The Partit Demokratiku this morning called on Prime Minister Joseph Muscat to explain the purchase of Lombard Bank shares with the use of IIP funds without the shares being out up for sale on the Stock Exchange.

The request was made in a letter PD MPs Godfrey Farrugia and Marlene Farrugia sent to the Prime Minister. The asked him to explain via a ministerial statement on Tuesday, the first time Parliament will convene.

The PD said that there is concern about the way the transfer of shares was made without the knowledge of Parliament.

PN demands transparency

The Nationalist Party said it demanded transparency on the purchase of Lombard Bank shares on the part of the government, using money raised from the IIP. It is the same position the party took when a similar transaction took place with regard to Bank of Valletta shares.

The PN had then declared that the transaction went against the law.

The PN, through its spokespersons Mario de Marco and Kristy Debono, said that the government should consult with the sector before taking such decisions.