MPs deny holding offshore trusts, companies

Almost all members of parliament have declared they do not own any offshore companies or entities, of which they are the ultimate beneficiary. 

In the wake of Energy Minister Konrad Mizzi’s admission to holding an offshore trust in New Zealand and an offshore company in Panama – the latter set to be closed after an audit – MaltaToday requested an individual declaration from each MP in the House of Representatives.

The questions were also sent to Prime Minister Joseph Muscat and Opposition leader Simon Busuttil who both denied owning such financial vehicles.

MaltaToday asked the elected members to declare whether they own – as ultimate beneficiaries – an offshore company or offshore trust, or a similar private foundation and business entity registered in an overseas tax jurisdiction.

The Cabinet members and almost all backbenchers denied holding any offshore companies or trusts. 

No replies from Labour MPs Joe Debono Grech, Joseph Farrugia, Joe Sammut and independent MP Giovanna Debono were forthcoming by the time this article went to print.

Independent MP Marlene Farrugia also declared holding no such trusts or companies.

The same email was sent individually to the Nationalist MPs, who opted to issue a joint statement through their party’s director of information, Matthew Bonett.

It was explained that all members of the parliamentary group had signed a declaration confirming that everything they owned was declared in their declaration of assets submitted in parliament. The declaration was signed last year, at Busuttil’s request, following revelations of former ministers holding undeclared accounts in Switzerland.

The declaration reads: “The undersigned declares that I don’t hold any bank accounts outside the country, that are in my name or in a third party’s name, including a trustee, nominee, foundation and of which I am a beneficiary in my personal capacity, that have not been declared in the declaration of assets presented to the Office of the Speaker.”

“Thus,” Bonett added, “it is evident that the PN MPs do not hold any offshore trusts and assets which have not been declared in parliament.”