Grimaldi Group managing director Emanuele Grimaldi has told Lloyd’s List he has no intention of purchasing Sea Malta’ s main vessel at a controversially increased valuation, adding that if the Maltese company could find a buyer at that price it should seize the opportunity.

Interviewed at the company’s Naples headquarters by John McLaughlin, Mr Grimaldi said he firmly expected the long-delayed acquisition of Malta’ s national carrier to go through despite the political sensitivity of the takeover and the latest dispute over the Maltese Falcon.

But he conceded that the revaluation of the ship, a 1978-built, 556 TEU ro-ro, did present a potential obstacle to progress. At issue is a revaluation of the vessel in June, estimating its worth at e5.5m. This was around e1.1m more than previous estimates on the basis of which the Maltese government’s privatisation unit had held discussions with Grimaldi.

Not only that, government officials claim that Sea Malta executives did not inform them of the higher valuation until after they had signed a memorandum of understanding with the Neapolitan company. An embarrassed government has promised an investigation of the revaluation, which also helped Sea Malta to show a profit for the 2004-05 year where it would otherwise have recorded a loss.

Former Sea Malta chairwoman Marlene Mizzi, who quit her post in summer, has denied suggestions that she withheld information from the government.

Mr Grimaldi said three separate valuations of the ships had been both close and fair. “If they think they can get more elsewhere, they should find a buyer and take the money,” he told Mr McLaughlin.

“I am ready not to take the ship.” He also expressed concern at the manner of the vessel’ s revaluation.

“This is very serious,” he said. “Under many jurisdictions, it is impossible simply to increase the value of an asset like this, or to improve a company’ s net worth by increasing the value of a ship on the basis of a piece of paper from a broker.”

As for Sea Malta’ s second vessel, the 35-year old, 3,633 gt Zebbug , he told the paper Sea Malta should not spend money on refurbishing it.

“I would sell it for scrap,” he declared. “You can run the business without it. Sea Malta was a good brand with a good name and Grimaldi is ready to invest.” He remained optimistic that the deal would go through.

“I think it will occur because it makes so much sense for them,” he said, adding that Grimaldi had a long-standing commitment to Malta. “We were trading to Malta before the existence of Sea Malta,” he said. “We are very committed to the service. We have many customers. And we feel it can develop. Malta would also benefit from a connection to Grimaldi’ s widening network of Mediterranean services.”