Nexia BT is listed on the Panama Papers website as being the intermediary of 14 companies which are based in the British Virgin Islands and in Panama.
The Nexia BT name was one of the thousands of companies that were named by a group of investigative journalists whose data was based on a massive trove of data on the finances of the rich and powerful that has become known as the Panama Papers.
With regard to Malta, the Panama Papers database has registered 714 offshore entities, 351 officers – referring to persons or companies who own the company in question, 49 intermediaries and 306 registered addresses.
As expected, OPM Chief of Staff Keith Schembri was on the list too. He is the shareholder, along with ATC Administrators, of Colson Services Ltd, which is registered in the BVI. Nexia BT is the intermediary. Keith Schembri also owns a company in Panama, which is held in a trust in New Zealand.
Pierre Sladden is confirmed as the beneficiary of Blue Sea Portfolio Ltd, which was incorporated in May 2013 and is registered in the British Virgin Islands.
ATC Administrators are listed as shareholders. Nexia BT is the intermediary.
Mr Sladden’s company Redmap Ltd carried out works at PN Deputy Leader Mario de Marco’s home. Works were reportedly carried out at the homes of other Allied Group officials.
Former Allied Group Managing Director Adrian Hillman is listed as the shareholder and beneficiary of BVI-registered Lester Holdings Ltd. Mr Hillman stepped down and an internal inquiry was launched after journalist Daphne Caruana Galizia alleged that the company had been opened to deposit kickbacks received from Keith Schembri. He denies the allegations.
Fenlex Holdings and Services Ltd were mentioned in the Panama Papers too, not just for the companies which were previously mentioned in the press. The company is a shareholder of Technologies Holding Ltd, with someone called Artemy Zubin being listed as the Beneficiary of that company. Technologies Holding Ltd is based in British Anguilla and is registered as being active.
Fenlex was in the news recently, after it was revealed that the two companies linked to Fenlex in Panama were Timber Trading Capital Inc, incorporated in 2003 and Union Private Ltd, formed in 2004. PN president Ann Fenech had said that Fenlex has not incorporated any companies in Panama since she became director in 2005.
Fenlex Corporate Services Ltd is a fully fledged corporate services company and offers special expertise in most aspects of company management, accounting and administration. It offers corporate services, accounts, tax and VAT compliance, banking and compliance and operations.
Three Henley & Partners entities have been linked to Malta, the Panama Papers database has revealed.
Two of the entities, Henley & Partners Hong Kong Limited and Henley Estates International Ltd were incorporated on 8 March and 6 March respectively, when the general election took place on 9 March.
The third company, Henley Estates Russia & CIS Ltd, was incorporated on 24 August 2012 – seven months before the 2013 general election.
Henley & Partners is an international company which has been tasked with leading Malta’s Individual Investment Programme. The IIP is the controversial cash-for-passport scheme which the Labour Government introduced once they were elected into power. A passport goes for €650,000 to the initial applicant.
EMD, a Maltese law firm providing legal and financial services, is also mentioned in the Panama Papers. This firm has a direct link to 72 entities and a few more inactive and ones in default. Former EU ambassador Richard Cachia Caruana works with EMD as senior consultant and has been giving his services for the past three years. Former Ambassador Dr Noel Buttigieg Scicluna is also a consultant with the firm.
In comments to The Malta Independent, Richard Cachia Caruana said he holds no shares in companies in Panama, the British Virgin Islands or any other tax haven and has never held any. He said he has not provided advice about the opening or otherwise of companies in Panama, the British Virgin Islands or any other tax haven at any stage of his professional career. He added that he has no conflicts of interest between his personal holdings and any State interests and has never had any.
Mr Cachia Caruana said his relationship with EMD is solely to provide this firm and its clients with advice on EU related matters and he has never had any shareholding or other financial interest in the firm nor has he ever held any directorships or management positions with the firm. “The current attempts by members of the Prime Minister’s staff to imply any connection between me and the Panama Papers are therefore totally deceitful,” he said.
The International Consortium of Investigative Journalists made data on 200,000 entities available on Monday at 8pm.
The data cache, first leaked to Germany’s Sueddeutsche Zeitung daily, showed offshore holdings of 12 current and former world leaders. Reports based on the documents quickly led to the resignation of Iceland’s Prime Minister David Gunnlaugson after it was revealed he and his wife had set up a company in the British Virgin Islands that had holdings in Iceland’s failed banks. British Prime Minister David Cameron, who had campaigned for financial transparency, faced questions about shares he once held in an offshore trust set up by his father. The ICIJ reported that associates of Russian President Vladimir Putin moved some $2 billion through such companies. Putin’s spokesman dismissed the report.
They contain basic corporate information about companies, trusts and foundations set up in 21 jurisdictions including Hong Kong and the U.S. state of Nevada. The data was obtained from Panamanian law firm Mossack Foneca, which said it was hacked.
There are legitimate uses for offshore companies and trusts. The ICIJ says that it does not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly”.
The international Panama Papers scandal has seen Minister Konrad Mizzi and OPM Chief of Staff Keith Schembri in hot water, with a large section of the Maltese public calling for the removal of both since it was uncovered that they both have companies in the secretive jurisdiction of Panama. Keith Schembri also had links to companies in the British Virgin Islands.
The Prime Minister, however, chose not to take any action against Mr Schembri, and chose to take limited action against Minister Mizzi, by removing his Health and Energy portfolios and placing him on special projects. Minister Mizzi also resigned as PL Deputy Leader, a post which he was elected to just a few weeks prior.