Finance Minister quits company boards

Finance minister Edward Scicluna has announced that he has resigned his seat in the European Palriament and from all company boards where he had sat as chairman or director. 

"The MFSA will officially note these changes once the formalities are completed," the government said in a statement.

Scicluna, who was elected MEP in 2009, was a shareholder in his consultancy group Applied Economics Ltd, and a director on the boards of the Cottonera Waterfront Group, Hotel San Antonio plc, and HSBC Malta Funds Sicav plc.

MaltaToday is also informed that Tourism Minister Karmenu Vella immediately resigned from the position of Chairman of Orange Travel Group - exclusive agents of Costa Cruises in Malta - as well as from all other positions that he occupied within other companies.

According to the Ministers' Code of Ethics, a minister must see that no conflict arises between his private interest and the public duties and one is expected to divest of his private interests.

Last Sunday, this newspaper reported that the Office of the Prime Minister failed to reply to questions on whether members of the Labour Cabinet have relinquished positions in their private businesses.