Konrad Mizzi/Joseph Muscat agree to buy Electrogas power station from owners in case of European Commission veto

The Malta Independent reports today that the secret deal – contracts remain unpublished – between the government led by Konrad Mizzi and Joseph Muscat and the directors of Electrogas Malta Ltd includes the proviso that the government of Malta will buy 100% of the shares in Electrogas if the European Commission vetoes the security of supply agreement.

This is beyond corrupt and crazy. So first we discover months ago that the government has stood as guarantor for €360 million of Electrogas Malta’s massive debts and bank loans. And today we discover, as though this were not shocking enough, that the government has also agreed to BUY THE WHOLE OF ELECTROGAS MALTA ITSELF AND THE POWER STATION if the European Commission vetoes the proposed security of supply agreement.

In other words, Konrad Mizzi and Joseph Muscat, who made such a fanfare about “saving Enemalta Corporation” and “bringing in Chinese investment” by selling the power stations and a large chunk of Enemalta itself to the Chinese government, have now CONTRACTED TO BUY THE NEW ELECTROGAS POWER STATION IF ELECTROGAS CAN’T GET ITS ACT TOGETHER.

Far from being “costed, concrete and doable”, as that big-talking fantasist with the crap house in Blackheath said before the general election, it was just one giant corruption-machine: a corrupt arrangement with the Maltese shareholders before the general election, a corrupt arrangement with the Chinese on the other hand, and a corrupt way of populating their Panama and BVI companies with assets.

This is beyond disgusting. It is Third World corruption – which explains exactly why the original shareholder was Third-World operator Gasol, already technically bankrupt when it signed its agreement with the corrupt Labour government of Malta, and since forced to hand on its shares.