Nationalist Party leadership contenders should declare their liabilities not just their assets

Published: August 9, 2017 at 12:58pm

People think it’s important that the contenders for the Nationalist Party leadership declare their assets and make that declaration public (and yet, except for Chris Said and Alex Perici Calascione, they have not).

I think it’s far more important that they declare their liabilities – specifically, what they owe to the banks and other creditors.

Nobody is going to blink if they have a home loan or owe the banks a few tens of thousands. But owing millions is a different matter altogether.

I estimate that Adrian Delia and Frank Portelli must owe the banks around €20 million – that’s right, twenty million – between them. Both of them are obliged to come clean on the extent of their debts. And not only that, but they also owe the public an explanation of how they intend to pay back debts on that scale when one of them has no income to speak of (Dr Portelli) but lives off his wife’s earnings, while the other one (Dr Delia) has told the public that he will shed his shareholdings, his law practice and his business interests if he becomes Nationalist Party leader.

How can he shed his business interests if they are burdened by significant debt to the bank? He can’t. Just as he can’t repay the interest, let alone the capital, off the Opposition leader’s unimpressive salary.

This man wants to become Opposition leader and then Prime Minister. He is in duty bound to tell the electorate how much he owes the banks and how he intends to repay it.

This man wants to become Opposition leader and then Prime Minister. He is in duty bound to tell the public exactly how many millions he owes the banks and other creditors, and why he has not filed for bankruptcy given that he has no means of settling his extensive debts which far exceed his known assets.

19 Comments Comment

  1. Stephen Forster says:

    Valid point.

  2. Rosie says:

    Thank you for that. Let’s try to find out if any or both have been paid mysteriously.

  3. Spiderman says:

    Actually ALL MPs should do that (fat chance) – it would make very interesting reading. If done under oath, even better, so if any undeclared business pops up, they can be arrested for perjury. Obviously who objects has something to hide.

    PS – welcome back Daphne. …many people missed you.

  4. Galeforce says:

    And then these two men present themselves as the new brooms which the party and country need to sweep clean and do things in a new way.

    They may have fooled the tesserati who nominated them, but not the kunsilliera, tesserati and eventually, a whole electorate in a general election.

    WICCHOM U L-GHADBA TA’ KASTILJA XORTA (u ara tghid xi haga, Madame, ghax jibdew jibku li qbadtilhom mal-familja u tort tieghek jekk il-partit rega tilef elezzjoni).

  5. J. Borg says:

    Wow! Never thought about this. How right you are!

  6. I trust this man, because he has a nice little ditty there. Any man with such a good, jolly song is to be trusted to run the country.

  7. “Deceleration of assets”

    I LOVE IT.

  8. Josanne Holloway says:

    Two Trojan horses. I bet the Labour Party is just hoping one of them gets through.

  9. Yes, of course – because you can’t understand that some people don’t think of politics in terms of football teams.

    It makes no difference to me whether the prime minister is Adrian Delia, Frank Portelli or Joseph Muscat.

    • FCB says:

      Good for you if it makes no difference…for me and most of us fed up the lack of leadership, cliques and sheer arrogance within the PN it does.

      • That’s obviously because to you the political parties are football teams. “Adrian Delia can make us win” – yes, and then….what?

      • FCB says:

        If obe of the orhers win….then what? If Simon won…then what? Adrian is our man…he can take us out of this black hole! I trust him…and so do most PN supporters!

      • I’m not surprised, given the way you communicate.

        Listen to you: “Adrian can take us out of this black hole”. You’re not even away of the Old Testament thinking. Moses and the 40 years in the desert, the promised land…

        This is a political party/government in the 21st century that we’re talking about, not frigging deliverance.

  10. No, it’s a business debt of many millions. Nothing to do with the house or the children.

    And yes, he and his wife gassing on about their children all the time really get on my nerves. It’s as though they both use their children to somehow validate themselves.

  11. Portelli has roughly twice as much debt as Delia given the available information so far.

  12. You may recall that a couple of years back, Frank’s home was due to be sold by court auction at the request of medical suppliers Charles de Giorgio Ltd. He then asked for a stay of execution and got it. I have no idea what has happened since.

    Frank holds off the judicial auction of the actual hospital building – the land on which it is built is far more valuable than the now-worthless hospital itself – with talk of endless castle-in-the-air deals with one government after another. But it’s only a matter of time before that goes under the hammer too.

    He has no way of paying any kind of debt at all, let alone many millions. He couldn’t (or wouldn’t) even pay a debt of a couple of thousand euros to an IT company, which had to take him to court and still didn’t get paid.

    He has no income at all. They live off his wife’s earnings, and her earnings cannot be seized by creditors because he took the precaution of separating their estates.

  13. Funny how all the Maltese men who can’t stand me are such bitches. Qiskom qabda nisa with nothing to do – are you sure you’re all actually straight?

  14. Not if he bought it before they married. A building isn’t protected just because your wife lives in it too. It would only be protected if it’s in her name, which is why the law does not allow people to transfer property to their spouse – to safeguard against crooks like Frank Portelli piling up millions in debt while transferring his assets to his wife.

    Plenty of people have lost their marital home because of debts – I myself know several personally.

  15. Sowxal says:

    A seven-million-euro-in-the-red breath of fresh air.

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