Prime Minister Joseph Muscat this morning repeatedly defended Energy Minister Konrad Mizzi’s company in black-listed Panama by stating that no wrongdoing has taken place.

Panama is a well known tax haven and has also been linked with money laundering.

Asked about whether Dr Mizzi should publish his Ministerial declaration of assets immediately, Dr Muscat said that it will be published at the end of March like that of all other ministers.

Turning to whether Dr Muscat supported investment by private citizens in black-listed companies such as Panama, he avoided the question by stating that Dr Mizzi is within his rights as long as all is declared.

Questioned as to why Panama was chosen, what the name of the company is and when was it acquired remain unanswered, with Dr Muscat stating that he had no information about the company and that all would be revealed soon.

He said that he has no companies in blacklisted countries and that to his knowledge; neither do the other Cabinet ministers. 

Controversy emerged when Dr Mizzi announced that he has a trust registered in New Zealand, and elaborated further by saying that this was done for long-term financial planning. He said that the trust had acquired a shell company, and it later emerged through blogger and Malta Independent columnist Daphne Caruana Galizia that the company is registered in blacklisted Panama.

Panama is known to have high levels of financial secrecy, has been blacklisted by the EU and has also is also known to hold companies used to tax evasion and money laundering purposes.

Dr Mizzi confirmed the existence of the shell company in Panama through comments to this newsroom.

Responding to questions raised by the press, Dr Mizzi said that Panama was chosen upon the advice of his financial consultants, even though Leader of the Opposition Simon Busuttil said that the country is synonymous with fiscal irregularities.

Dr Mizzi maintained that the company holds no assets, liabilities or bank accounts, but was set up in order to manage his family’s assets in the future.

He was yesterday appointed to PL Deputy Leader for Party Affairs after a secret delegate vote took place, where he received 96.6% of the valid votes cast. 

In reaction, the Nationalist Party said Joseph Muscat continues to defend the minister and says he does not know when the Panama company was set up. This is a question that needed to be answered, the PN said.. What is Muscat afraid of? Why is he not answering?, the PN said.