---
title: "EXCELL SYSTEMS LIMITED — Ownership Dossier"
canonical: https://whiteintel.dev/entity/2afd9983-9cf5-5476-a9bd-ca8a2dc21516
json: https://whiteintel.dev/api/public/dossier/2afd9983-9cf5-5476-a9bd-ca8a2dc21516
identifier: icij:icijol-55002712
jurisdiction: MT
risk: Medium
source: WhiteIntel corporate-ownership graph
---

# EXCELL SYSTEMS LIMITED

**Type:** Company  
**Jurisdiction:** MT  
**Identifier:** `icij:icijol-55002712`  
**Risk level:** Medium  
**Canonical dossier:** https://whiteintel.dev/entity/2afd9983-9cf5-5476-a9bd-ca8a2dc21516  
**Structured JSON / MCP:** https://whiteintel.dev/api/public/dossier/2afd9983-9cf5-5476-a9bd-ca8a2dc21516  

## Ownership & control

### Owners / controllers

- **ANTHONY G ZAHRA** (shareholder of) — https://whiteintel.dev/entity/ea8f9e27-952e-5d18-bcf5-74462c52023f
- **RAY MERCIECA** (shareholder of) — https://whiteintel.dev/entity/4645c000-445c-53ad-9e03-92635551b9af
- **ALPINE HOLDINGS LIMITED** (shareholder of) — https://whiteintel.dev/entity/d206e490-6e2f-5668-85f4-3f478fe91037

### UBO chain (walk to the ultimate owner)

A **17-step** ownership/control chain to the ultimate beneficial owner is resolved for this entity. The full cited chain unlocks with a paid API key or a one-off dossier — https://whiteintel.dev/pricing.

## Exposure (derived from the ownership graph)

**8** owners upstream in this entity's ownership/control chain are flagged — a sanctions hit or a secrecy jurisdiction — an investigative lead by resolved identity, not a legal determination. The contributing parties and the hop-by-hop path unlock with a paid API key or a one-off dossier — https://whiteintel.dev/pricing.

## Provenance

- ICIJ Offshore Leaks — https://offshoreleaks.icij.org/nodes/55002712

---

_This is the markdown-for-agents view of the WhiteIntel dossier for **EXCELL SYSTEMS LIMITED**. Human view: https://whiteintel.dev/entity/2afd9983-9cf5-5476-a9bd-ca8a2dc21516 · Structured JSON: https://whiteintel.dev/api/public/dossier/2afd9983-9cf5-5476-a9bd-ca8a2dc21516._

_Risk levels are heuristic investigative leads, not legal determinations of beneficial ownership. Every claim carries a source; an absent edge means "not yet observed in current sources", not "does not exist"._