DECLARATION OF ASSETS

Muscat declares identical bank deposits for fourth year running; Delia loans total up to €713,356

Members of Parliament submitted their declarations of assets for 2017, and the statements for the Prime Minister and the Opposition Leader have raised eyebrows.

Each year Members of Parliament are obliged to submit their declaration of assets, with Parliament acting as a repository for this information. MPs were given until the end of April to submit.

Prime Minister Joseph Muscat has, curiously, declared the exact same amount in deposits, down to the cent, since his declaration for the 2014 year (as at 31 December).

While according to the parliamentary documents he declared, as at 31 December 2013, that his bank deposits stood at €70,000 with Bank of Valletta, this shifted upwards to €75,000 in the following year’s declaration (as at 31 December 2014), and remained at that amount up until his most present declaration (as at 31 December 2017).

He has, since the declaration for December 2014, filled out his parliamentary Declaration of Assets by listing his one property in Burmarrad which is used as a residence, and listing €75,000 in deposits at Bank of Valletta. He has also declared that he is the honorary president of the San Gaetanu Musical Society Band Club in Hamrun.

At the same time, Opposition Leader Adrian Delia’s declaration has revealed a substantial amount in loans, totalling up to €713,356.

Delia holds one BOV loan (€24,742), two Banif Bank home loans (€30,347 & €70,216), a Banif Bank loan (€19,051), an HSBC home loan (€508,000), and an HSBC bank loan (€61,000). His wife, Nickie Vella de Fremaux, holds €26,091 in savings at BOV. Other financial interests include the €209,644 (with profits) at Lifelink Growth.

Konrad Mizzi

Former PL Deputy Leader Konrad Mizzi declared €328,502 in deposits, and a €306,820 bank loan. He also declared that his Rotorua Trust (New Zealand Trust) and Hearnville Inc (Panama company) have been liquidated. Mizzi declared his house with garage in London and an apartment in Sliema as his property. Lastly, the Tourism Minister said he has 4,000 shares in Malta International Airport, which could potentially be seen as a conflict of interest given his current position as Tourism Minister.

Chris Fearne

Deputy Prime Minister Chris Fearne declared ownership of three properties, including a farmhouse and a garage in Tarxien. He declared having around €270,000 in bonds, as well as €37,480 in BOV Lifelink. In terms of bank accounts, he declared that he and his wife have just over €141,000 in BOV (mainly in this bank), Barclays, BNF and Credit Europe.

Chris Cardona

PL Deputy Leader Chris Cardona, who is also the Economy Minister, declared three properties including a house and an office. He declared that he holds a 25% stake in Sapmac Co. Ltd, stating that they are ordinary shares. According to previous reports, Sapmac Company Ltd is involved in real estate development and was formed in March 2004. The other shareholders are Mario Azzopardi, Stuart Azzopardi and Carmelo Penza. All four have 125 ordinary shares, however Cardona is not listed as a director. He also declared €127,000 in savings.

Simon Busuttil

Former Opposition Leader and now PN MP Simon Busuttil declared ownership of a single property in Lija in his declaration. He declared 166 shares in GS Ltd and 167 shares in Gansam Holdings Ltd (The other shareholders in both being Peter Fenech and Austin Sammut). He also declared two companies which are currently in dissolution. In terms of deposits, he declared just over €35,000 in current and savings accounts in HSBC, and €300 in a Belgium account. In terms of other financial interests, he declared a life insurance policy, and his salary when he was Opposition Leader.

David Agius

PN Deputy Leader David Agius declared that he is a manager at the Malta Freeport Corporation. He declared one property used as a residence owned by him and his wife. Agius declared close to €60,000 in terms of funds. He also declared a UBS (Lux) Bond fund worth €13,548.

Mario de Marco

Former PN Deputy Leader Mario de Marco declared ownership, and part ownership, in a number of properties. He declared as holding 1,500 class C shares in I.C.S. Co Ltd (along with other shareholders Gianella de Marco and Paul Camilleri), and as having €25,889 in savings with Lombard Bank. He also declared loans with Lombard Bank worth close to €170,000, and a €23,000 overdraft facility

Beppe Fenech Adami

Former PN Deputy Leader Beppe Fenech Adami declared a percentage share in a number of properties. He also declared 8,400 ordinary shares in Malta International Airport, 2,072 ordinary shares in BOV, 1,000 ordinary shares in Loqus Holding PLC., and 305,700 bonds in “a number of companies and MGS” Fenech Adami declared €240,707 as deposits in various bank accounts, and a €204,726 HSBC home loan.

Robert Arrigo

PN Deputy Leader Robert Arrigo declared that he is Chairman and Managing Director of Robert Arrigo & Sons Ltd. He declared two properties under his name, including his own residence, and a property which is rented out. He declared part ownership, in terms of immovable property through the community of acquests, in a number of properties. Arrigo declared that he owns 122,500 ordinary shares (worth €2.33 each) in a company called R.R.A Ltd, 300 ordinary shares in Robert Arrigo and Sons Ltd, 40 shares in Arrigo Caterers Ltd, 9,980 ordinary shares in A.G.A. Ltd (all the aforementioned seem to be family companies) and 840 ordinary shares in MHLG Ltd. He declared around €203,000 in various bank savings and current accounts, including those in his wife’s name. He also declared three Life insurance policies. He is also the Chairman and Managing Director in R.R.A Ltd, Arrigo Caterers Ltd, A.G.A Ltd and is a Director on SIT (Individuals) Ltd.