The following right of reply letter was received in response to this post by Godfrey Leone Ganado.
Dear Mr. Delia,
Further to the Guest Post written by Mr. Godfrey Leone Ganado published on your blog on 5th January 2021, kindly note the following:
- Contrary to what is stated in the third paragraph, The Company in question D Arena Mall Limited does not form part of the Dizz Group at all. Later on in the same article, a statement contradicts his own statement and states that it is fully owned by Diane Izzo, clearly explaining that it does not form part of Dizz Group as claimed previously erroneously.
- Whereas as stated above D Arena Mall does NOT form part of the Dizz Group, contrary to what is stated in para 7 of the article, this company is also NOT in any way involved with the Management or Development of Tigne Mall or the agreement that the Group has with Sliema Wanderers.
Kenneth Abela, Chief Financial Officer
I have asked Godfrey Leone Ganado for his reaction on this, limitedly on the points of fact raised by Mr Abela. This was Godfrey Leone Ganado’s response:
- I agree with Mr Abela’s technical clarification that D’Arena Mall Limited is not a subsidiary company of the Dizz Group. However, it is a related company of the Group as the ultimate beneficial owners of the Dizz Group are Diane Izzo and Karl Izzo, and Diane Izzo (Karl Izzo’s spouse) is the ultimate beneficial owner in the case of D’Arena Mall Limited. In substance, both entities are an integral part of the Izzo’s business interests.
- It is not clear from Mr Abela’s second comment, whether he is referring to Dizz Group or D’Arena Mall Limited. However, my quote is lifted word for word from page 55, note 28 (b) of the Consolidated Accounts of the Dizz Group of Companies, which states: “On 30 September 2018, the company entered into an obligation for the payment of Euro 1,217,000 regarding the investment in the development of the Tigne Mall with Sliema Wanderers Football Club. This amount was settled in 2019”. Also, Note 4 on page 11 of the financial statements of D’Arena Mall Limited, under the heading ‘Asset under construction’ there is an amount of Euro 20,150 showing as additions, however no details are given as to what this asset is. Whichever company is developing or constructing, it is still an asset that falls within the direct business interests group.
Godfrey Leone Ganado