'Could Fairmount funds earmarked for shipyards have been deviated?' Sant asks

Labour MP Alfred Sant yesterday held out the hypothesis that part of $80 million originally earmarked for the Malta Shipyards' conversion work on the Fairmount Fjord and Fairmount Fjell had eventually found themselves in other pockets. Speaking at the...

Labour MP Alfred Sant yesterday held out the hypothesis that part of $80 million originally earmarked for the Malta Shipyards' conversion work on the Fairmount Fjord and Fairmount Fjell had eventually found themselves in other pockets.

Speaking at the third House Public Accounts Committee sitting on the Fairmount double project, the heavy losses on which had sounded the death knell for the dockyard, Dr Sant said that his suspicions were corroborated by a Lloyds List statement that Fairmount had contracted Malta Shipyards for an $80 million conversion job, but Fairmount had paid the dockyard only $40 million.

Dr Sant also said that the holders of 93 per cent of Fairmount shares had instituted a claim of $46 million against another branch of the company, Fairmount Meridian.

The committee will meet again on May 5.

A full report will be carried tomorrow.

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