The Labour Party today urged the Opposition to be more transparent on its loan financing scheme launched a few weeks ago.

Addressing a press conference, Justice Minister Owen Bonnici said the party is seriously concerned over the loan scheme as “it has the potential to evade the new party financing law.”

The Nationalist Party is seeking small financing from the public in the form of €10,000 loans payable back at four per cent in 10 years’ time.

Asked whether he felt the scheme is somehow illegal, Dr Bonnici said he does not have that information but insisted that it is raising a lot of questions.

Parliamentary Secretary Deborah Schembri said it was not acceptable that those  lending money to the party would do it through a private contract and not through a public deed.

She said that since the PN is preaching good governance and transparency, the PN should set an example and ensure transparency.

Asked whether the opening of a company in Panama by people close to the Prime Minster raises the same potential illegality, Dr Schembri said the issues were different.

When asked why the new Labour Party deputy leader Konrad Mizzi has refrained from addressing any party press conference since his election, Dr Bonnici said Dr Mizzi is fine and working hard every day to make Malta better.

“How do you think the recent lowering of petrol prices happened? On its own?” Dr Bonnici asked.

In a reaction, the Nationalist Party said it was satisfied with the huge interest in the so-called Ċedoli 2016 scheme.

It said the scheme was praised by individuals beyond the two political parties as a professional one which eliminates any interference by donors who believe they can "buy" any party.