A judge has rejected a company's request to annul several bills of exchange over some €272,000 that had been borrowed by Ryan Schembri, the former owner of the More Supermarkets chain. 

In an application in court, Etienne Cassar, of Cassar and Schembri (Marketing) Limited requested the suspension of the execution of bills of exchange signed by Mr Schembri, a co-director, claiming that the veracity of the signature could not be established, given his absence from the island.

Mr Schembri is believed to have fled Malta in September last year after having allegedly racked up some €40 million in debt. The Sunday Times of Malta earlier this week revealed that Mr Schembri was living in Dubai but had checked out of the apart hotel where he was living after the newspaper had located him and attempted to make contact with him. 

Lawrence Fino, who is owed €272,139 filed a counter-claim, insisting that the bills of exchange had been signed in his presence, although Mr Cassar insisted he had no knowledge of any debt with Mr Fino. The amount was a three-month loan taken out by Mr Schembri. 

In his judgment, Mr Justice Lawrence Mintoff ruled that while a director of a company could have been conducting business deals behind the back of the other directors, this could in no legal manner absolve the company he was representing from any agreement made in good faith. 

He rejected the request for the suspension.