We have to read today’s edition of the South China Morning Post to find out what our government won’t tell us: China’s exact stake in Enemalta – it’s 25%
Things have come to a pretty pass when I have to read the South China Morning Post to find out facts which the Maltese government has refused to divulge (the Chinese stake in Enemalta – turns out they’re buying 25%), or when I’m browsing through Bloomberg Business Week and stumble upon the Maltese prime minister’s “exciting plans to sell citizenship”.
South China Morning Post, Wed, 16 October
CHINA POWER FIRM SHANGHAI ELECTRIC TO TAKE 25pc IN MALTA FIRM ENEMALTA
Shanghai Electric Power planned to invest about €200 million (HK$2.1 billion) in Malta’s state-owned energy provider Enemalta, the island nation’s finance minister, Edward Scicluna, said.
The Chinese company’s acquisition of a 25 per cent stake in Enemalta was “good news” that would help to offset about €800 million in debt that the Maltese government had guaranteed for the utility, Scicluna (pictured) said. The sale would help the government meet its deficit-reduction target, he said.
The companies were negotiating the sale price and a deal was expected to be completed by February, Scicluna said in Luxembourg on Monday before a meeting of euro-area finance ministers.
In the same interview, he confirms that the government is considering raising indirect taxes. Link below.
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http://www.scmp.com/business/companies/article/1332622/china-power-firm-shanghai-electric-take-25pc-malta-firm-enemalta
This EneMalta privitisation deal has turned into the dance of the seven veils. Details are being slipped out slowly to avoid shocking the public.
Can anyone imagine our prime minister telling us in one news conference that 25% of EneMalta is going to be bought by a Chinese power company for €200,000,000 and that EneMalta employees will start servicing Chinese power stations in the Mediterranean region, that they will begin assembling PV panels from parts made in China, that Enemalta’s deputy chairman will be Chinese and that we will be SELLING electricity through the interconnector cable.
I think that people would have been all out against such a deal on all comments-boards and radio phone-ins.
Was the EneMalta Chinese shareholder consulted on the choice of the best offer for the LNG power station? We all know that there was a Chinese bidder who was shortlisted.
Enemalta employees are in for a lot of trouble, I guess.
When was this deal struck? Here’s the answer:
http://www.timesofmalta.com/articles/view/20100411/local/muscat-tours-tianjin-economic-area.302138#.UlxN0CjBX5E
“The Labour Party said that Dr Muscat in his meetings discussed cooperation possibilities in areas such as energy, financial services, tourism and education.”
Energy: the EneMalta ‘deal’
Financial services: the selling of passports.
Education: the teaching of Mandarin to students who hardly know how to write their own language properly.
On tourism we’d better ask Karmenu Vella what he’s up to.
The city/province of Tianjin has a special status in China with its Mayor and Local Government reporting directly to the Polit Bureau in Beijing.
This city/province has a population of over 12 million with a GDP of approximately $150 billion and recorded GDP growth of 16%, way above the national average of 7.5%. This is the entry port for Beijing since the late 18th century. Tianjin is Beijing’s very special `suburb`.
Daphne can you please pass on your email address.
[Daphne – [email protected]]
You’re incorrect about when the deal was struck.
The story in the Times of Malta is a redraft of a DOI press release.
It’s never a good idea to take DOI press releases at face value, especially when they’re about Muscat and more so when they’re about Muscat and China.
Oh what a pickle we are in! Just wondering if they were in their right mind when they made this deal? They are the pimps for the Enemalta employees, who had it good for far too long! (issa naraw kemm ser jdumu jippancjaw u jmorru ghat-te jew part time iehor!)
So why are the Chinese demanding that the position of deputy chairman is theirs with 25%. Just imagine their arrogance and upper hand if they have 49%.
Or are we in for a much bigger surprise when we finally get to read about the full deal in the South China Morning Post?
Wait until we have it in writing from Konrad Mizzi.
He might say that Edward Scicluna was just mentioning a “hypothetical figure.”