The Malta Independent 23 February 2020, Sunday

Nexia BT's Brian Tonna owns British Virgin Islands company SPX Services Ltd

Kevin Schembri Orland Saturday, 21 May 2016, 09:12 Last update: about 5 years ago

This newsroom can now confirm that SPX Services Ltd, a company in the BVI, belongs to Nexia BT’s Brian Tonna. The new information comes to light after The Malta Independent became an official partner of the International Consortium of Investigative Journalists and the German newspaper Suddeutsche Zeitung and gained full access to the full set of the Panama Papers.

After finding mention of Mr Tonna as being the beneficial owner of the company, this newsroom contacted him and received confirmation. He was also asked whether tax was being paid on the company, to which he said yes, however he failed to respond to the second part of the question, relating to where taxes were being paid.

Nexia BT is the intermediary used by OPM Chief of Staff Keith Schembri and Minister Konrad Mizzi to acquire their Panama companies. Recently,  BT International, owned by Nexia BT, transferred its former entire shareholding in the Malta branch of Mossack Fonseca to M.F. Private Holdings Ltd based in Nassau in the Bahamas and Mossfon Holdings Ltd in Georgetown Grand Cayman.

According to documents within the Panama Papers, SPX Services Ltd had €306,349 listed as investments in 2014, up from €242,289 in 2013. These same amounts (less €1) were listed under the following heading: “Creditors: amounts falling due after more than one year” thus meaning that a €1 in Net Assets for 2014 was registered, the same for 2013. In 2014, the company made a profit of €36,671, up from a €6,012 profit in 2013. Mr Tonna was asked to explain these investments, and details on the use of the company, however he chose not to reply to those queries.

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