No, Prime Minister, you know very well that it wasn’t a sale

Joseph Muscat said several times on Xarabank – the usual Labour business of telling lies and half-truths to what they considers their intellectual inferiors – that the document-text published earlier tonight is some form of transfer of ownership.

To drive home this false point, he used the verb ‘bieghuha’ (they sold it).

But the Prime Minister should know that a declaration of trust is not a transfer of ownership (sale). It is a declaration by the person or persons who holds assets on behalf of a beneficiary, who, based on that declaration, can claim the benefit.

There could be multiple tier – A holds for B,who in turn holds for C and so on – which is actually a textbook money-laundering structure.