NEWS | Wednesday, 08 August 2007
The Malta Financial Service Authority (MFSA) has cancelled the investment services licence of Montaigne Investment (Malta) Limited on regulatory grounds.
The decision in terms of its powers under Article 7(1) of the Investment Services Act, 1994, which was taken on 22 June, has now become final and operative with effect from 22 July.
Accordingly, the company is no longer authorized to provide any investment services
within the meaning of the Act, the MFSA said.
Montaigne Investment Corporation, a Dublin based investment company specialising in Mergers and Acquisitions, Venture Capital, Public Listing Advisement and Debt Structuring, officially launched in Malta in April 2005 amid a blast of publicity and a hard recruitment drive.
Montaigne’s chief executive officer, Pat Austin, was very upbeat about the prospects for his new venture in Malta. He saw many similarities between Malta’s current economic resources and those of Ireland when it joined the EU.
The mix of entrepreneurial spirit, drive to succeed and an open economy promise that Malta could easily follow the story of the Celtic Tiger – the runaway success of the Irish economy that capitalised on the opportunities presented by membership of the European Union.
However things started taking a turn for the worse this year as business went down, with employees not receiving their salaries.
On 29 March, the First Hall of the Civil Court presided by judge Raymond C. Pace ordered Montaigne to vacate its office at the 14th floor of the Portomaso Business Tower after it failed to pay over Lm12,000 in rent.
The application was filed on 28 February by Business Tower Limited, the company that operates the Portomaso Business Tower.
Montaigne’s shareholders included top Irish businessmen such as Steve Keaveney, Peter Murray, John Lavery, Frank Walsh, Louis Fitzgerald, John Murphy, David Adamson, and Michael McCann.
08 August 2007
ISSUE NO. 498