Energy Minister Konrad Mizzi has not revealed who the board of trustees for his trust in New Zealand are, and said they were appointed by his advisors.
The minister was grilled by the press directly after he was appointed deputy leader of the Labour Party. He was not contested for the post, obtaining 96.6% of the votes cast.
The Board, he said, will have control over all the assets in the Panama company. "I'm putting my money and assets into a trust and will give the trustees the parameters as to what to do with them and they will manage the trust and assets on my behalf".
Asked for the name of the Panama company, the minister could not answer and said he did not know it off hand.
Asked why he chose to purchase a company in Panama, a well-known tax haven, he said that he always declared his assets. "Together with my wife, we wanted to ensure we had the best possible family planning and we chose to set up a trust in New Zealand".
He said New Zealand is a very safe jurisdiction for trusts. "We have to protect our assets and our estate management. The trust was set up in summer 2015 and the Panama company was bought on advice from my financial planners".
"I took the company over in summer 2015, and it is a shell company".
"There was nothing in the company and there is nothing in it currently. Allegations that I have undeclared accounts are false. In the coming years I will populate it with my assets".
"It's a legitimate decision and I have a right to manage my assets".
He said that a statement on the Trust and one on the company will be given on a yearly basis.
Asked whether he is conscious of the fact that Panama is blacklisted by the European Commission, he said that he will pay all taxes. The Minister then asked whether any PN MPs have trusts. "What I can say for sure is that I will be the one who declare it in Parliament at the first opportunity and I will, year on year, provide a statement on it so it can be verified and audited".
He said that he is the settlor and the protector, while his wife and his two kids are the beneficiaries. The company is owned by the Trust.
Asked if he would consider relocating the trust to Malta, he said no. "I set it up to use it and as long as I provide full disclosure I don't have to apologise. It is my money and property which I worked for".
Asked how he feels about being associated with a tax haven, he said is not being associated with a tax haven. "I have a trust in New Zealand and there will be full disclosure. You can view my declarations in Parliament and see any movement in the trust".