Bank of Valletta Chairman Earned €1.4 Million Through Government Consultancy Contracts

Executive Scandal in Malta’s Financial Sector

Chairman’s Dual Role Raises Questions

In a country known for relaxed oversight, Malta has once again drawn scrutiny over a controversial financial arrangement involving one of its top banking officials. Gordon Cordina, the Chairman of Bank of Valletta (BOV), has allegedly received €1.4 million in public funds through private consultancy work carried out by his firms—E-Cubed Consultants Ltd and E-Cubed iSlands Ltd—since 2013. These findings were made public by the Maltese investigative outlet The Shift.

Government Contracts Under the Microscope

The Shift reports that the two companies controlled by Cordina were awarded 64 government contracts over a span of nine years. The majority of these were granted via direct orders, a procurement method that bypasses competitive bidding and is frequently criticized for lacking transparency.

Though Maltese law does not explicitly prohibit Cordina from serving as both bank chairman and government consultant, legal and ethical concerns have been raised. Insiders cited by The Shift flagged potential conflicts of interest, particularly given the scale of financial benefits involved.

Ownership and Regulatory Oversight

Who Owns the Consultancy Firms?

• Gordon Cordina (LinkedIn) owns 50% of E-Cubed Consultants Ltd and E-Cubed iSlands Ltd.

• Stephanie Vella (LinkedIn), an economist and member of the Malta Financial Services Authority’s board since March 2021, holds the other 50%.

Vella has defended her dual role, asserting that her position at the MFSA is entirely separate from her executive role at E-Cubed Consultants.

Silence from the Watchdog

Despite clear signs of overlapping interests, Malta’s financial regulator has taken no action. According to Cordina, the Malta Financial Services Authority (MFSA) is fully aware of his business activities and has not identified any conflict. The regulator has neither confirmed nor denied this publicly.

Ties to Malta Gaming Authority and Joseph Cuschieri

Evidence of Payments

Under the leadership of Joseph Cuschieri, the Malta Gaming Authority (MGA) issued payments to E-Cubed Consultants. A published invoice reveals a €9,338 payment under a non-public “MGA Framework Agreement.” This agreement remains undisclosed to the public.

Scam-Or Project has published evidence suggesting that Cordina’s firm had an ongoing financial arrangement with MGA during Cuschieri’s tenure. Attempts were allegedly made by Cuschieri, through attorney Charlon Gouder, to suppress this information.

Cuschieri’s Track Record

Cuschieri, who later served as CEO of the MFSA, faced backlash over extravagant use of taxpayer funds. Media reports indicate he spent €500,000 across 38 international trips—behavior that may breach EU financial misconduct laws.

His close associate, Edwina Licari, retained her executive position at MFSA despite public outcry and internal scandals. Meanwhile, Christopher Buttigieg, Cuschieri’s interim replacement, has been named in court cases involving allegations of pressuring a licensee to sell their business to a competitor.

Regulatory Apathy and Unanswered Questions

Members of the MFSA Executive Committee—including Buttigieg, Licari, and Michelle Mizzi Buontempo—have not publicly addressed whether they consider it acceptable for Gordon Cordina to consult for the MGA while holding a key position at Malta’s primary bank.

Their silence only deepens the concerns over regulatory standards and governance in Malta’s financial sector.

Sources:

• Scam-Or Project reporting

• The Shift News investigations

• Internal MGA invoices and procurement records

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