The Authority has issued a Public Notice with regards to D.B.R. Investments Limited. This company, having registration number C-27129 and operating from 'Deber', Nigret Road, Zurrieq, and which holds a Category 2 investment services licence issued by the MFSA.
As part of its supervisory functions, the Authority carried out a number of inspections at the offices of DBR. The Authority has been monitoring the company closely with respect to its investment services business since October 2014.
Following the passing away of the managing Director and majority shareholder of DBR, the Company subsequently started to wind down its investment services business. It also came to the attention of the Authority that the late Mr John Farrugia might have carried out unauthorised financial services activities in his personal capacity. In this regard, a report was made to the Police. Investigations are underway to establish the extent to which DBR may be involved in these unauthorised activities.
In order to safeguard the interest of investors, in November 2015 the Authority directed the Company to transfer its existing clients to other service providers in an expedited manner. Investment services clients of the Company have been approached in this regard and the process of the transfer of clients' assets and monies to other service providers is underway.
The Authority is closely monitoring the orderly winding down of the Company's investment services activities in the best interest of clients.
In order to safeguard the interests of investors, the Authority has taken further steps by appointing Mr Paul Mercieca (pmerciecadbr@outlook.com) in terms of Article 15A of the Investment Services Act to take charge of the assets and to assume control of the Company's business.
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