Updated | Yorgen Fenech resigns from directorships of family companies and Electrogas

The documents registering Yorgen Fenech’s resignation were filed with the business registry a day before he was arrested while leaving Malta on his yacht

20 November 2019, 3:19pm
by Massimo Costa / Kurt Sansone

2 min read

Yorgen Fenech has resigned his directorships with the Tumas Group and its subsidiaries, including, according to a family source, the company involved in the Electrogas consortium

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Yorgen Fenech is no longer a director of the Tumas Group having resigned all his positions in the family firm and its subsidiaries. He has also resigned from the board of directors of Electrogas, the consortium which owns Malta's LNG plant.

A company announcement on the Malta Stock Exchange announced Fenech’s resignation from the investment arm of the company – Tumas Investments plc. But company documents filed with the Malta Business Registry yesterday show that Fenech has resigned from all directorships of the family companies.

The resignations were backdated to 12 November.

The documents were filed with the business registry yesterday, 24 hours before Fenech was stopped by the Armed Forces of Malta from leaving Malta aboard his yacht.

Fenech is in police custody and is considered a “person of interest” in the Daphne Caruana Galizia murder investigation.

The Tumas Group has a sprawling business empire that includes interests in casinos, hotels, port operations and property development. The company is also a part shareholder in Electrogas, the company that built and operates the gas power station at Delimara.

Resignation from Electrogas board of directors

The online version of the business registry has so far not listed Fenech’s resignation from Electrogas but a family source said that Yorgen has relinquished all directorships, including those at Electrogas.

A spokesperson for Electrogas also confirmed with MaltaToday that Fenech had resigned from the board of directors of the company on 12 November, and that he had been replaced at the representative of GEM Holdings by Paul Apap Bologna, director of CP Holdings.

GEM Holdings - made up of the Tumas Group, the Gasan Group and CP Holdings - is one of three shareholders in Electrogas, each of which own 33.33% of the consortium.

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Massimo Costa joined MaltaToday as a journalist in 2017.