Tonio Fenech received €5000 from George Farrugia - Evarist Bartolo
Labour's Financial Administrator, Joe Cordina, is a directly responsible for Aikon ltd, the Minister for Finance, the Economy and Investment, Tonio Fenech, has claimed.
Aikon Services Ltd is directly controlled by Intershore Fiduciary Ltd, the Minister said, adding that Intershore was the sole shareholder.
The three shareholders of Intershore are Charles Xerri, Dr Martin Fenech and Joe Cordina, the Minister argued, making them directly responsible for the commissions Aikon received from Trafigura.
Joe Cordina is also a Director in all the Labour's companies, the Minister said, including MLP holdings ltd, Sound and Vision and Consultancy and Research Ltd.
Martin Fenech is a member of the Nationalist Party, however Secretary General of the PN Paul Borg Olivier would not verify whether or not he would be removed from the party.
Aikon was named as the company which received commissions on oil purchases for Enemalta.
Finance Minister Tonio Fenech said that Aikon, which was receiving commissions on oil purchases made from companies Trafigura, was receiving commissions in New York in a bank named Wachovia.
Minister Fenech said that Aikon has a history of changing names starting with the name MO Ltd in Oct 2002, to Petrotek Ltd in July 2004 to Aikon Ltd in August 2004, but it was always administered by Intershore Ltd.
“Intershore Fiduciary Services Ltd. was the sole shareholder and director, had judicial representation and legal representative of Aikon between 2004 and January 2011. Charles Scerri, Dr Martin Fenech and Joe Cordina are the shareholders and directors of Intershore Fiduciary Services Ltd. Mr Cordina is the financial administrator of the Labour Party and also involved in Labour’s companies,” Mr Fenech explained. He added that Joe Cordina is someone with his hands in the highest echelons of the Labour Party, and not just some low-lying member.
Speaking about the attempted frame-up of the PN being responsible for the commissions, the Minister expressed his disgust at the whole incident.
From documents which were released, including nominations of Directors as well as shareholder briefs, it clearly shows that the people who run Intershore knew exactly what they were doing, the Minister explained.
Minister for Foreign Affairs Francis Zammit Dimech said that since the company has assumed responsibility for Aikon, the Director is personally responsible for everything which occurs within its subsidiary company.
The Minister stated that he is sure that the Labour Party is far more involved than is currently known, adding that this further emphasised what goes on in the party’s fourth floor.
When asked about Martin Fenech, the Minister stated that the police will investigate all three Directors equally, emphasising that Joe Cordina is the one person who has the closest ties with a political party.
Minister for Finance, the Economy and Investment Tonio Fenech received a €5000 gift from George Farrugia, PL candidate Evarist Bartolo has stated.
The PL did not receive any of its funds from the people related to this case, the PL candidate continued, adding that the scandal will continue to rise and reach the highest echelons of the PN Government.
Evarist Bartolo explained that everytime someone is taken to court, the PN decide to hold a press conference which attempts to change the topic completely.
PL candidate Chris Cardona said that all the agreements with Trafigura were signed by George Farrugia, adding that the people should keep this in mind.
This was in response to the revelations earlier today where PL Financial Administrator Joe Cordina was allegedly in charge of Aikon Ltd, through being one of three Directors of Intershore Fiduciary Ltd,
A statement will shortly be sent by Joe Cordina which will state that his involvement does not in anyway similar to what Minister Fenech alleged earlier.
Dr Bartolo explained that Charles Xerri released a statement in the media that he is surprised by the statement made by Minister Fenech and Chris Cordina is positive that all three Intershore Directors did not take any funds from the company.
Mr Bartolo argued that if responsibility is to be pinned on fiduciary companies, then David Gonzi’s role in SIB Ltd must be answered for. SIB Ltd was a company set up by the officials of the Salvatore Maugeri Foundation, who were investigated for money laundering.
Reports have surfaced that PL candidate Joe Cordina has submitted his resignation from the election and is awaiting for the PL to accept.
In a press conference at the PL Headquarters, PL candidate Evarist Bartolo said that the party will likely be accepting his resignation, however this is not related to whether he is guilty or not.