Nationalist spokesperson for financial services Kristy Debono made an appeal for the allegations made against Alfred Mifsud, who is set to fill the role of governor for the Central Bank on 1 July, to be investigated properly.
Her comments were made this evening in Parliament during the second reading of a law which deals with the accountability and transparency within the accounting profession.
Journalist Daphne Caruana Galizia stated on her blog that Mr Mifsud, who was chairman of the Labour Party radio and television station for a number of years, had received payments from tobacco company Phillip Morris in order to take over “backroom dealings” with former health commissioner John Dalli.
She also alleged that Mr Mifsud had received payments from a major supplier while he was chairman of Mid Med bank.
Mrs Debono cautioned for a serious and professional attitude to be taken when allegations such as this surface, especially in view of the heavy involvement of no-portfolio Minister Konrad Mizzi and the Prime Minister’s chief of staff Keith Schembri in the Panama Papers scandal. Both were found to have a company each in the financially secretive jurisdiction of Panama sheltered by a trust registered in New Zealand.
She pointed out that the European Parliament, who is investigating the scandal, is likely to call on Dr Mizzi to provide answers. She reminded the House that Malta was the only EU country with an active minister implicated in the scandal.
Mrs Debono also pointed out that Mr Mifsud is not only going to be appointed to an important position, but he is also going to represent Malta on an international level, through the government board of EU central banks.
She said that after a spotlight was shone on Malta as a result of Dr Mizzi and Mr Schembri’s involvement in the Panama scandal, having another spotlight shone on Malta due to another financial services irregularity would be extremely detrimental for the industry which has been so successful.
Finance Minister Edward Scicluna was praised by the Nationalist MP for his words of warning to Prime Minister Joseph Muscat at the height of the Panama Papers scandal, when he cautioned that Dr Muscat needs to take some very tough decisions. She urged Professor Scicluna to continue on that line and see to an investigation.
“Normality and stability” are essential to ensure the continuation of Malta’s success within the financial services sector. She said that the sector has been anything but normal or stable of late, and warned that Malta is “yet again seriously risking” such a lucrative section.
Mrs Debono said that it is not enough for somebody to be appointed to such an important role to simply reject the story over the phone, and reiterated that Malta’s reputation and perception of professionalism is of paramount importance.