Maltese political parties remain in breach of audit rules with impunity

A number of companies belonging to the Labour and Nationalist parties, including both their media wing are still in breach of the Companies Act for failing to submit audited accounts to the MFSA for several consecutive years.

Back in March last year, MaltaToday had reported that eight companies – two owned by the Nationalist Party and seven owned by the Labour Party – had not submitted their accounts, as required by law, with some companies being in default for as long as 12 years.

The law requires companies to keep proper accounting records and to deliver to the companies registrar, on a yearly basis, the annual accounts laid, and the auditors’ and directors’ report.

Asked for an explanation, both parties had said that they were in the process of regularising their position, however according to the companies register, while they have since filed their annual returns, accounts have not been submitted.

This newspaper again reached out to both parties for comment but did not get any closer to an answer.

“The necessary work is underway in order for the Labour Party’s subsidiaries to regularise their position in the shortest time possible,” Labour Party CEO Randolph Debattista told MaltaToday.

“In light of the fact that the process covers a number of years, it also a laborious process.”

Replies from the Nationalist Party were not forthcoming by the time of going to print.