The Malta Independent 8 August 2020, Saturday

PN says €34 million debt claim is ‘completely incorrect’, Net TV close to breaking even

Wednesday, 12 February 2020, 19:23 Last update: about 7 months ago

Debt figures reported by MaltaToday were "completely incorrect," the Nationalist Party said in a statement on Wednesday.

The newspaper said in a front-page report that PN's debt now stands at €34 million.

"Whilst the amount due runs into millions, this amount is far less than the amount being quoted," the party said, without giving the actual figure.

The debt which accumulated over the years has since been reduced year on year following a refinancing plan, the PN said. "To date, all repayments as per agreements are being adhered to and the Party has no financial difficulty to continue to meet its financial obligations."

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Referring to the Cedoli scheme, which was also mentioned in the MaltaToday report, the PN assured "all those who have lent us the money, that the Party has no problems at all in meeting its obligations.  The Cedoli scheme has been a success since day one and the scheme has continued to gather support."

MaltaToday also reported that the PN's television station - Net TV - lost €2 million in 2019, but the PN said this amount is "completely unfounded." 

It said the company that owns the TV station - Media.Link - has gone through a restructuring plan and is "reducing losses each year moving fast towards breaking even."

The party also said that its assets "are more than sufficient to cover all outstanding liabilities."

The MaltaToday article "is clearly just intended to cause damage to the Party as it is based on fiction," the PN said.

 


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