Intershore directors deny involvement in oil procurement scandal

Company directors Martin Fenech, Charles Scerri and Joe Cordina have denied that monies related with the buying or selling of oil ever passed through Intershore Fiduciary Services Ltd.

"We are categorically and solemnly declaring that no monies in connection to the buying or selling of oil ever entered the bank account of our company," Fenech, Scerri and Cordina said.

In a statement issued late this evening, the three directors expressed their disappointment at how their company "was being used by the Nationalist Party" insisting that at no point, directly or indirectly, their company was ever involved in the oil corruption scandal.

"The role of our company is to exercise fiduciary services as licenced by the Malta Financial and Services Authority. Intershore provides these services to several entities: Aikon Ltd was just one of these clients," the directors said.

The directors also published the income of Aikon Ltd between 2003 and 2008:

-       2003: Lm11,071

-       2004: Lm19,461

-       2005: Lm56,498

-       2006: Lm23,892

-       2007: Lm21.326

-       2008: €24,625

"From these relatively small sales amounts it is clear that there was nothing which should have given rise to suspicions in George Farrugia or in his commercial activities," they said.

The directors added that at no point were they summoned by the tax department or the MFSA or any other government entity.

"In other words, the alleged commissions in the large amounts as they are being mentioned were never declared to the fiduciary company or the auditors. Moreover, since 2009 onwards, George Farrugia signed the company accounts himself and presented those same accounts to the MFSA and the tax departments," they said.

The directors made it clear that at no point they were aware of the kickbacks received by Farrugia and at no point did Intershore Fiduciary Services Ltd take any money.

"We only received the yearly €700 for professional service we provided," they said.

Fenech, Scerri and Cordina said that it was in 1 October 2010 that they came to know of the arguments between the Farrugia brothers over the commissions they were legally entitled to.

"After we carried out our own investigations, we broke all fiduciary relations with George Farrugia and transferred the shares of Aikon Ltd to George Farrugia on 1 November 2010.

"We also resigned as directors of the company."

Ending their statement, the three directors once again expressed their disappointment at those "trying to tarnish the credibility, the professionalism and the integrity of individuals who always abided by the law and gave an honest service to their clients".