Cardona-linked firm for ultra-rich put charity on hold due to ‘hostility’
An international group that counted former minister Christian Cardona among its advisers has put “on hold” a local charity endeavour due to a “somewhat hostile environment” towards one of its companies in Malta.
Insignia Group, a business focused on providing bespoke services to the “ultra-rich”, set up a Malta charity foundation in 2019.
Insignia Group’s local subsidiary, Insignia Cards, has found itself in hot water with regulators due to lax anti-money laundering controls.
The group appointed Infrastructure Minister Ian Borg’s wife, Rachelle Borg Dingli and Christabelle Camilleri, the CEO of major roads contractors V&C Construction, as the charity’s local administrators.
Borg Dingli was given power of attorney by Insignia Group to set up the foundation. According to documents she signed, the foundation was meant to raise funds and provide medication and/or medical treatment and equipment needed for children’s’ illnesses.
Poor administration
The foundation was established with an extremely modest endowment of €233 from Insignia Group.
Citing “poor administration” in its first year of operations, the foundation said in its annual report that “nothing and none” of its...