Chris Cardona – absolutely fascinating to see that he works magic with money
Now this is interesting – Chris ‘Lapdancing’ Cardona’s declaration of assets. With an annual income of €23,430 (which is, surprise surprise, exactly Lm10,000 at the original conversation rate of five years ago) he has somehow managed to acquire a villa in Madliena (at least he’s honest about that and doesn’t call it a ‘residential property in Swieqi’ as Louis Grech does), Fort Mansions in Zabbar (what, the whole thing, or just one flat?) and a tenement in Birkirkara.
And with that same annual income of €23,430, he somehow manages to service a loan of €577,000, which he miraculously managed to acquire on the basis of an annual income of – you’ve got it – €23,430.
Oh, and he also has €60,000 in the bank, because €23,430 a year leaves so much room for manoeuvre after you’ve paid your bills, serviced your loan and maintained your various pieces of real estate that you can actually save some money, too.
ECONOMY MINISTER CHRIS CARDONA
Property: Fort Mansions Żabbar, tenement in Bwieraq Street, Birkirkara, villa in Madliena.
Shares and other investments: 25 per cent Sapmac Co Ltd.
Money in banks: €60,000.
Directorships: Sapmac Ltd.
Income in 2012: €23,430.
Outstanding loans: €577,000
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The most interesting is the declaration of the Minister of Gaffes.
“HOME AFFAIRS MINISTER EMANUEL MALLIA
Property: 25 per cent of an inheritance from parents consisting of rents, ground rents and properties. 19 Windmill Street, Valletta, villa in Sannat, three flats in Msida, property in Msida Seafront, 25 per cent undivided share of land at Burmarrad, 50 per cent share in a property in Romania.
Investment grade bonds: €1,138,909.05
Non-investment grade bonds: €57,406.16
International equities: €15,765.49
Securities: €59,674.57
Money in banks: BOV €203,056.48; €70,000 bank account, €495,000 cash.
BOV Loan: amount to be disclosed later.”
I mean, Euro 495,000 in cash. Half a million. Where does he keep it? Clearly, not in the fridge. Nor in the jerry cans.
And investment grade bonds of Euro 1.1 million. So the Minister of National Security is a millionaire, and he is for the push backs of the immigrants.
He also has a 50% share in a property in Romania. Transilvania?
Bunch of liars and crooks, the whole bloody lot.
Hopefully he will work similar miracles with Malta’s economy.
Is he that stupid? A bank loans you your annual salary x 4.
We all have mortgages, and that is the maximum they would lend.
So assuming they lent him the maximum amount, by dividing €577,000 by 4 which is €144,000 we now know what he really told the bank. Incredible.
Far too many assumptions there. You don’t know what collateral he pledged, nor the size of his deposit he placed to secure such loans. Possibly the loans are for properties which he is renting out and therefore they are paying for themselves. I seriously doubt a respectable bank would lend money just based on your say-so of how much you earn, without seeing any paperwork. I would take these declarations with a pinch of salt to be honest – who knows what assets they have on the wives’, childrens’ names etc. or what they may have “forgotten to mention”.
[Daphne – That’s just the point, isn’t it, toni.]
Quite the opposit Toni, if he placed collateral it would have been declared. And no lawyer in Malta earns €3,000 unless he’s really bad.
Compliance Unit, please. How about a sources and application of funds exercise? An investigation is warranted.
No wonder he is Economy Minister then.
Don’t forget his bling Range Rover, bought on that small income.
They made a mockery of the disclosure statements. No one believes them. What a joke.
May be he needs some elbow room here as well.
Income during 2012: Eur23 430. Surely that is his honoraria from parliament. What about his income from his profession? Naturally, left out.
As an MP Chris Cardona earned Eur19,092. Surely a top lawyer like Cardona can make more than Eur4,000 per year.
My goodness, no shares in any lapdancing clubs. Now, THAT’S a surprise. Not even in Deja Vu? Maybe he forgot.
I have a yearly income of €22,500. That, coupled with my husband’s yearly income (less) allowed us to take out a loan of MAXIMUM €190,000 over 34 years, paying €800 a month.
Hallina sur cardona! Taf se tbellahielna li daqshekk biss iddahhal.
Exactly my thoughts. The guy can’t afford to change his pants if he craps them. Miskin.
The loan works out to cost the Minister Euro 27,019 annually based on a 40 year period with a 3.5% interest. How’s he surviving, poor man.