The article below confirms that Joe Gaffarena continued to use PN ministers to acquire vast sums
of funds from a bank with little security.
The
article does not mention the bank used. There is only one bank in Malta that
would be prepared to accommodate a person such as Gaffarena. Allegedly that
would be BOV. A partly nationalised bank where the general public is a major
shareholder.
This
system of granting loans and overdrafts using very little collateral has been
going on for decades. Gaffarena benefited in a great way when he was equal
partner in the Daewoo dealership with Joseph Mary Scicluna.
During
those years Gaffarena had ex minister and former EU Commissioner John Dalli to
help him in corrupt practices like this. It looks like that after Dalli went to
Brussels Gaffarena found another PN minister to act as Mr. Fixit on his behalf.
The
loans and overdraft facilities granted to Gaffarena and Scicluna amounted to
approximately €38 million. It would be interesting to find out how large the facility was that was granted this time. It is in the public interest to know how many other cases
like this the bank was foolish enough to allow these corrupt practices to
continue.
Will
anyone be held accountable?
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