The Labour Party’s auditor is one of the new government appointments to the Bank of Valletta board of directors
When the Labour Party published its accounts a few days ago, it came as no surprise to me that they were audited by RSM (Malta). RSM’s managing partner is Deo Scerri, who has just been made the government’s representative on the board of Bank of Valletta.
Scerri’s appointment went more or less unnoticed, largely because the name doesn’t ring a bell with people and also because it was completely overshadowed by the concomitant appointment of John Cassar White as chairman of the same bank, the fact that the incumbent chairman was not formally notified, and the failure of the bank itself (because it wasn’t notified of the removal of its chairman and his replacement by another) to issue the mandatory notice to the Stock Exchange and go through the approval formalities with the Malta Financial Services Authority.
So what we have here is a situation where the Labour government has appointed the Labour Party’s auditor to the board of Malta’s major bank.
This is no longer a straightforward ‘so much for Malta Taghna Lkoll’ issue.
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From this appointment, your readers can imagine how independent the Labour Party’s auditor is from the Labour Party. So independent in fact, that the Labour Party appoints the main partner of its auditor to a board of a public bank.
And therefore how can the Labour Party be taken credibly when it publishes its “audited financials”?
http://www.timesofmalta.com/articles/view/20130428/local/Labour-reveals-that-it-is-3-3-million-in-the-black.467466
With this rate of appointments, I am sure that Joseph will end up appointing his father on the Explosives Committee.
Hbieb tal-hbieb-tal-hbieb-tal-hbieb. Viva Malta taghna lkoll!
During the next five years, one should monitor the advisory work done by RSM (Malta) with this government. The same with Grant Thornton, Mario Vella’s stomping-ground.
I cannot understand the surprise! Was all this not expected? If the people appointed were competent, then Malta will benefit – but are they?