Tumas Group disassociates itself from Yorgen Fenech

The Tumas Group has disassociated itself from its former CEO Yorgen Fenech who was arrested in connection with the Daphne Caruana Galizia murder.

In a rare statement, five days after Fenech’s fall from grace, the company said the allegations linking Fenech to the murder “are alien to the values that Tumas Group has stood for since its inception and continues to profess”.

The statement was signed by group chairman and chief executive officer, Raymond Fenech, who is Yorgen’s uncle.

Yorgen Fenech resigned all company directorships on 12 November but the paperwork was filed with the Malta Business Registry seven days later, less than 24 hours before he was arrested on his yacht trying to leave Malta.

Tumas Investment 3.75% bond

Tumas Investment 5% bond

The shock development wiped off significant value off two bonds held by Tumas Investment on the Malta Stock Exchange last week and they have not recovered since.

In its statement the group noted “with immense regret the circumstances surrounding Mr Fenech”. 

“The Tumas Group dissociates itself from any actions which are in any manner contrary to law and from any and all individuals who are alleged or proven to be involved in any unlawful actions in connection with recently unfolding events. The group, its management and all of its employees are shocked and deeply saddened by the allegations concerning Mr Fenech,” it said. 

The group insisted it had always meticulously and consistently complied with all of the said laws, regulations and licences.

The company also tried to allay fears among its outside partners: “The Tumas Group reiterates its commitment to all of its stakeholders that it will continue to conduct its business affairs to the highest standards, with priority to the interests of the Group generally and its outside stakeholders and partners as distinct from the interests of its shareholders, and that, accordingly, all efforts will continue to be directed towards safeguarding and upholding the Tumas Group’s long-standing reputation.”