The man behind the privatisation of dozens of government companies, former Central Bank Governor Emanuel Ellul, has resigned as chairman of the Privatisation Unit, Times of Malta has learnt.

It seems the new minister wanted to dictate how the privatisation unit was managed

Sources told this newspaper that Mr Ellul has departed following clashes with Economic Affairs Minister Chris Cardona over the way the privatisation unit conducts its business.

Contacted yesterday, Mr Ellul confirmed he has stepped down but declined to say why – other than to cite “health reasons” as one of his main considerations.

Mr Ellul, appointed Central Bank Governor by Labour in 1997, is considered by many as one of the best economic minds on the island.

After retiring from the Central Bank in 1999, he was made chairman of the Privatisation Unit by a Nationalist administration.

Since then, he has been tasked with the most important privatisations carried out, including Maltacom (now Go), the lotteries department (now Maltco) and the shipyards.

Well-informed sources told this newspaper that Mr Ellul’s resignation was related to a number of clashes with Dr Cardona particularly over the autonomy of the privatisation unit.

“It seems the new minister wanted to dictate how the privatisation unit was managed and he even wanted to decide on certain issues which were normally the unit’s responsibility,” the source said.

The Economic Affairs Ministry denied clashes were behind the resignation and said the reason was purely personal.

However, the sources said that the unit was even being given instructions on which external consultants should be working with it – a matter which has been within the remit of the privatisation unit.

Mr Ellul’s resignation comes at a delicate moment as the new Government is currently trying to kick-start important projects coordinated by this unit, including an expression of interest in the development of a maritime hub at the area known as Marsa Shipbuilding and the granting of new licences for casinos.