Money-laundering facts + documents: Keith Schembri and his business partner Malcolm Scerri

Malcolm Scerri, Keith Schembri’s business partner and CEO of his Kasco Group, laundered more than €1.1 million through his British Virgin Islands company, Selson Holding Corp, after the Labour Party was elected to power in March 2013.

Selson Holding Corp was set up in 2011 in the British Virgin Islands and was not declared to the Maltese authorities. At the same time, two other companies were set up in that jurisdiction, using the same corporate services provider: Colson Service Corp (Keith Schembri) and Lester Holding Corp (Adrian Hillman, managing director, Allied Newspapers and Progress Press).

In 2013, Brian Tonna and Karl Cini of Nexia BT restructured all three companies for greater secrecy, using Mossack Fonseca’s nominee services. These three companies and their owners are the subject of a report which the Financial Intelligence Analysis Unit submitted to the police after an investigation.

The accounts shown here for Selson Holding Corp were prepared by corrupt accountant Karl Cini of Nexia BT, who was aware, because of the nature of the services he provides to the companies, that these €1.1 million were being laundered, that they were not declared for tax, and that the company itself had not been declared to the Maltese authorities.

Malcolm Scerri is a political exposed person (PEP) under Maltese and European law because he is a business partner of the Prime Minister’s chief of staff.

Malcolm Scerri, group CEO of Keith Schembri’s Kasco Group