Why the government’s deal with Silvio Debono is corrupt

The succinct piece below was posted on the comments-board, but it deserves more attention. The person who wrote works for one of Malta’s larger groups of companies with interests in the sector – and he is the first person who has cut to the chase in this endless debate.

This is exactly what the Opposition should have been saying from the outset, but didn’t. And now we know why. Thank heavens that particular boil has been lanced and now they can begin saying it – hopefully after lancing that other boil, Mario Demarco, and demanding that Francis Zammit Dimech stops consulting for that crook.

More stories are set to break tomorrow on this website, which makes their position in Debono’s fold completely untenable. My advice to them is this: ring him first thing in the morning and sever all ties. And Mario Demarco should tell his close aide, Peter Portelli, to stop working for Debono too. Because we can’t have Demarco saying he’s resigned the brief when his aide carries on doing ‘marketing consultancy’ for him.

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Posted by Leli

The St George’s Bay project could be done by anyone. Here’s how it works out. The government ‘sells’ the land on the cheap, just €5 million up front and another €10 million as an interest-free loan repayable over seven years.

The government will get the remaining €40 million mostly from third parties if they opt to redeem ground rent over the next 99 years.

Silvio Debono is taking deposits on apartments and offices. These deposits and the eventual profit on these apartments and offices will fund the entire project.

When all is done, Silvio Debono – for he is the sole shareholder – will own a hotel, a car park, a casino and 50% of a shopping mall without having invested one euro, because the profit from the sale of apartments and offices is enough to fund all the rest.

This is why the deal is corrupt.