Dutch billionaire Marcel Boekhoorn has been ordered by the Malta Financial Services Authority (MFSA) to relinquish his shares in Novum Bank after being stripped of his “fit and proper” status.
The decision means Boekhoorn, among the Netherlands’ most prominent businessmen, is no longer deemed suitable to be associated with any licensed financial institution in Malta.
The Times of Malta reports that regulators have given him six months to divest his ownership stake, pending the outcome of ongoing legal proceedings in Italy.
Although the MFSA did not identify the specific proceedings, the media outlet also indicated that Boekhoorn faces criminal charges in Reggio Calabria for allegedly using funds of illicit origin.
Prosecutors claimed that in 2017, through his private equity firm Ramphastos Investments, Boekhoorn used money tied to a business partner’s mafia-linked activities to acquire an 80% stake in casino game design company Talenta Labs.
The remaining 20% of Talenta was owned by brothers Massimiliano and Moreno Rizzo.
Six months before the acquisition, Italian authorities launched an investigation into Massimiliano Rizzo for his alleged ties to organised crime. He was later convicted on charges related to illegal gambling and sentenced to prison.
Talenta Labs was not Boekhoorn’s only investment in the gambling sector. Ramphastos had previously purchased betting operator SKS365 for €158m.
The company was later accused of building its operations with the help of mafia funds and connections.
A circle of deceit
In 2019, Italy’s Guardia di Finanza reported that SKS365 had failed to declare approximately €4bn in taxable income from illegal gambling activities between 2015 and 2016.
Boekhoorn has firmly denied all allegations of wrongdoing.
A spokesperson for Ramphastos Investments stated that the firm intends to fully comply with the MFSA’s directive and has already begun implementing the required actions.
The spokesperson emphasised that the decision does not affect Novum Bank’s operations or stability, either in Malta or abroad.
Novum Bank also issued a statement underscoring its financial and operational independence.
The institution said it operates under a “robust governance framework” that adheres to all applicable regulatory standards.
According to the bank, all strategic and operational decisions are determined by a board composed mostly of independent non-executive directors.
The case has once again drawn attention to Malta’s broader regulatory challenges, particularly in its oversight of gaming and financial services.
The Times of Malta previously revealed that Boekhoorn’s gaming company, Habanero Systems, was granted a licence by the Malta Gaming Authority (MGA) in 2021 despite the ongoing criminal investigation.
Internal MGA correspondence showed that the licence was approved on the condition that Boekhoorn would not receive dividends or exercise voting rights in the company until his name was cleared.
Novum Bank under watch
This latest development is not the first time Novum Bank has faced scrutiny from Maltese authorities.
In 2022, the Financial Intelligence Analysis Unit (FIAU) fined the bank €89,000 for deficiencies in its anti-money laundering procedures.
An inspection in 2019 found that the bank failed to identify the rationale behind a €16m transfer by a client, and had inadequately scrutinised transactions ranging from €400,000 to €2m.
These lapses underscored what regulators described as “serious weaknesses” in the bank’s risk assessment and compliance framework.
The MFSA’s decision to strip Boekhoorn of his regulatory status highlights the need for financial institutions to maintain transparency and integrity in ownership structures.
It also signals Malta’s heightened sensitivity to reputational risks in the financial sector, following years of international scrutiny over money-laundering controls.
For Boekhoorn, whose business empire spans technology, retail, real estate, and entertainment, the order represents a significant regulatory setback.
The situation remains fluid as legal proceedings in Italy continue, and the eventual outcome could either vindicate Boekhoorn’s position or exacerbate the reputational challenges surrounding his investments.
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