Chris Cardona: No IIP conflict for me

The minister for the economy, Chris Cardona, has denied having a conflict of interest over the fact that the partner in the law firm he formed part of in 2013, is an agent for the sale of Maltese citizenship under the Individual Investor Programme.

Lawyer Mark Vassallo’s services are still styled under CV Advocates – or ‘Cardona & Vassallo’ – although the minister, who is now running for the Labour Party’s deputy leadership, denies that this former association places him in any conflict.

As minister, Cardona is not directly responsible for the Individual Investor Programme, which sells passports to the global rich for €650,000. But in previous engagements, he has made reference to both the IIP and other residence programmes during speeches promoting Malta’s economic milestones.

“There is no conflict of interest. The IIP programme does not fall within the remit of the Ministry for the Economy, Investment and Small Business and as you may appreciate as a member of this government I promote any initiative that may contribute to the unprecedented success the Maltese economy has been achieving,” Cardona said.

Vassallo is also a lawyer for the Public Broadcasting Services. “From the moment I was appointed minister I resigned from the legal practice and stopped practising as a lawyer. As you rightly pointed out, the office is now the responsibility of another lawyer. All my income has been declared in my declaration of assets, where it is also shown that I receive a rent for the lease of the offices of CV advocates.”

In his declaration of assets, Cardona lists three properties in Madliena, Zabbar and the Birkirkara office; his 25% shareholding in Sapmac, which includes construction developer and Labour donor Carmelo Penza, and €112,000 in bank deposits.