Health and Energy Minister Konrad Mizzi will be closing the company Hearnville Inc. which is registered in Panama, according to the Department of Information
In a statement, Dr Mizzi said: "To avoid baseless speculation and also to respond to genuine feedback, Dr Konrad Mizzi has decided that after the conclusion of the Tax Audit which he requested to the Commissioner of Inland Revenue, he will proceed with the closure of Hearnville INC. which is registered in Panama. There will be full disclosure on the dissolution process."
The Malta Independent had called for the funds to be repatriated in its leading article published today. However, although the Panama company will be closed, the Trust registered in New Zealand will be retained.
Dr Mizzi said: "He has declared the trust and company acted correctly throughout, provided full disclosure, subjected himself to scrutiny by Inland Revenue and also responded to genuine feedback."
Dr Mizzi said he has duly declared the setting up of a Trust in New Zealand for family estate management and planning with a long-term horizon. He also declared that he became the ultimate beneficial owner of Hearnville INC. a company registered in Panama.
He said that the trust owns 100% of the issued shares of Hearnville INC. He also said that the Trust does not, as to date, have any bank accounts in its name and the Trustee does not hold any bank accounts in the Trust's name. He further clarified that Hearnville Inc. has not yet traded to date. He said Hearnville has no assets or bank accounts opened in its name to date.
Dr Mizzi said he also asked the Commissioner for Inland Revenue to conduct an audit of himself. This, he said, is an unprecedented move which has never been undertaken by any Minister or Member of Parliament.
Dr Mizzi said he has adhered to the principles of transparency and disclosure and has acted correctly throughout. He has also subjected himself to scrutiny voluntarily knowing that there is no wrongdoing.
Dr Mizzi concluded by saying he is committed to continue to work relentlessly to implement Government initiatives, which will positively affect people's lives. The Malta Independent has sent questions to Konrad Mizzi, as well as the PM's Chief of staff Keith Schembri over the matter, but they have gone unanswered.
Mizzi and Muscat behaviour an insult to all Maltese - AD
In a statement, Alternattiva Demokratika said tt is disgraceful and an insult to all Maltese that Minister Konrad Mizzi continues trying to dupe the whole population when we all know that the Commissioner of Inland Revenue cannot do any tax audit in Panama. Minister Mizzi must learn to treat citizens with respect, said Chairman Arnold Cassola.
"As for the Prime Minister Joseph Muscat, until a few hours ago he has insisted it was no problem to have a company in Panama. Now that he has realized that he has really put his foot in it, he should take the honourable way out.”