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?