Murder on the Malta Express by Carlo Bonini & Manuel Delia & John Sweeney

Author:Carlo Bonini & Manuel Delia & John Sweeney [Bonini, Carlo & Delia, Manuel & Sweeney, John]
Language: eng
Format: epub
Publisher: Silvertail Books
Published: 2019-11-08T05:00:00+00:00

The answer to the question would explain why an Azerbaijani national was using a money-laundering engine in Latvia to deposit so much money in a Dubai shell company that, as far as could be determined, did nothing at all, although it also accepted fat payments from a company acting as an intermediary for the purchase of a gas tanker.

In November 2018, the question would be answered. Stephen Grey and Tom Arnold for Reuters and the Daphne Project published a story that named the owner of 17 Black as Yorgen Fenech.

To recap, Yorgen Fenech is one of Malta’s richest men. He is one of the owners of the Electrogas Consortium. He is CEO of GEM Holdings that owns a third of the Electrogas Consortium. He also owns 9.1% of GEM Holdings. He is CEO of the Tumas Group that owns a third of GEM Holdings that owns a third of Electrogas.

Yorgen Fenech is the third boss of the Tumas Fenech family business founded by his grandfather. The business has investments in casinos, property, hotels, entertainment. In Malta, they have fingers in lots of pies. Yorgen Fenech’s rise to power was, people say, at the expense of his cousins who felt they could no longer work with him. The word on the island is that he had something of a Napoleon complex about him. No one is quite sure how much Yorgen Fenech is worth. He’s certainly a multi-millionaire and may indeed be a billionaire. After the cousins left the business, they carved out their share of their grandfather’s legacy and are now competing with Yorgen Fenech and the Fenech brand.

The Electrogas deal was sealed by Konrad Mizzi and Keith Schembri. Secret paperwork for Mizzi’s Panama shell company, Hearnville, and Schembri’s Tillgate, identified 17 Black as the ‘target client’ that would pay millions into their accounts.

The estimated figure that 17 Black and Macbridge – whose true owner is still unknown – would pay Keith Schembri and Konrad Mizzi’s companies was $2 million.

The circle was complete.

Yorgen Fenech personally retained approximately a tenth of the local holding in Electrogas. Why so? Could this tenth actually be destined for someone else, person or persons unknown, outside the consortium? Could it possibly be a continuing bribe? No one knows for sure, but the circumstances are such that the questions hang in the air.

Yorgen Fenech has not denied owning 17 Black. He has not explained why he owns it or what the company does.

The rest of the Tumas Fenech directors and all the other Maltese families holding shares in Electrogas distanced themselves from 17 Black. All shareholders of Electrogas insist they have been contracted to provide energy to Malta on the merits of their bid and not because of corruption. They deny any wrongdoing.

Electrogas denies any wrongdoing.

Yorgen Fenech denies any wrongdoing.

Keith Schembri and Konrad Mizzi deny any wrongdoing.

A magisterial inquiry continues.

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