Speaker finds Tonio Fenech in breach of privilege

Finance Minister Tonio Fenech was found in breach of privilege by the Speaker of the House for accusing Labour MP Evarist Bartolo in parliament of impeding the investigation of the Malta Financial Services Authority into the La Valette multi-manager property fund.

The case now goes for a hearing to the parliamentary committee for privileges.

“Evarist Bartolo was doing his duty when he called on parliament to protect investors. Fenech’s actions just add on to his mistakes and scandals as finance minister. He should resign or be removed by the prime minister, he’s not worthy of occupying the role of a minister,” the Labour party said in a statement.

Bartolo had accused the financial regulator of abdicating its duty in the way it handled the investigations into the property fund. Yesterday, the MFSA fined Bank of Valletta and Valletta Fund Management €350,000 for breaching its investment restrictions. The bank will be appealing the fine.

Bartolo had hit out what he called was a “network of freemasons scratching each other’s backs” when he said the MFSA was not acting on evidence that revealed insider trading.

“There are people who don’t want the MFSA to issue information that will reveal a network of freemasons,” he said of the reports into the investigations being carried out by the MFSA. The regulator is contesting demands to issue the reports to each investor involved in the property fund saga.

Bank of Valletta said it greatly deplored his remarks. “They are both grossly offensive and completely untrue and without foundation,” a BOV spokesperson said.