TOP COMMENT/We are expected to believe that he risked his career to place one house in trust

Posted by L. Gatt:

The very fact that he made such a crap statement publicly should be enought for the Prime Minister to demand his resignation.

He said that he set up a trust in New Zealand, to hold shares in a company in Panama, as a parking vehicle for his assets. These assets consist of one flat in Sliema, one house in London (disputed, as it appears to have been sold) 4,000 shares in Malta International Airport and 310,000 euros in the bank (offset by 320,000 euros in bank loans).

If the London house was sold than it would obviously not be included in the trust. If he still owns both house and flat then presumably one is being used as collateral for his largish loan and therefore cannot be placed in the trust.

If he sold the London house and did not extinguish the loan, then surely the Maltese house is mortgaged and cannot be placed in the trust.

Therefore he is practically using a trust and a Panama holding company just to have a Panamanian bank account into which to pay his monthly salary from the government of Malta.

He also boasts that he has a PhD (obtained in 2011) and that he was paid good money by top accounting and finance consultancy firms in London – and that his job involved travel all over the world, presumably giving advice on their behalf.

Yes, right – and he does not know what a trust and a shady holding are for and yet he agreed to proceed with this set up, risking his professional and political career just to secure his salary and at most one house.

Just by the sheer inconsistency and ridiculousness of this statement he should disappear.