Bribery alleged in Malta Superyachts deal
An ex CEO of a Maltese government investment arm is due to appear in a criminal court for bribery. It is alleged he took bribes in the early stages of the Malta Superyachts deal.…
The ex-CEO of Malta Investment Management Company Limited (MIMCOL), a business advisory body that is responsible for restructuring Maltese state enterprises, has been accused of bribery for his participation in the Malta Superyachts deal, it was reported in Malta Today.
Malta Superyachts was one of the four shipyards chosen for privatisation by MIMCOL in 2009. The allegation is directed at the ex-CEO for his part in the initial stages of the project which gave rise to a police investigation in 2010. He will face an arraignment in a criminal court on charges of bribery in January 2012.
The former CEO of MIMCOL, Mario Mizzi, was a key driver in the privatisation bidding process. He is also member of the Evaluation Committee of the Privatisation Unit, which falls under the jurisdiction of the finance minister of Malta, himself implicated in the crime.
Mario Mizzi, who was a key driver in the privatisation bidding process as former CEO of MIMCOL, is to be arraigned in a criminal court on charges of bribery in January 2012. Mizzi is also member of the Evaluation Committee of the Privatisation Unit, which falls under the jurisdiction of the finance minister of Malta, himself implicated in the crime.
According to reports, Paul Cardona, a member of the consortium bidding for Malta Superyachts when it was first up for privatisation in 2009, was invited by Mizzi to ‘take care of him’ in return for being nominated the winning bidder.
The finance minister, Tonio Fenech, was then informed of the alleged bribe, but according to reports, “did not report it to the police, instead ask[ing] Privatisation Members to deny the allegations.”
The bid for Malta Superyachts continued after the allegation, with Mizzi put on forced leave. After some halts in the process, Palumbo was named highest bidder in early 2011, paying 29.4 million Euros for the 45,000 sq m facility.
According to Malta Today, Fenech confirmed criminal procedures have been initiated against ‘a person’ in relation to the Malta Superyachts deal, but refused to say who it was. A spokesperson for the finance ministry is reported to have said, “to be fair, it’s a question about police so you can’t expect an answer from us.”
The article to which this refers appeared in the Tuesday 11 October 2011 edition of Malta Today.
Palumbo entered the bidding process after the allegations and is not implicated in any part of the investigations or allegations.
Related Links
Palumbo Profile | Palumbo Malta Superyachts Website
Malta Superyachts was one of the four shipyards chosen for privatisation by MIMCOL in 2009. The allegation is directed at the ex-CEO for his part in the initial stages of the project which gave rise to a police investigation in 2010. He will face an arraignment in a criminal court on charges of bribery in January 2012.
The former CEO of MIMCOL, Mario Mizzi, was a key driver in the privatisation bidding process. He is also member of the Evaluation Committee of the Privatisation Unit, which falls under the jurisdiction of the finance minister of Malta, himself implicated in the crime.
Mario Mizzi, who was a key driver in the privatisation bidding process as former CEO of MIMCOL, is to be arraigned in a criminal court on charges of bribery in January 2012. Mizzi is also member of the Evaluation Committee of the Privatisation Unit, which falls under the jurisdiction of the finance minister of Malta, himself implicated in the crime.
According to reports, Paul Cardona, a member of the consortium bidding for Malta Superyachts when it was first up for privatisation in 2009, was invited by Mizzi to ‘take care of him’ in return for being nominated the winning bidder.
The finance minister, Tonio Fenech, was then informed of the alleged bribe, but according to reports, “did not report it to the police, instead ask[ing] Privatisation Members to deny the allegations.”
The bid for Malta Superyachts continued after the allegation, with Mizzi put on forced leave. After some halts in the process, Palumbo was named highest bidder in early 2011, paying 29.4 million Euros for the 45,000 sq m facility.
According to Malta Today, Fenech confirmed criminal procedures have been initiated against ‘a person’ in relation to the Malta Superyachts deal, but refused to say who it was. A spokesperson for the finance ministry is reported to have said, “to be fair, it’s a question about police so you can’t expect an answer from us.”
The article to which this refers appeared in the Tuesday 11 October 2011 edition of Malta Today.
Palumbo entered the bidding process after the allegations and is not implicated in any part of the investigations or allegations.
Related Links
Palumbo Profile | Palumbo Malta Superyachts Website
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