Monday night’s Public Accounts Committee session was – excuse the pun – jam-packed with allegations, revelations and more.

George Farrugia – who received a presidential pardon to turn state evidence – testified before the committee for an enthralling four hours where the real wheeling and dealing of the oil industry became apparent.

Watching it, you could almost believe that it was some courtroom drama movie – but it wasn’t. It was just one man telling a committee how people were literally buttered up with gifts. Mr Farrugia insisted that the gifts were not made to entice, but to thank Enemalta officials who he had dealings with.

When most people think of gifts, they think a bottle of wine, or whisky, or perhaps a box of nice cigars. But not in this case – here we heard how various officials within Enemalta were given gifts that went into hundreds and thousands of euros. People were given paintings worth over €1,000 and cufflinks just short of that. But to thank them for what? Surely someone on the panel should have asked the question.

Mr Farrugia also admitted to having attended a political activity organized on behalf of Austin Gatt and said he donated €2,000 – but without ulterior motives. He also refers to an infamous email exchange where he said that “AG” and “Aust” are direct references to former Minister Austin Gatt.  But at the same, he said that there might have been an element of bluff in his exchanges. Mr Farrugia is what he is – a ruthless oil trader – and it cannot be excluded that he exaggerated about Dr Gatt. But at the same time, there is no smoke without fire – the adage usually holds true.

It seems that Mr Farrugia is giving disclosure, but is also trying to minimize the damage to himself and although a lot of information is coming out of the sessions, it seems that other information has yet to emerge.

It also emerged, according to Mr Farrugia, that current Home Affairs Minister Manwel Mallia was aware of his illegal practices, because he was legal representative to his siblings, who had fallen out with him, claiming that he was siphoning off company funds.

Oh yes, there seems to be a lot more that yet needs to come out. It is useless questioning who was in government and whether ministers were involved. The fact of the matter is that corrupt traders engaged in corrupt practices with corrupt officials at Enemalta. Of course, if a government minister is suspected of something illegal, then they too should be made to answer. But the fact of the matter remains to be that the corruption was most rife directly in the corridors of Enemalta and the way the traders abused to system. The longer we dig, the more we will find and the more will come to light. While corruption is to be fought at all levels, it seems that the words of Wallstreet character Gordon Gecko ring true: “Greed is good”. All over the world, the lines have become blurred, and Malta is no exception. The fine line between negotiating skills and outright corruption is often crossed. How this whole stink was revealed is not relevant. What is relevant, however, is that corruption needs to be tackled and stamped out – it is becoming very clear that it was all spiraling out of control.