It is not the Government's obligation to honour private sector Bonds, PL MP Edward Zammit Lewis said.

While not stating it, this was in reference to the Manoel Island situation.

On Sunday, Prime Minister Robert Abela said that he received two requests regarding Manoel Island. "On one side you have the 29,000 people who signed a petition requesting that Manoel Island to be turned into a national heritage park, on the other 5,000 Maltese and Gozitans who are shareholders and bondholders in the project," he said. He said a bond issue had been issued and people from Malta and Gozo invested in the project.

Zammit Lewis, posting on Facebook, said: "While I can understand the concerns those who acquired Bonds from private entities may have, it is certainly not the Government's obligation to honour these Bonds or provide any additional guarantees. In advanced countries with established regulatory frameworks, this is how such matters function."

"It is good to listen to everyone, but if we go down this route, it will create a dangerous precedent for every entity that has ever issued Bonds. It is the obligation of the private entity that issued the Bonds, in accordance with the prospectus-a public document-to fulfill, based on the properties outlined therein and commitments it had assumed. The Government's obligation is to implement its policies and manifesto, such as environmental policy, for the common good," Zammit Lewis said.

"There is no doubt that the time has come for an extensive review of how these Bonds are being issued by our regulatory entities, to better protect our citizens-many of whom invest their life savings."

"I am pleased that PL President Alex Sciberras has now taken up this issue as well, and I look forward to the debate on this subject within the Party's structures," he said. PL President Sciberras had signed the Manoel Island petition and called for a discussion about Manoel Island.

Zammit Lewis said: "I will be there to persuade all my colleagues in the Group and the Executive who form part of the same group that this is the best way forward."