Nexia BT would not comment on whether they mixed up information on two of their clients: Konrad Mizzi and Keith Schembri.
When he appeared before the Pana Committee on Monday, Dr Mizzi, the Minister at the Office of the Prime Minister, was asked why Nexia BT e-mails showed he had set up a Panama company to extract profits from waste recycling in China, India and other parts of the world.
Dr Mizzi told MEPs sitting on the committee the e-mails about business plans for his Panama company must have been the result of a mix-up by Nexia BT. He said the financial advisers attributed to him things that they should have attributed to the Prime Minister’s chief of staff, Mr Schembri.
Pressed by MEPS to state whether Nexia BT were inventing things about him without his authorisation, Dr Mizzi replied they should ask Nexia.
The Times of Malta took up Dr Mizzi’s suggestion and asked Brian Tonna, managing partner of Nexia BT, to say whether what Dr Mizzi said was correct.
However, Mr Tonna said he could not reply, citing confidentiality.
He was told this newspaper was not after any details but only wanted to establish whether Nexia BT could have mixed up Mr Schembri’s business affairs with those of Dr Mizzi. However, Mr Tonna again refused to reply. He also refused to confirm a statement made by Dr Mizzi to MEPs that he never gave his authorisation to open a bank account in Panama.
Dr Mizzi’s statement contradicts an e-mail sent by Nexia BT’s Karl Cini in December 2015 and uncovered by the Panama Papers.
In his e-mail, Mr Cini wrote: “Go ahead to start the opening of the accounts for these two Panama companies”. This was in relation to Dr Mizzi’s and Mr Schembri’s newly-acquired companies in Panama.
The e-mails say that the accounts could only be opened with an initial deposit of $100,000 on condition that a balance of $1 million a year is kept in the account.
Pana Committee chairman Werner Langen told journalists Dr Mizzi’s involvement in the Panama Papers leak pointed to “potential money laundering” but there remained a lack of conclusive evidence.
Asked about this, Mr Tonna denied that he or his financial advisers were involved in any money laundering activities.