Regulatory Turmoil: Director Exodus Hits Malta’s XNT Ltd

XNT Ltd Under the Microscope

XNT Ltd, formerly operating as Exante Ltd, is a Malta-based investment firm regulated by the Malta Financial Services Authority (MFSA). In recent months, the company has experienced the resignation of three board members: Joseph Zammit Tabona, Michael Bianchi, and Lawrence Zammit. The remaining directors, Alexey Kirienko and Anatoly Knyazev, reportedly have connections to former Maltese Prime Minister Joseph Muscat—previously labelled Europe’s most corrupt politician in 2019.

Corporate Structure and Exante Group Connections

XNT Ltd is owned by Lartemisis Holding Ltd, a Malta-registered holding entity. Control of this company is exercised through three British Virgin Islands firms:

• Nations Development Group Ltd

• Stoic Ltd

• Zormax Ltd

The firm forms part of the larger Exante Group, which also includes EXT Ltd (www.exante.eu) —a Cyprus-based investment firm regulated by CySEC under license number 165/12. On its LinkedIn profile, the group positions itself as a Wealthtech Company.

Waves of Resignation: A Red Flag for Regulators

The simultaneous departure of three directors from a regulated financial institution would typically trigger immediate regulatory review. Yet, the MFSA has remained noticeably silent. Adding to the governance concerns, auditing firm KPMG has also been dismissed from its role with XNT Ltd.

One of the resigning directors, Joseph Zammit Tabona, previously held the role of High Commissioner of Malta to the United Kingdom.

Malta’s Oversight Agencies Under Fire

As a licensed entity, XNT Ltd falls under the supervision of both MFSA and the Financial Intelligence Analysis Unit (FIAU). However, FIAU’s credibility has come into question. According to reporting by TheShiftNews, the agency allegedly paid over €63,000 to Maltese media outlets to promote positive coverage. This revelation comes amidst ongoing criticism over FIAU’s failure to address serious financial crime cases—most notably, its handling of Pilatus Bank.

In a controversial move, FIAU’s Deputy Director Alfred Zammit signed a letter clearing Pilatus Bank of wrongdoing shortly after the resignation of the agency’s director.

Questionable Appointments and Potential Conflicts of Interest

Further eroding public trust, the FIAU hired Kristina Arbociute, who had previously been employed by XNT Ltd. Notably, this occurred just weeks before her appointment to the FIAU—during a period when the firm was under investigation by the FBI. Social media images indicate close ties between Arbociute and Patrick O’Brien, a senior executive at XNT (source).

Ties to Criminal Allegations and Political Scandal

XNT Ltd operates from Portomaso Tower, a property associated with Yorgen Fenech, the suspected orchestrator of journalist Daphne Caruana Galizia’s assassination. In a highly controversial episode, former MFSA CEO Joseph Cuschieri and legal counsel Edwina Licari accompanied Fenech on a leisure trip to Las Vegas—an incident widely criticized for its ethical implications and exposed in detail by TheShiftNews. Both have since become central figures in a governance scandal.

Although the extent of any FIAU or MFSA inquiry into XNT Ltd remains unclear, the company was reportedly investigated by the U.S. Securities and Exchange Commission (SEC).

Leadership Under Scrutiny

Accusations of discriminatory practices continue to shadow the MFSA. Christopher P. Buttigieg, who saw rapid promotions during Joe Cuschieri’s leadership, remains on the executive board alongside Edwina Licari. Their global travels and connections to Fenech were deemed highly inappropriate by observers.

A review by Malta’s Auditor General also concluded that MFSA violated governance principles, as detailed in an investigative report by TheShiftNews.

Muted Enforcement and Lack of Transparency

Despite being central to Malta’s financial enforcement, Michelle Mizzi Buontempo, head of enforcement at MFSA and member of its executive committee, has not publicly addressed whether any action will be taken against XNT Ltd. Another key player, Rudolf Muscat of FIAU, is also believed to be responsible for oversight in this case, though no public comments have been made.

Conclusion

The sequence of high-profile resignations, governance failures, and potential conflicts of interest surrounding XNT Ltd paints a troubling picture of Malta’s regulatory environment. While international agencies like the SEC have taken notice, local authorities remain conspicuously silent.

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