Trumia Limited Audit Gaps Raise Oversight Concerns

Trumia Limited, Audit Gaps and Financial Oversight

Trumia Limited audit gaps should be assessed through the company’s filings, the auditor’s work, the applicable financial-services rules and the response of the relevant authorities. This investigation distinguishes documented deficiencies from allegations about individual responsibility. The Malta Financial Services Authority, the Malta Business Registry and Malta Media’s related governance analysis provide context.

Trumia Ltd: Missing Auditors, Surging Share Capital and a Culture of Silence!

In Malta, financial institutions operating under the Financial Institutions Act (Cap. 376) are held to higher standards than most. As Payment Services Providers (PSPs) and Electronic Money Institutions (EMIs), they’re not only bound by the Companies Act but are also subject to direct and ongoing supervision by the Malta Financial Services Authority (MFSA).

Yet one such firm, Trumia Limited (C 96757), raises urgent questions of compliance, transparency and internal governance.

Auditor's resignation that went silent for 10 months

According to a Form F(2) filed with the Malta Business Registry (MBR), Trumia’s auditor Joseph Azzopardi officially resigned with effect from 19 April 2024. However, this fact was not communicated to the registry until 11 February 2025, almost 10 months later.

During that gap, Trumia continued operations as a licensed financial institution and on 9 August 2024, filed its annual accounts for financial year 2023. This immediately raises two red flags:

1. Who signed off the audit if the auditor resigned months earlier?
2. Were the filings submitted within the statutory deadline?

Under the Companies Act (Art. 183) and the Financial Institutions Rulebook, audited financials must be submitted within 10 months from the end of the financial year i.e., by 31 October 2024 for the 2023 cycle. The filing on 9 August 2024 may appear timely, but with no confirmed auditor at the time, its legitimacy and oversight remain in question.

Millions in capital, but where’s the accountability?

More intriguingly, Trumia’s share capital has grown rapidly and incrementally over the past two years. It began with modest increases (e.g. €200,000) and recently jumped by another €1 million, now standing at €2.9 million. This alone isn’t suspicious, but it becomes noteworthy when one traces the ownership trail.

Trumia’s entire shareholding is held by Tampa Holding Limited (C 89378), whose 100% shareholder is Uri Poliavich, the founder and CEO of Soft2Bet, a group that has faced repeated regulatory scrutiny across Europe and has been the subject of multiple investigative reports.

Directors from KPMG, but no mention of Trumia?

Some of Trumia’s current and past leadership come from top-tier financial backgrounds, including KPMG Malta and KPMG Cyprus. Notably:

• Angelos Gregoriades, former Senior Partner at KPMG Cyprus and current Board Member of the Central Bank of Cyprus, does not list Trumia Limited anywhere on his LinkedIn profile.
• Ian Pellicano, a seasoned payments industry veteran and director of Trumia, likewise omits any mention of the company.
• Even Max Portelli, Trumia director and CFO of Soft2Bet, makes no public reference to Trumia on his professional platforms.

This pattern of non-disclosure on public-facing CVs is at odds with the standard practice for individuals in regulated financial institutions and contributes to the company’s opaque posture.

Internal leadership, former KPMG, but no red flags raised?

Several other senior figures at Trumia have impressive experience:

• Mark Curmi resigned last month officially as a listed Director in the MBR, previously served as Chief Risk Officer at Andaria Financial and spent over six years at KPMG Malta, where he led banking and fintech advisory services.
• Ilenia Diacono, Head of Compliance and MLRO, spent nearly a decade at KPMG Malta.
• Karen Farrugia, the current Chief Risk Officer, was previously approved by the MFSA in a senior risk role at OpenPayd.
• Ryan Debattista, the COO, has held senior operational roles at Western Union and Andaria.
• Stephen Cassar, IT Manager, joined in 2024 with a payments background.

Given this level of internal expertise, how was the lack of an auditor allowed to persist for 14 months (April 2024 until now June 2025) without rectification? Especially within a company supervised by the MFSA?

Conclusion: Public licence, private silence

For a company entrusted with holding client funds and issuing electronic money, Trumia Limited appears to be operating with alarming gaps in oversight. The combination of:

• Delayed auditor resignation disclosure,
• Repeated capital increases with opaque purpose,
• A total lack of public-facing transparency from most directors, and
• Ownership by a figure whose other ventures are under ongoing scrutiny,

…creates the impression of a firm far more complex and concealed than it may appear on paper.

In any properly functioning regulatory system, these would be grounds for enhanced supervisory attention.

The question now falls to the MFSA: Will it act before the next filing cycle is missed too?

FAQs

What is Trumia Limited and what type of license does it hold?
Trumia Limited is a Malta-based financial institution licensed under the Financial Institutions Act (Cap. 376) to operate as a Payment Services Provider (PSP) and Electronic Money Institution (EMI).

Why is the resignation of Trumia’s auditor considered problematic?
Auditor Joseph Azzopardi resigned in April 2024, but the resignation was only reported to the Malta Business Registry (MBR) in February 2025, raising concerns over regulatory compliance and internal transparency.

Who signed off Trumia’s 2023 audit if the auditor resigned earlier?
This remains unclear. The company submitted its 2023 financial statements in August 2024, months after the auditor's resignation, casting doubt on who verified the financials and their legitimacy.

What does Maltese law require regarding audited financial filings?
Under the Companies Act and Financial Institutions Rulebook, audited accounts must be submitted within 10 months of the financial year-end, typically by 31 October for the previous year.

Who owns Trumia Limited?
Trumia Limited is wholly owned by Tampa Holding Limited, which is in turn 100% owned by Uri Poliavich, the founder and CEO of Soft2Bet.

Why is Uri Poliavich’s ownership of concern?
Poliavich’s other ventures, particularly Soft2Bet, have been subject to multiple regulatory investigations and media scrutiny across Europe, raising questions about Trumia’s governance.

Why does the lack of disclosure by Trumia’s directors raise red flags?
Several directors, despite impressive financial credentials and past senior roles at KPMG, do not mention Trumia on their public professional profiles—an unusual practice for individuals in regulated sectors.

How much has Trumia's share capital increased recently?
Trumia’s capital has grown to €2.9 million over two years through a series of incremental increases, including a €1 million jump, but the purpose of these injections remains unclear.

What internal expertise exists within Trumia’s leadership team?
Trumia’s executives include former professionals from KPMG, OpenPayd, Andaria, and Western Union, suggesting high-caliber expertise that should have ensured better compliance oversight.

What action is expected from the Malta Financial Services Authority (MFSA)?
Given the delayed audit resignation, opaque ownership, and lack of transparency, the MFSA is expected to initiate enhanced supervisory reviews to ensure regulatory compliance.