The CEO of the Malta Investment Management Company Ltd (MIMCOL) and of Malta Government Investments Ltd (MGI), Vince Mifsud, has resigned after claiming that he was being kept "completely in the dark" about administrative matters in both companies, according to a letter made public today.
The letter, which was sent to the Auditor General, was also copied to the Public Accounts Committee and presented in today's sitting.
Mr Mifsud tendered his resignation on 25 June, the same day when it was revealed that MIMCOL official Karl Cutajar - an 18-year-old who happens to be the nephew of the chief of staff of Economy Minister Chris Cardona - was made director, company secretary, legal secretary and judicial representative of government security company Fort Security Services.
Mr Cutajar ended up resigning days later, claiming "political victimisation," but remains at MIMCOL.
In his letter, Mr Mifsud said that the reasons behind his resignation made it prudent to bring it to the attention of the Auditor General.
"Over the past two years, I was precluded from involving myself in all spheres of responsibility falling under MIMCOL and MGI which, I believe, is part and parcel of the work of a CEO," he said.
"In particular, I was specifically asked to concentrate purely on operational matters and to disassociate myself completely from matters of an administrative nature. This naturally meant that I was kept completely in the dark about administrative matters while still expected to retain my position as a CEO.
"I felt that this was not a state of affairs that I was prepared to accept," he continued, adding that after two years of "unsuccessfully trying to assert myself as a CEO, I have decided to terminate my contract."
"It was a particularly difficult decision given my very generous remunerative package but it was a minefield that I was not willing to continue treading."
On receipt of the letter, PAC chairman Tonio Fenech said that he was shocked by the contents of the letter, before reading it out.
Auditor General Anthony Mifsud confirmed that he received the letter, but said that based on the advice received, the issue appeared to be of a political nature and did not appear to fall under his office's remit.
Government MP Charles Mangion said that he believed that the NAO used good judgment in this case, noting that when the current Malta Enterprise chairman Mario Vella had complained, during the previous legislature, that he was being effectively left alone in a room, the office similarly felt it was not its remit.