DOESN'T ANYONE IN MALTA CONDUCT DUE DILIGENCE ANYMORE ??

 

The reluctant admission, by  Brian Tonna, that he failed to conduct any due diligence in the Electrogas power station assessment, is stunning. Tonna, the Managing Partner at Nexia BT, stated amazingly enough, that it was not part of his responsibility.

An independent report noted that no due diligence investigations were carried out to rule out fraud, bribery, corruption, the absence of internal controls and ethical conduct. In truth and in fact, Tonna was directly responsible; to pretend otherwise is not only incorrect, it demonstrates the total lack of an effective compliance culture. His statements betray a don't ask- don't tell mentality that only makes legitimate  European investors considering Malta choose other offshore financial centres.

If this is what one of the country's better professionals does when engaged to conduct an investigation, then Malta's vaunted status as a user-friendly tax haven is in jeopardy. Soon, only "Flight Capital" (dirty money) will be interested in placement in Malta and its financial institutions. MONEYVAL was right.