Ah, those 'Russian' timber carriers
Is this some kind of joke? I can’t believe we’re still talking about those infamous timber carriers which, if I remember correctly, were ordered by the USSR when Malta still had a Labour government. Somebody, please tell me I’m wrong and that they’re not the sames ones. The newspaper didn’t give the back-story.
The Times, Wednesday, 8th October 2008
US$9m for Russian timber carriers
Out of a total sum of US$32.9m due for the timber carriers constructed at Malta Shipbuilding, including interest and administrative expenses, the government received the sum of US$9 million as a full and final settlement.Answering a parliamentary question by Carmelo Abela (MLP), Finance Minister Tonio Fenech said the sum was the end result of long negotiations between the government and Sudoimport, during which the government was assisted by Deutsche Bank which was factoring the company’s debts.The sum of US$9 million was established after deducting penalties due because of the late deliveries, as well the payment of Deutsche Bank in compensation for its factoring services.
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Daphne, yes these are the same timber carriers . The Russians reneged on payments and Malta Shipbuiding lost out. Another relic of the Mintoff era . At least, we got something for them. The real winners here were the Russians, and Deutsche Bank, who made a handsome profit from the factoring.
[Daphne – What a pathetic saga. And what’s more pathetic is that this matter is still being discussed in parliament what, 25 years later?]
probably the amount due was reduced substantially by the charges imposed by the bank – poor sods, they have to make a living too!!
Quite correct they were built at Marsa by Malta Shipbuilding Yard, Mintoff’s big “white elephant”. The employees had been transferred from the Main Yard and 200 14/15-year-old lads (some who could not read or write) were taken on as intermediate trade trainees.
[Daphne – And according to some staunch Labourites lurking on this blog unheard and unseen – but nonetheless very present – those were the golden years.]
Maybe Russia can be Joey’s next overseas trip…
[Daphne – That’s one place where a silver dress won’t look ta’ cacu.]
You are right. They are. I know for sure because at that time I was Board Secretary to Malta Shipbuilding Co Ltd.
We were expected to build these vessels with resources that left much to be desired (inefficiency, inexperience, very low productivity). The Client kept on inventing problems to ensure that we would always seem to be in default. This was just a political contract and nothing else
[Daphne – So the USSR bought them without wanting them and with no intention of paying for them, and Malta tried to build them without knowing how. Fabulous. Where’s that Victor Laiviera again?]
Look at it this way. If it was your money, would you ever give up? I certainly wouldn’t.
[Daphne – Read Maurice Caruana’s comment.This is the USSR and Malta Socjalista we’re talking about. Neither party was using its own money, hence all the playing around.]
I am no staunch Labourite. Its just that I believe in left-wing politics as advocated by Social-Democrat parties in Europe and the Democrats in the USA. I also firmly believe that this country needs a change. But I am no fanatic. I have no ties to any party. As we say in maltese “Hadd ma jgibhieli shuna”.
I have one question in my mind tonight: Where the heck is Joseph Muscat? He was last seen boarding a plane to Libya. Any idea what has become of him?
This week two very important items came up in ministerial statements in parliament: immigration and the financial crises. Joseph Muscat was absent for both occasions. When these would have been golden opportunites for him to etablish leadership in the House. Yet he was not there. A THREE day visit to Libya? What is going on?
Well, i am zaqqi f’fommi. I am actually surprised Daphne has not brought this up.
Yes, I feel disappointed.
[Daphne – Hi Albert. You’re right. I’m already slipping into taking for granted Muscat’s cavalier attitude towards his role. First he hangs around for months refusing to resign his MEP’s seat and leaves the situation in limbo. Then, the moment parliament opens and he takes his seat in the house as leader of the opposition, he pops off to Libya and is absent for the first debates. He should have been right in there with a bang, but the man has no idea and nor do his ridiculous ta’ wara l-muntanji advisers. As though the Libya trip couldn’t have waited.]
RE above, just heard this morning news and he has been going around in Libya quite a bit – energy talks, being invited to congress or whatever with all Libyan personnel being present – gee waiting eagerly to see all the photos. Guess they will be doing all the rounds in various Kazini socjalisti all over Malta – What did
Michelle wear over there? was she all wrapped up in silver? or in green? cant wait to see and read about it!!
Albert Farrugia: He was busy talking to senior officials in Libya about oil exploration and immigration and setting up committees that will make proposals to Malta’s government – if they agree on anything, that is.
Oh and he thanked Mintoff for his continuing interest in Muscat’s visit and gave a press conference in which he announced the imminent publication of the MLP’s technical analysis of the new utility rates.
Let’s hope it won’t take five years of hindsight to get that done.
What about the RJ Avroliners which Air Malta lost its bottom off? I think we sold them to some African country for peanuts too. Every government, blue or red makes mistakes.
Depends on the size of the mistakes, Gerald. Bet you a coffee that the RJA losses were less than the cost overrun in one Bugibba project I know of.
Where was Joseph when serious matters were being discussed in Parliament? Who cares? As if Joseph had any answers.Besides he may have agreed to let Alfred take his place since the latter was so preoccupied with his ‘confidential’ e-mails which may have been hacked.
Makes me wonder sometimes whether poor Joseph is on probation and Alfie still standing by in case Joseph’s report card earns him an ‘F’