Jacob Borg of the Times of Malta recently asked Minister of Finance Edward Scicluna, whether recent calls for a cut in electricity tariffs were possible with the fixed-term contract signed with Electrogas. The minister responded: “Enemalta is not just the government’s company, as you also have the Chinese now. It is not ours to say, [...]
The following is an analysis by auditor Godfrey Leone Ganado of the last available audited accounts of Steward Malta Limited that operates the concession running St Luke's, Karin Grech and Gozo General Hospital. These accounts refer to the year ending 31 December 2017. At 31 December 2017, the company was still operating under the name [...]
The following is an analysis of the accounts filed by Steward Health Group at the Malta Registry of Companies: Corporate Structure Vitals Global Healthcare was registered on 13 May 2015, with a share capital of 1,200 shares of Euro 1 each, held by Bluestone Investments Ltd, registered on 9 December 2014. The directors were Sri [...]
The comparative analysis is based on the accounts submitted to the Electoral Commission in accordance with the Financing of the Political Parties Act, and the guidelines issued by the Electoral Commission. I do not intend to comment on every line item, but only on the most material ones. INCOME Comments During 2018, the PN [...]
In this article, I want to highlight the alarm rung by Moneyval in its Fifth Round Mutual Evaluation Report on Malta, which is based on the onsite visit between 5th and 16th November 2018. I must highlight that, contrary to a general perception that this is a Report made by the European Union, this Report [...]
The following is Godfrey Leone Ganado's review of the 2018 annual report of the Malta Financial Services Authority. The report can be downloaded here: MFSA-Annual-Report-2018 Chairman’s Foreward – page 7 In paragraph 2, the Chairman states ‘the Maltese financial services sector continues to be one of the fastest-growing in Europe. It also represents one of [...]
This article is a follow up to this website's reporting in June 2018 regarding the notes to the financial statements of Kasco Holdings for the financial year ended 31 December 2016. Those accounts revealed a short-term loan of €2.6 million given during 2016 by the Group to a third party, which loan was unsecured and [...]
Continues from yesterday's piece by Godfrey Leone Ganado who looks at the financial statements filed by the Labour and Nationalist parties under electoral law … and pokes his fingers in the many holes. The comparative analysis is based on the accounts submitted to the Electoral Commission in accordance with the Financing of the Political Parties [...]
Godfrey Leone Ganado looks at the financial statements filed by the Labour and Nationalist parties under electoral law ... and pokes his fingers in the many holes. The comparative analysis is based on the accounts submitted to the Electoral Commission in accordance with the Financing of the Political Parties Act, and the guidelines issued by [...]
The first part of this series is here. 2. Dr Vincent Galea – Jigifieri din l-inkjesta allura jekk joghbok li waslet ghandek minghand Dr Pawlu Lia, qatt iddiskutejtha mal-Avukat Generali inti? Dr Owen Bonnici – Le jien ma ddiskutejtx l-inkjesta mal-Avukat Generali. Li tkellimt mieghu dwar l-issue tal-pubblikazzjoni ghaliex l-Avukat Generali infurmani immedjatament li huwa [...]
This series by Godfrey Leone Ganado continues from the earlier series 'Joseph Muscat's oath' and looks into what Owen Bonnici testified in the proceedings brought by Leader of Opposition Adrian Delia against the Attorney General for not giving him a copy of the full report of the Egrant inquiry. As he had done with the [...]
Concludes the first part of this series on testimonies given by Joseph Muscat and Owen Bonnici in the case filed by Adrian Delia demanding a copy of the Egrant inquiry report. In this concluding section, Godfrey Leone Ganado takes another look at the published extract of the inquiry report and compares them with the statement [...]
Continues from yesterday's first post in this series where Godfrey Leone Ganado is analysing extracts from the official transcript of the testimonies of Joseph Muscat and Owen Bonnici in the case filed by Adrian Delia requesting a copy of the Egrant report. The extracts are reproduced in the original Maltese and typing errors have not been corrected. [...]
Godfrey Leone Ganado has prepared a series analysing the transcripts of Joseph Muscat's and Owen Bonnici's testimonies in court in the case filed by Adrian Delia asking he's given a copy of the Egrant inquiry report. The following is the first part. This series will carry extracts from the transcripts of the testimony given by [...]
In this article I intend to highlight the lack of accountability by the person appointed by the Regulatory Authority in terms of the Banking Act and the Investment Services Act, to act as the competent person for Pilatus Bank. On 21 March 2018, the Malta Financial Services Authority (MFSA), issued a notice to the Public [...]
This article reviews Air Malta’s statement of yesterday about their financial statements for 2018. You can read Malta Today's report of that statement here. Sale of landing rights to an associate company – Air Malta insisted that its strategy to transfer the airline’s landing rights to a government company is to give the State sole [...]
Konrad Mizzi, as usual, tries to blow up illusory successes to his advantage, perhaps to boost his chances of becoming the next Prime Minister, which would mean the first Prime Minister in the European Union who, as a Senior Minister, had opened a secret company in Panama held by a Trust in New Zealand for [...]
This follow-up post by Godfrey Leone Ganado updates on his recent Electrogas series: I am writing this article as a follow-up to my previous four articles, to update the information with the very latest developments. A new company was set up on 17 September 2018, EGM Holdings Limited, with the main object being that of [...]
Fourth and final post in Godfrey Leone Ganado's series on the background to the 17 Black scandal. Shareholders I will start this article, with a follow up of what the PN MP Dr Karol Aquilina stated in Parliament this week, when speaking about the shareholders of Gem Holdings, the local shareholder, one of the three [...]
Post number 3 in Godfrey Leone Ganado's series on the background to the 17 Black scandal. This post is a brief follow-up to article 2, and it is based on a comment made to article 2 in Truth Be Told: “interesting article from Malta. So what happened to the Malta exist cash? Surely some of [...]