Two Directors of XNT[Exante], Malta's Controversial Investment Firm

Posted on 05/11/2024

Broader Topic: exante broker
Sentiment: Negative
Post # 8991 posted in:
Rant & Rave - Business - Financial Services
Location: Limassol, Cyprus, West Asia

In the world of finance, shadows lurk where transparency should reign. And Malta-based investment firm XNT Limited, formerly known as Exante, seems to be dancing in those shadows with a dubious ensemble of characters and a history that reads like a financial thriller.

Recent revelations have shone a light on two key figures within XNT, Alexey Kirienko and Anatoly Knyazev, both of whom obtained Maltese citizenship during years of significant controversy surrounding their company.

Let's delve into the murky waters of XNT and its intertwined connections to political figures and regulatory mishaps.

The Players: Kirienko, Knyazev, and the Company

Alexey Kirienko and Anatoly Knyazev aren't just faces in the crowd; they are directors of XNT Limited, a Malta-based investment firm. Both their names popped up in the Maltese government's list of new citizens, in 2016 and 2019 respectively, courtesy of Malta's contentious citizenship by investment scheme.

XNT Limited, once known as Exante, has been no stranger to controversy. From charges by the US Securities Exchange Commission (SEC) to being blacklisted by the Russian Central Bank, the company has faced its fair share of legal and regulatory woes.

A significant revelation linked XNT to Aron Mifsud Bonnici, a close associate of disgraced former Minister Konrad Mizzi. Mifsud Bonnici's association with XNT raised questions, especially after large sums of money were transferred to his accounts within the company.

A History of Shadows

The tale of XNT is one of intrigue and suspicion. From its inception in 2011 to its various run-ins with regulators and law enforcement agencies, the company has been embroiled in controversies that paint a troubling picture.

US SEC charges related to insider trading and alleged profits from online hacking rings, money laundering accusations, and regulatory fines have all been part of XNT's narrative.

What's more, the company's political connections in Malta raise eyebrows. Photos of directors Kirienko and Knyazev hobnobbing with prominent Maltese figures, including former President Marie Louise Coleiro Preca and Prime Minister Joseph Muscat, only add to the intrigue.

The Failed Blockchain Island Dream

In 2017, XNT found itself in the spotlight once again as it became involved in Malta's ambitious "Blockchain Island" project, championed by then-Prime Minister Joseph Muscat and Minister Silvio Schembri. The project aimed to position Malta as a global hub for blockchain and cryptocurrency businesses.

Despite its involvement and apparent political support, XNT's shady past continued to haunt it. And it wasn't just a matter of history; fresh controversies seemed to emerge regularly, including a blacklisting by the Russian Central Bank and fines from Malta's Financial Intelligence Analysis Unit (FIAU).

The Role of Regulatory Oversight

One might expect such a troubled company to face stringent regulatory scrutiny. However, XNT seemed to slip through the cracks repeatedly. The FIAU, responsible for overseeing financial compliance in Malta, found itself under scrutiny for its handling of XNT-related matters.

A case in point is the €250,000 fine levied against XNT, which was overturned by Malta's constitutional court, citing unconstitutional practices by the FIAU.

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Posted on 05/15/2024

XNT Limited’s shadowy past is a labyrinth of legal entanglements and regulatory rebukes. The company, formerly Exante, emerged as the investment vehicle of choice for Aron Mifsud Bonnici, a close associate of disgraced former Minister Konrad Mizzi. Mifsud Bonnici’s association with XNT raised eyebrows after substantial sums, approximately €1.4 million, were funneled into accounts he held with the company, sparking concerns of money laundering and tax evasion.

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