I will start this appraisal of the accounts of the Dizz Group by referring to an article I wrote for this blog in November 2020 regarding the audited financial statements for the year ended 31 December 2019. In that post I explained how the value of two adjoining sites in Mrieħel’s ‘The Hub’ shot up [...]

I have extracted the information for this review from Electrogas’s audited financial statements filed with the Malta Business Registry. The Audit was carried out by PricewaterhouseCoopers, and signed by the directors, Rustam Shomurodov and Paul Apap Bologna, on 12 March 2021. There can be no doubt from the findings I explain in detail in this [...]

I have reviewed the most recent audited accounts filed with the business registry by Electrogas. The audit was carried out by PricewaterhouseCoopers and signed by directors Rustam Shomurodov and Paul Apap Bologna on 12 March 2021.  You will see from the facts below that Electrogas is in financial dire straits. Paul Apap Bologna publicly described [...]

This article, a follow-up to my recent article on Dizz Manufacturing Limited, will seem rather technical for most readers. That doesn’t make it any less important or in the public interest especially considering the increased involvement of politically exposed persons in the commercial world. The Dizz Group is ultimately owned by two politically exposed persons. [...]

This article is a continuation of my previous analysis of Vitals Global Healthcare which was registered on 13 May 2015, and which, on 30 November 2015 signed the services concession agreement with the Government for the redevelopment, maintenance, management and operation of the sites of St Luke’s Hospital, Karin Grech Rehabilitation Hospital and the Gozo [...]

In this article, I am presenting a financial analysis of Dizz Manufacturing Limited for the year ended 31 December 2019. The company was registered on 19 November 2013 and is part of the Dizz Group of Companies Limited. The audited financial statements were signed on 15 June 2020. The principal activity of the company is [...]

Dear Robert As you surely remember, I together with a group of core PN   friends, had met you privately, to discuss our concerns regarding the leadership of the PN under Adrian Delia. During our meeting, you had shown appreciation of our concerns, and you had promised us to follow them up directly with Adrian Delia, [...]

What is FATF? The Financial Action Task Force (FATF) was established in July 1989 by the Group of Seven (G-7) countries, that is, the World’s top economic countries which determine world economic policy. The initial motive of FATF was to examine and develop measures to combat money laundering. Since 1989, the objectives have progressively widened [...]

In this third article in this series (which starts here), I am writing on some of the key points highlighted in the fourth six-monthly report of the Competent Person, together with my observations. This report was addressed to the Parliamentary Secretary for Financial Services and Digital Economy, on 12 May 2020. I must immediately highlight [...]

These are the first audited financial statements under the name of Steward Malta Limited, which had changed the name from Vitals Global Healthcare on 16 February 2018. It is a pity that management accounts are not prepared for public consumption, as since 1 January 2019, the indications seem to point to a further deterioration to [...]

This article includes my comments on the now notorious Wind Park Project in Montenegro together with my comments. I also list questions addressed to the investigators into what I will refer to as the Montenegro Deal. Timeline and Facts The audited financial statements of Fersa Renovables for the financial year ended 31 December 2016, disclose [...]

I closed my last article with the conclusions of Magistrate Aaron Bugeja on the testimony of the representatives of ATC Administrators Inc, which the magistrate concluded as being ‘indefinite’. In fact, the magistrate based his conclusion on document he said was dated 8 August 2013. Actually it was dated 9 August. This document was an [...]

This article continues where article number 3 left off, facing the question ‘Who owns Egrant?’ I will continue to show how Brian Tonna and Karl Cini subverted a magisterial inquiry with half-truths, and outright lies. They served a prime minister who would go on to be selected as the International 2019 Person of the Year [...]

Continues from parts 1 and 2 linked here. In this article I will be delving deeper into the question ‘Who owns Egrant?’, based on the report of the court-appointed experts, Harbinson Forensics. Point 218 on page 1254 states that “it seems significant to us that on 6 March 2016, Mossfon confirm that they do not [...]

Continues from part 1 in this series, linked here. I would like to begin this article by highlighting once again that court appointed experts Harbinson Forensics state that: "The emails of Pilatus Bank are stored on the cloud and are not available to us; “We found only one Egrant related item not found elsewhere. This [...]

I am starting a series of articles based on extracts from the Egrant Inquiry report, as I am sure most will not bother to read through 1501 pages, leading, in my opinion, to only one credible fact – a pandemic of a deadly corruption virus, injected into the fabric of society by the crony state [...]

Continues from Part 1, linked here. In this article, I am writing on some of the key points highlighted in the second and third six-monthly reports of the Competent Person, together with my observations. These two reports were addressed to the Parliamentary Secretary for Financial Services and Digital Economy, on 24 March 2020, and 14 [...]

Timeline of Events On 21 March 2018 the MFSA issued directives: removing Ali Sadr Hashemi Nejad from the position of director of the Bank and any executive roles that he holds within the bank;o ordering that Ali Sadr suspends the exercise of his voting rights as shareholder of the Bank and refrains from exercising the [...]

Continues from part 1 of this series. The 12-month report of the competent person was tabled in Parliament on 20 April, and it covers the period from 20 October 2018, the date of appointment of the competent person, to 31 October 2019. The competent person, however, included certain important data up to 28 February 2020, [...]

As a result of inadequate Customer Due Diligence procedures (checks), including lack of adequate due diligence in accepting clients, and in controls on transactions, on 20 October 2018, the MFSA (Malta Financial Services Authority, appointed Ernst & Young Limited (EY) as a ‘Competent Person’ in terms of the Banking Act, to take charge of the [...]