RESIGNATION OF BOV CRO REVEALS STILL MORE MASSIVE CORRUPTION IN MALTA

The abrupt resignation of MIGUEL BORG, the Bank of Valletta's Chief Risk Officer and Executive Director, in the aftermath of the Steward Healthcare scandal has uncovered a trail of official corruption which, at the end of the day illustrates how Malta's Labour Party feeds its supporters at the expense of the country's taxpayers, resulting in more and more national debt, which must be dealt with down the road, as malta edges closer to insolvency.

Borg reportedly received, on addition to his six figure salary at the bank, €1.4 million, from two shell companies which only maintain a tiny one-room office: E CUBED CONSULTANTS and E CUBED ISLANDS. These companies are owned by BOV Chairman GORDON CODINA, the son of a former rabid supporter of Malta's radical Socialist first Prime Minister, Dominic Mintoff, who was responsible for turning the country into a corrupt banana republic, from which it has never extricated itself.

Codina has received several millions of Euros in Direct Orders from the Labour government since 2014; he also was paid €115 per hour as a consultant to Malta's Gaming Authority, a conflict of interest that was well known but never terminated in a country rife with such sweetheart arrangements between government agencies and the nation's insiders. As the result, the country's online gaming industry only banks at BOV. There are also links with former minister KONRAD MIZZI, and the list goes on and on. There is no end to the extent of systemic corruption in Malta, and individuals like Borg continue to benefit from it. Malta will eventually end up the only EU Member nation to eventually become insolvent; what happens to it at that point we fear to consider.