Oil trader and owner of Aikon Ltd. George Farrugia intentionally misled Intershore Fiduciary services, according to documentation posted on Facebook by Labour’s former financial administrator Joe Cordina.

It would appear that Farrugia intentionally hid his New York bank account from Intershore Ltd. It emerges that this account was not opened by Intershore on behalf of Mr Farrugia, but by Mr Farrugia himself unbeknownst to Intershore’s directors.

“Now it is evident that the intention of fraud on the part of Mr George Farrugia against the company auditor and the fiduciary was from the outset. Whereas the invoices issued in respect of regular transactions were channeled through BOV, the others were channeled through Wachovia Bank.”

Mr Cordina categorically denied having any knowledge of Farrugia’s New York account. All legitimate transactions audited by Intershore Ltd. were filtered through Mr Farrugia’s BOV account.

“We performed our due diligence on Mr Farrugia. At that moment he emerged as the managing director of John’s Garage group who is a reputable company and never had any financial problems or issues,” Mr. Cordina said.

“Aikon Ltd was issuing legitimate invoices to its clients and channeling them through Bank of Valletta plc, Lascaris Wharf branch. These were the transactions we and the auditor of the company were aware of.”

Mr Cordina said that Mr. Farrugia’s had fraudulent intentions “from the outset.”

The documentation also shows how Mr Farrugia set up two separate addresses for Aikon Ltd., with one of them being a dud.

“From the documentation presented in court, it resulted that the invoices issued by Mr. Farrugia were purposefully misleading in that the address of the company… We suspect that this was also done purposefully so that any third party who tried to contact the company Aikon Ltd would not be able to do so,” Mr. Cordina said.

Mr Cordina insisted that the allegations being made by Finance Minister Tonio Fenech were done in order to “divert the attention of the media from the real issues to a story without any basis of truth.”