Nationalist candidate Ivan Bartolo believes attacks launched against him following the suspension of activity of his company 6PM are a “desperate attempt to divert attention from the very grave accusations” faced by the government.
The Malta Financial Services Authority announced this week that it had extended the suspension of the listing and trading of 6pm Holdings securities up to May 29. During a general meeting on April 27, 6PM shareholders had unanimously approved a resolution for the discontinuance of the listing of the company’s issued share capital on the official list of the Malta Stock Exchange.
The firm encountered delays in the publishing of its Annual Financial Report for the financial year ended December 31, 2016 as a result of an ongoing, internal restructuring and reorganisation exercise being carried out following the recent acquisition of Idox plc.
“The Labour media and its exponents, including the Prime Minister himself, have launched an attack on me since the company that I work for requested to submit its Annual Financial Statements later than the April 30. This resulted in a suspension of trading activity on the Malta Stock Exchange,” Mr Bartolo told The Sunday Times of Malta.
I feel sad, disappointed and hurt
Mr Bartolo founded 6PM in 2001 and in 2007, 6PM Holdings plc was formed as the 6PM Group was listed on the Malta Stock Exchange.
In 2011, 6PM Holdings plc had a rights issue to raise more capital which was used to reconstruct its business model. In 2015, it launched a €13 million-euro bond which was oversubscribed by 6PM shareholders themselves.
During these years, 6PM never missed a filing deadline, Mr Bartolo said. He insisted that “greed and corrupt practices” have blinded this administration and risks ruining all that has been built over the past 25 years.
As an investor and entrepreneur he had always been accustomed to pro-business government yet this was not the case with the current government.
“I feel sad, disappointed and hurt. As a Maltese investor and entrepreneur, I have always been accustomed to pro-business governments. Past administrations have done everything possible to build Malta’s image and brand as a jurisdiction of international repute,” he said.
He insisted that Malta faced two elections, a public vote on June 3 and a corporate vote that starts on June 5.
“The latter will be held, and some have already started, in board rooms in Malta and abroad. We truly are at a crossroads.
“Personal attacks aside, I am worried for Malta’s future. What has been until today taken for granted, is very much being threatened.
“Our vote can either risk breaking all that we have achieved as a nation, bringing down a whole economy, or give a new lease of life to this country,” Mr Bartolo said.