Ryan Schembri, the former owner of More supermarkets who left Malta owing millions to several creditors, entered into a promise of sale agreement for a €1.2 million Marsascala property when he already knew he was in trouble.

His business partner, Etienne Cassar, told Times of Malta he became aware of this deal only two weeks ago.

Last week, he had to pull himself out of the agreement Mr Schembri had signed on behalf of the company they both owned. It was an agreement “a 10-year-old would never have signed”, according to Mr Cassar.

“The agreement was not subject to any bank loan, not subject to the acquisition of a permit, not subject to anything. The agreement was that if Ryan would not manage the payment, he would lose the deposit. It was an agreement that made no sense,” Mr Cassar said.

The property was meant to be used for More supermarkets, the chain they owned at the time. 

Mr Cassar told Times of Malta he was still discovering financial commitments as the weeks go by since Mr Schembri’s sudden disappearance towards the end of September. He fled with his wife and son after he was threatened by loan sharks that his son would be harmed if he did not pay up.

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