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Joseph F.X. Zahra - Non-Executive Chairman and Director

Joseph F.X. Zahra is Founding Partner and Managing Director of MISCO, an independent economic and management consultancy operating in Malta and Cyprus.  

He is an economist who holds a number of directorships in both private and public companies in Malta and abroad. He lectured economics at the University of Malta (1984-94) and had the appointment of “docente a contratto” at the University of Messina, Italy (2000-2009).

He is a former chairman of Bank of Valletta plc (1998-2004), Maltacom plc (2003), Middlesea Insurance plc (2010-12), the Malta Council for Arts and Culture (2002-3), the National Council for Higher Education (2006-8). He was also member of the board of directors of the Central Bank of Malta (1992-6).

Joe Zahra was the Chairman of the National Euro Changeover Committee responsible for the conversion of Malta’s currency into Euro (2005-8). He is also Chairman of the Audit Committee of the Corinthia Palace Hotel Group. He is also a director of Medserv plc and Nemea Bank plc.  

He regularly addresses public conferences on strategic leadership and financial services in Europe, North America and North Africa.

Etienne Borg Cardona - Group Finance Director

Etienne Borg Cardona is a certified public accountant by profession. Following experience in the banking sector and in audit practice, he joined the Forestals Group in 1987 as Group CFO. He was appointed to the board of directors in 1996, and was appointed CEO in 2013.

A Fellow member of the Chartered Association of Certified Accountants and of the Malta Institute of Accountants, he holds a warrant to practice as a Certified Public Accountant and Auditor in Malta. He is an elected member on the Malta Institute of Accountants’ main Council, a member of the MIA Professional Accountants in Business and Disciplinary Committees, and a director of AIM Professional Academy, the Institute’s educational arm.

He has been appointed to a number of Government committees and boards in the education sector, and is the founding partner of Capital Consulting Limited, an independent advisory and consulting firm. He also holds a number of directorships on boards of local and international companies, and is a member of the Malta Chamber of Commerce, Enterprise and Industry’s SME and Family Business Committee.

He holds a Masters’ degree in Financial Services from the University of Malta, where he lectures Accountancy and Financial Management in the Faculty of Economics, Management and Accountancy, and is currently reading a PhD in Leadership and Management at Cranfield Business School, University of Cranfield, UK.

Luke Tabone - Executive Director

Luke Tabone graduated from the University of Gloucester, obtaining a Higher National Diploma in Business Management in 2003.

He joined the Forestals Group in 2004, starting out in consumer logistics and operations, and  today manages business development and product portfolio management in the consumer segment.

Luke has been successful in identifying and securing distribution rights for a number of cutting edge international consumer brands, and is also responsible for the company’s retail chain of Forestals branded stores as well as The Matrix branded digital lifestyle high street stores.

He is also responsible for all aspects of the Group’s consumer marketing with special interest in social media, digital and direct marketing.

He is also responsible for the Group’s health and safety function.


Alan Tabone - Executive Director

Alan Tabone graduated in 2007 from the University of Kent at Canterbury, obtaining a Bachelor of Engineering with First Class Honours in Electronic and Communication Engineering.

He joined the Forestals Group in 2007 in a pre-sales and technical role within the IT segment, and is today manages all aspects of sales, marketing and technical services in the Enterprise Servers, Storage and Networking IT segment.

Alan has obtained numerous Hewlett Packard and Microsoft advanced accreditations. He is today one of Malta’s highest certified IT engineers with HP Master Accredited Systems Engineer and Integration Specialist accreditations, and is directly responsible for a number of local mission critical IT customer sites with 24x7 uptime service levels.

He is also responsible for the Group’s IT infrastructure, business continuity and IT security.

David Zahra - Company Secretary

David Zahra graduated as Doctor of Laws at the University of Malta in November 2006 after submitting his thesis on the Maltese Parliament’s role in the scrutiny of European legislation.

David’s main interests are in financial services, competition law, trust law and Arab commercial laws. He has concentrated on these areas in his post-graduate studies at the University of London. In partial fulfilment of the LL.M. degree, he submitted a thesis on the competition law aspects of the EU Regulatory Framework for Electronic Communications and its implications on small EU Member States under the supervision of Professor Richard Whish. David has also studied at the Università degli Studi di Roma Tre, Rome as part of the Erasmus exchange programme.

David worked for one of Malta’s leading law firms, for four years before setting up David Zahra & Associates Advocates. David is actively involved in M&A and corporate finance transactions, both locally and internationally. David has also worked on a number of bond issues on the Malta Stock Exchange.

David lectures in Comparative Frameworks in Business and Ethics at the University of Malta, and acts as supervisor and examiner of law students submitting dissertations at Masters level at the University of Malta.


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