Malta Financial Services Authority Chairman Joe Bannister has denied claims by Education Minister Evarist Bartolo, who claimed yesterday that he (Mr Bannister) “is directly involved with a company in the Cayman Islands, which is also considered as a tax haven.” Mr Bartolo declared that he had no faith in the MFSA chairman. In the evening, Labour MP defended Mr Bannister, saying that the reputation of the people running the financial services industry must be protected.
In comments to The Malta Independent this afternoon, Professor Bannister said: “The issue was raised five years ago and the matter was closed. Both the then Prime Minister and the Leader of the Opposition know the facts.”
“I do not have a company in the Cayman and neither do I have any funds in the Cayman,” Mr Bannister said.
The questions sent by this newsroom were: Was what Minister Bartolo said true? Would he offer his resignation to the PM? What companies he has in the Cayman Islands? And, if he was willing to publish his tax return.”
Mr Bartolo yesterday accused the PN of hypocrisy and also proposed that it should become illegal for anyone in Malta to set up companies for financial purposes in countries where there were no arrangements for the automatic exchange of information.
Earlier in the day, he said that if he were Konrad Mizzi, he would take Alfred Sant’s advice and resign.
Bartolo reacts
In a Facebook post this afternoon, the Education Minister said Professor Bannister is still listed as being the director of four companies in the Cayman Islands.
“MFSA chairman Prof J Bannister denies he is directly involved with a company in the Cayman Islands.
The United States Securities and Exchange Commission, Form D, for the following companies, list Joseph Bannister as director of;
- SR Global Fund LP - Cayman Islands.
- SR Phoenicia LP- Cayman Islands.
- CICC AGI Sloane Robinson Greater China Funds LP- Cayman Islands.
- SRH Eclipse LP- Cayman Islands.
For the first two funds, the MFSA chairman is listed as the director of the general partner of issuer."
For his part, Labour MP Charles Mangion defended the MFSA chairman, saying that these allegations had also been raised five years ago. They had been investigated following which then Prime Minister Lawrence Gonzi had spoken to Joseph Muscat to explain the situation.
As a result, Prof Bannister was retained in his post by the Labour government.
Speaking in Parliament this evening, Dr Mangion said the financial services sector had made great strides forward from the support it had enjoyed from both sides of the House since 1995 and it was important that this situation is maintained.
It was important to safeguard the reputation of the people running the financial services industry, he said, adding that ever since Prof Bannister took over as MFSA chairman, the authority had gone from strength to strength.
One therefore had to be careful and prudent in the way one made his comments, Dr Mangion said.