Economy Minister’s company last filed accounts with the MFSA eight years ago

SAPMAC Ltd, in which the Minister for the Economy has a 25% shareholding, last filed accounts with the Malta Financial Services Authority Companies Registry in 2008. The company was incorporated in 2004, but filed accounts for publication only in 2006, 2007 and 2008.

Clearly, the Minister for the Economy is leading by example while also protecting at least some of his assets from scrutiny.

The other shareholders in the company are the Minister’s chief of staff, Mario Azzopardi, the Old Labour construction magnate Carmelo Penza, and a relative of the chief of staff, called Stuart Azzopardi. They each have 25%.

The Economy Minister, Chris Cardona, with his chief of staff, Mario Azzopardi, who is also his long-time business partner.