The Malta Independent 20 November 2018, Tuesday

Updated - Ministers’ declarations of assets: Mizzi declares Panama company and NZ trust

Wednesday, 27 April 2016, 19:08 Last update: about 4 years ago

The declarations of assets of ministers and parliamentary secretaries for 2015 were filed in Parliament by the Prime Minister Wednesda evening. 

The declarations tabled include the declaration of Energy and Health Minister Konrad Mizzi, whose declaration is dated 8 February, in line with statements the minister had made in March to the effect that he had drafted the declaration at around that date.

As expected, Dr Mizzi has declared that he had “acquired Hearnville Inc (registered in Panama) and settled the company in a newly created trust in New Zealand (Rotorua Trust)”.

He also declared 4,000 shares in Malta International Airport.

Dr Mizzi’s bank deposits totalled €389,440 and he has listed an outstanding loan of €322,167.20.  Last year the minister had deposits of €310,279 and a loan of €329,816.

The minister declared that he owns a house and garage in London, an apartment in Sliema.

His income from last year was of €70,325.

Prime Minister Joseph Muscat’s Ministerial declaration of assets registered no change from one year to the next – inclusive of his annual salary of roughly €65,000. His bank balance remains the same as last year at a flat €75,000.

While most Cabinet members’ declarations have remained consistent with those presented last year, there were some changes.  Here are the highlights.

Gozo Minister Anton Refalo sold off his portion of a property in Gozo as well as his share of another property in Qala, Gozo. In his 2014 declaration of assets Dr Refalo listed €3,949 as deposited in an HSBC account. In the 2015 declaration he listed €15,450 in a Banif cheque book account, with no mention of the previous year’s HSBC account. In addition to this, he listed total earnings as €178,160 – which includes earnings from selling off of properties, rental income, his wife’s earnings and a judicial tax from previous years. His total earnings as at December 2015 are in no way reflected in bank accounts. Ministers’ spouses are no longer obliged to declare their assets however, so whether his earnings went to Dr Refalo’s spouse remains unclear.  His loan decreased by €88,100 and stood at €693,100 as of year-end 2015.

Civil Liberties, Social Dialogue and Consumer Affairs Minister Helena Dalli’s declaration registered a reshuffle in holdings of both trading and non trading companies. Her holdings are as follows:

Trading companies: PADA Builders Limited 99% shareholding, ELCAR Developments Limited 50% shareholding, PR Company Limited 50% shareholding and 71, Strait Street Limited 50% shareholding (operations are financed through shareholders personal bank loans).

Non trading companies: Parklands Limited 33.3% shareholding and Tadar Limited 33.3% shareholding.

In liquidation: CJP Tarmac Limited 50% shareholding, PD Construction Limited 50% shareholding, PADA Shipping Limited 100% shareholding and PLJ Limited 100% shareholding.

Blacktop Limited, which Dr Dalli hold 33.3% shareholding has been disposed of – with funds invested into PADA Builders Limited.

In addition to this, no marked changed have been registered in directorships or properties. Earnings also remained relatively stable, with a €4,000 increase in an HSBC current account.

Foreign Affairs Minister George Vella’s properties, holdings and earnings remained relatively stable between 2014 and 2015, however an increase in the sum deposited in his bank account increased by €57,235. Money deposited in commercial banks for this year’s declaration of assets totalled €73,819.52 – with no discernible explanation as to the increase.

Economy Minister Chris Cardona declared three properties in the 2015 declaration of assets, showing four fewer properties than in 2014, which belonged to his wife. His personal holdings remained unchanged while money deposited into his bank account increased by €28,000 – totalling €112,000. His earnings also remained unchanged, which show his Ministerial salary as well as rental income. A loan of €422,165, split between him and his wife, remains.

Finance Minister Edward Scicluna declared an increase of €56,000 in his personal bank accounts, amounting to €579,000 as of December 2015. The remainder of his declaration remained relatively unchanged, barring a €61,000 reduction in “unearned income” of dividends, interest and pension.

Newly appointed Parliamentary Secretary for planning, Deborah Schembri declared that she has €25,000 in cash, and almost as much in the bank as has on loan.

Download the declarations of assets here

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