Members of the GO Employees Foundation accused the government and their own board of trustees of “betrayal” after its liquidation and the sale of its assets (shares) to Tunisie Telecom was halted.

GO employees contacted the Times of Malta yesterday to contradict what the government said on Monday to justify its decision to stop the sale of about three million shares held by the foundation.

“The government is not telling the truth and is trying confuse matters to justify its actions,” one employee said.

“The foundation is not a pensions fund. Its statute clearly states that in case over 90 per cent of its members decide to liquidate its assets, this is what should happen. However, the government and our own representatives [the trustees] behind our back overturned the wishes of the foundation’s members,” another furious GO employee said.

Surprisingly, in a move to hold on to control, the government went against our wishes and intervened to stop the liquidation

The GO Employees Foundation, formerly known as Maltacom Foundation, was set up in 1998 when the telecoms company was originally privatised. At the time, the government agreed to give a loan to the foundation to buy about three million shares so that employees would be given a sum of money upon retirement.

However, the foundation, which depended on dividends, still owed the government about €4.7 million, and it often did not pay any money to retiring employees because of lack of funds, this newspaper was told.

“Although the board of trustees resisted the move, a vote was taken in which 91 per cent of members decided that the foundation should be liquidated by selling its shares,” one member said.

In line with the decision, through the selling of shares, the government could be given its dues and the rest of the money, about €5 million, would be shared by members, the member said, adding that the General Workers’ Union also gave the go ahead for the employees’ wishes to be met.

“Surprisingly, in a move to hold on to control, as the foundation elects a member on the GO board, the government went against our wishes and intervened to stop the liquidation,” another member complained.

“Employees are furious at the government,” another said.

The foundation’s board of trustees, chaired by engineer Joe Agius, has so far not made any public comments about the matter. When contacted, a board member said yesterday he had no comment to make, because the trustees had yet to meet to discuss the issue

Asked for the contact details of the chairman, who is no longer a GO employee but an adviser to the government, the trustee said he had no details.

Efforts to contact Mr Agius were unsuccessful.

The government announced on Monday it had stopped the process of the foundation’s liquidation following legal advice from the Attorney General that the members’ decision was illegal and against the statute of the foundation.

The government said it could amount to a case of misappropriation of funds, because through their actions, members were denying benefits to future employees of GO Malta.