Regulatory silence and corporate transparency – where does the responsibility lie?
Over two months ago, we contacted the directors of E & S Consultancy Limited (C 50332), Dr. Christian Ellul and Mr. Karl Schranz, with a request for comment following our review of two important public decisions by Malta’s Financial Services Tribunal: FST 06/19 and FST 03/19.
The cases relate to the MFSA’s decision to cancel the registration of E & S Consultancy Limited as a Company Service Provider, citing failures in due diligence, non-disclosure of prior litigation and reputational concerns linked to individuals such as Marian Kočner, Andreas Woelfl and Vadim Blaustein. While the company argued these issues were taken out of context, the Tribunal ultimately upheld the MFSA’s actions.
We received no response from the directors.
In the absence of comment, we’ve relied solely on publicly available data to assess the current state of affairs. E & S Consultancy Limited remains actively filing documents and submitted its Annual Accounts for 2023 on 9 May 2024. This would suggest it remains operational despite its registration being cancelled under the Company Service Providers Act.
But this leads to a far more troubling question about its parent company.
E & S GROUP LIMITED (C 58558) is listed as the 100% shareholder of E & S Consultancy Limited. Yet no Annual Accounts have been filed for this holding company since the filing year 2018. The most recent submission was an Annual Return dated 28 December 2023, suggesting the entity is still active and not dormant. No public notice of dissolution, inactivity or voluntary closure exists.
This inconsistency is particularly concerning given the line of business both companies operate in: company formation, corporate services, tax advisory and regulatory structuring. For any firm advising on compliance and transparency, a five-year lapse in filing audited accounts raises questions that deserve clarification.
To date, there is no public explanation as to why the trading entity files its accounts regularly while its 100% shareholder has not complied with standard corporate reporting obligations.
For the record:
- E & S Group Ltd (C 58558) is jointly owned by two individuals, Dr. Christian Ellul and Mr. Karl Schranz.
- The accounts filed for E & S Consultancy are signed, reviewed and submitted to the Malta Business Registry.
- There is no indication that E & S Group Ltd is dormant or exempt from audit requirements.
We again invite the directors or their legal representatives to provide a statement or explanation regarding these inconsistencies. As always, we are happy to publish a clarification in full, without editorial comment.
This post is based exclusively on official, public documentation and is published in good faith and in the public interest. No allegations are made.
FAQs
What is the controversy surrounding E & S Consultancy Limited?
The MFSA canceled its registration due to due diligence failures, non-disclosure of prior litigation, and reputational concerns linked to certain individuals.
What decisions were cited in the case against E & S Consultancy?
The decisions FST 06/19 and FST 03/19 by Malta’s Financial Services Tribunal supported the MFSA’s cancellation of the company's registration.
Who are the directors of E & S Consultancy Limited?
Dr. Christian Ellul and Mr. Karl Schranz are the directors of E & S Consultancy Limited.
Is E & S Consultancy Limited still operating?
Despite its registration being canceled, the company filed its 2023 Annual Accounts in May 2024, suggesting it remains operational.
What concerns are raised about E & S Group Ltd?
E & S Group Ltd, the parent company, has not filed Annual Accounts since 2018, despite showing activity in other filings.
Is E & S Group Ltd considered dormant?
There is no official notice declaring it dormant or exempt from audit requirements, raising concerns over its lack of financial reporting.
What services do E & S Group and its subsidiary offer?
They provide company formation, corporate services, tax advisory, and regulatory structuring.
Why is the lack of filings by E & S Group concerning?
A firm offering compliance services should meet its own reporting obligations. The five-year lapse undermines its credibility.
Have the directors responded to inquiries?
No. Despite outreach over two months ago, no comments or statements have been provided by the directors.
What is the purpose of this article?
To raise public awareness based on verified documentation, encourage transparency, and invite the directors to clarify the inconsistencies.
Michael
With nearly 30 years in corporate services and investigative journalism, I head TRIDER.UK, specializing in deep-dive research into gaming and finance. As Editor of Malta Media, I deliver sharp investigative coverage of iGaming and financial services. My experience also includes leading corporate formations and navigating complex international business structures.
