UPDATED/The Franciscan nuns and Fort Cambridge bonds

Alfred Mifsud has sent in the following statement:

Reference your (above) post I hereby categorically deny that my sister in her capacity as Mother Superior has ever sought my financial advice related to any Community investments and certainly not about the Fort Cambridge bonds.

I also deny that I ever charged any fees or received any rebates related to fees for services given to the developers of Fort Cambridge.

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I have just read this story, which is missing a crucial piece of information.

In 2007, when the Franciscan nuns invested in bonds issued by GAP Developments for the construction of the Fort Cambridge block of flats, their Mother Superior was Alfred Mifsud’s sister (he is today deputy governor of the Central Bank). And Mifsud, at the time, was a consultant to GAP Developments. That is why he owns two flats at Fort Cambridge: part of the payment for them was written off in lieu of his fees.

One doesn’t wish to suggest anything untoward, of course, but the connection has to be flagged up. I think the most obvious explanation is that Mifsud persuaded his sister the Mother Superior that they would be a good investment. And the nun trusted her brother’s advice because, rather that despite the fact that, he worked for the Fort Cambridge developers.

This one is no Mother Superior