Wednesday, 8th October 2008

US$9m for Russian timber carriers

Out of a total sum of US$32.9m due for the timber carriers constructed at Malta Shipbuilding, including interest and administrative expenses, the government received the sum of US$9 million as a full and final settlement.

Answering a parliamentary question by Carmelo Abela (MLP), Finance Minister Tonio Fenech said the sum was the end result of long negotiations between the government and Sudoimport, during which the government was assisted by Deutsche Bank which was factoring the company's debts.

The sum of US$9 million was established after deducting penalties due because of the late deliveries, as well the payment of Deutsche Bank in compensation for its factoring services.