Gasan looking to pull out of power station consortium

Gasan Enterprises is looking to pull out of the ElectroGas consortium, which owns and runs the new gas-fired power station in Delimara.

In a statement signed by chairman Joe Gasan and CEO Mark Gasan, Gasan Enterprises said that they had not received any dividends from the project and had decided to identify all avenues in order to exit from the consortium.

“We have not received any dividends and have only registered losses in relation to our investment in ElectroGas,” the statement by chairman Joe Gasan and CEO Mark Gasan reads.

“Any assertions being made to the contrary are factually incorrect. In view of the controversy surrounding this project and irrespective of the fact that we have done nothing untoward at any point, we have decided to identify all avenues to exit our interest and not to profit in any way from this investment.”

The Gasans own a third of a holding company called GEM Holdings along with the Fenech family and the Apap Bologna family. GEM Holdings itself holds a 33% stake in the ElectroGas project.

“We declare, publicly and unequivocally, that if there is substance to the allegations of corruption in relation to the project, we had absolutely nothing to do with it: we did not participate in it, we did not support it, we did not condone it and we did not know about it. And if it did happen, we condemn it without reservation and trust that justice will be served.”

“We are mortified and shocked that links are being drawn between this project and the brutal assassination of Daphne Caruana Galizia. All our sympathies remain with the family of Daphne Caruana Galizia, and, together with all right-minded people, we look forward to the successful prosecution and conviction of all those who were involved in this terrible act.”