Michael Falzon returns to MaltaToday

MaltaToday columnist Michael Falzon will return to his regular Sunday column after an absence of seven months since his public admission to having held an undeclared overseas bank account when he was an MP.

The former Nationalist minister returns to PBS where he will review the Sunday newspapers with lawyer Ramona Frendo, and to write on MaltaToday every Sunday. He was formerly a columnist for the Sunday Times as well.

Now he speaks of being convinced that his name did not feature on the alleged Swissleaks list of HSBC’s private clients in Geneva.

 In February 2015, Falzon admitted to having held a bank account at Geneva’s HSBC Banque Privée of some €465,000 after being questioned on the matter by the Malta Independent.

“I am now certain that I was not on the so-called Swissleaks list,” Falzon said of earlier reports when his admission was linked to names revealed by the International Consortium of Investigative Journalists of HSBC clients holding secret bank accounts.

“I had no problem in confirming that this information was correct at the time,” Falzon said. “I panicked when questioned by the reporter. I should have been more assertive when questioned.”

Falzon said the original account was opened eight years before he had been appointed minister in 1987. “This was a time when the political climate in the country was so grim that I did not rule out leaving the country.”

When news of the Swiss account broke, Falzon issued a public apology for having not declared his foreign account in his register of assets during his time as an MP. He also decided to suspend his press commentary, and resigned from the Nationalist party executive committee and the government’s oil procurement committee.

“I was formally investigated by the Tax Compliance Unit, but I have not been informed of any outstanding issues here.  I interpret this as good news.”

Falzon had admitted that between 1975 and 1985, he was involved with other Maltese professionals in an architectural and civil engineering consultancy providing services abroad. These services were provided under the aegis of a Maltese registered company of which he was a shareholder and director. Their first job was in partnership with a Swiss architectural firm, requiring frequent visits to Switzerland and the opening of bank accounts so that funds placed by their Swiss partners could passed on to the Maltese company. 

“When the company was liquidated, and considering the political situation in Malta in 1985-87, I decided to retain a Swiss account in my name,” Falzon said. “Eventually all the money in the account was repatriated to Malta and today I have no money deposited in any Swiss bank or any other foreign bank whatsoever. My fiscal position in Malta has long ago been regularised.”

Asked why he decided to take up writing again, Falzon said: “It is part of my life.  Writing and political analysis is a passion and it gives me satisfaction.”

He added that he was also appreciative that Campus FM, PBS and MaltaToday had not asked him to stop his contributions.