which has been published in the local media when he gives presentations at conferences organised in Malta," the authority said. "Prof. Bannister’s international involvement has been utilised by both the MFSA and various practitioners to solve complex problems in the funds sector." The MFSA said that no director of any fund with which Prof Bannister is associated has received any contract by the authority. "It is to be noted that Prof Bannister does not award any contracts. These are approved by the Board of Governors." "Mention has also been made of Mr P...