Nexia BT’s turnover increases by millions over the last three years

Nexia BT has seen its turnover increase by millions of euros year on year for “other services rendered” over the last three years since Joseph Muscat became prime minister.

The firm auditing and advisory firm is owned by Brian Tonna, who has a desk in the Office of the Prime Minister and who set up secret companies in Panama and trusts in New Zealand for the Prime Minister’s chief of staff, Keith Schembri (whose business accountant he has been for the last two decades) and for Health and Energy Minister Konrad Mizzi. Tonna also set up a secret company for himself in the British Virgin Islands in June 2013.

Comparisons of Nexia BT’s turnover figures, taken from its publicly available ‘transparency reports’ for the years 2013 (which also contains the figures for 2012), 2014 and 2015 show exponential growth beginning in 2013 that is inexplicable other than by reference to government and state authority contracts and business contracted through government contacts.

Tonna had been running his business for 20 years already when its turnover for 2012 was €1,914,627. But then the turnover for 2013 was €2,834,895, and for 2014 it had increased exponentially to €4,552,170. Turnover for 2015 then reached €6,102,568.

In all years, the remarkable increase in turnover was driven mainly by “other services rendered” and not by auditing fees, which also saw an increase though nothing quite as comparable.

Here are the figures.

NEXIA BT TURNOVER 2012 – €1,914,627
€819,950 audit fees
€1,094,677 other services rendered

NEXIA BT TURNOVER 2013 – €2,834,895
€1,042,779 audit fees
€1,792,116 other services rendered

NEXIA BT TURNOVER 2014 – €4,552,170
€1,271,873 audit fees
€3,280,297 other services rendered

NEXIA BT TURNOVER 2015 – €6,102,568
€1,247,584 audit fees
€4,854,984 other services rendered

The transparency reports can be read here:

Nexia BT Transparency Report 2013

Nexia BT Transparency Report 2014

Nexia BT Transparency Report 2015

Left to right: Brian Tonna, Joseph Muscat, Karl Cini