Nexia BT auditors Brian Tonna and Karl Cini resigned from the Institute of Accountants because they disagreed they should be investigated over their professional involvement in the Panama Papers, the Times of Malta learnt.
“The institute was looking into the matter to decide whether Mr Tonna and Mr Cini should be expelled in view of the allegations of their possible involvement in money-laundering activities exposed by the Panama Papers, particularly their professional conduct as auditors,” industry sources said.
The sources noted that the institute continued with its investigation despite the two auditors’ opposition but the process was stopped once the two decided not to remain members.
When contacted, a spokesman for the institute declined to comment on internal affairs.
The Institute of Accountants cannot revoke the professional warrant of the two accountants, which is the competence of the Accountancy Board appointed by the Minister of Finance. It can only revoke their membership in the