Comments on: Corrupt accountant Brian Tonna set up ‘projects’ company in January

By: A Attard

A Attard — Thu, 19 May 2016 21:34:00 +0000

In reply to Jools Seizure. Thanks. That is a professional clarification.

By: Jools Seizure

Jools Seizure — Thu, 19 May 2016 20:41:00 +0000

Shares are divided in different classes because different rights are attributed to them. For example, if the shareholders want to split ownership from control they could allocated all the shareholding (bar one) among themselves. Those could be, say, “A” shares and they would be the owners holding virtually all the shares but may have no voting rights. The single “B” share might have little ownership but would have voting rights giving the “B” shareholder almost total control. I am not saying that this is the case because I have no idea what is included in the Articles of Association but when there are different classes of shares it is usually for this and similar reasons.

By: pronoia

pronoia — Thu, 19 May 2016 17:34:00 +0000

Could it be related to projects related to European funding? What other projects are they aiming for?

By: Daphne Caruana Galizia

Daphne Caruana Galizia — Thu, 19 May 2016 16:25:00 +0000

I don’t understand your reference to the 1 Class B share. That is there simply to satisfy a requirement of incorporation.

By: Daphne Caruana Galizia

Daphne Caruana Galizia — Thu, 19 May 2016 15:53:00 +0000

In reply to toni abela. He can lose his warrant.

By: toni abela

toni abela — Thu, 19 May 2016 15:05:00 +0000

In reply to Daphne Caruana Galizia. So what exactly is Brian Tonna liable for in terms of an eventual investigation? Or he too is simply assisting the criminals without being a criminal himself?

By: Daphne Caruana Galizia

Daphne Caruana Galizia — Thu, 19 May 2016 13:38:00 +0000

The structure of a basic limited liability company is not “a financial issue” but simple general knowledge which everybody should have, like knowing how to drive a car.

Limited liability companies have shareholders, directors, a secretary (not the sort who types and takes telephone calls), an auditor (not part of the company), and a designated legal representative and judicial representative (these are the ones who are legally empowered to represent the company in dealings and in legal proceedings.

The shareholder can be another company, as in this case. So to find the UBO (the ultimate owner of the company), you have to track back through the shareholders until you find an actual person.

What is significant about Nexia BT Projects Ltd is that it was set up at all, last January. Nexia BT is a consulting firm and does not carry out ‘projects’ – but clearly, it has plans under Muscat’s government.