On 26 March 2021 the MFSA directed Zenith Finance Limited with immediate effect to:
- Refrain from on-boarding of new clients and refrain from providing existing clients with any new or additional services;
- Cease all outgoing transactions from the Company’s client accounts, including intra-client account transactions; and
- Ensure that the Company and its directors maintain proper safeguard of all records relating to Zenith’s operations, including its investment services activities. The Company should therefore not destroy, conceal or alter such records.
The above directives remain in place until such time as the MFSA may direct otherwise. Zenith Finance Limited is abiding by these directives and working in the best interest of our Clients.
By means of a decree of the Court of 13 April 2021 relating to Zenith Finance Limited (‘Zenith Finance’), Hector J. Spiteri was appointed as administrator of Zenith Finance to take control of the business of Zenith Finance as well as to preserve all the assets of Zenith Finance.
In regards to client investments and funds, the MFSA regulations necessitate that the clients’ investments (assets) and monies are held in ring-fenced accounts and should therefore be held separate from the Company’s own assets and bank accounts. As Competent Person appointed by the MFSA, Mr Spiteri, has been tasked to act in the best interest of the investors and manage the affairs of Zenith Finance Limited in such a way to preserve the interests and assets of the investors.
The Investments held with Zenith Finance have not been impacted however limitations have been imposed to the access of clients’ investments and monies therefore Zenith Finance is unable to process dividend payments, investment transfer or redemption requests at this time. Mr Spiteri is in discussions with the Courts regarding the way forward and we will be advising our clients once we are able to process such requests.
Any communication in relation to Zenith Finance should henceforth be addressed to Hector J. Spiteri on the following email address: email@example.com and to copy in Ms Natasha Ebejer, email firstname.lastname@example.org.