The three directors of Intershore Fiduciary Services have denied that the company was ever involved in the oil procurement scandal.

Joe  Cordina, Dr Martin Fenech and Charles Scerri issued a statement after Finance Minister Tonio Fenech said Intershore had been the administrator of Aikon Ltd, which was allegedly a screen for oil procurement commissions for George Farrugia.

In their statement the directors said they were surprised and disappointed that the company had been mentioned in that way by the PN.

“Intershore Fiduciary Services Limited was at no time involved in the oil commissions scandal, directly or indirectly” they said,

They said the company acted like any other fiduciary company licensed by the and Aikon was just one of its clients. Official audited documents deposited with the MFSA showed between 2003 and 2008 the income of  Aikon Ltd was as follows: 2003 - Lm 11,071; 2004 - Lm 19,461; 2005 - Lm 56,948; 2006 - Lm 23,892; 2007 - Lm 21,326 and 2008  - Euro 24,625.

Such relatively low sums gave no grounds of suspicion in  George Farrugia or his commercial activities, so much so, the directors said, that they were never questioned by the inland revenue department, the MFSA or some government department.

Therefore, the alleged huge commissions were never declared to this company or the auditors.

Mr Farrugia signed the company accounts from 2009 and deposited them with the MFSA.

The directors said they were never aware of any corruption and Intershore Fiduciary Services Limited never received any money other than what it was due for its services. Its bank accounts were never used to channel funds related to oil procurement. 

They added that Intershore Fiduciary Services Ltd became aware of disagreement among the Farrugia brothers about their share of commissions on October 1, 2010 .

Following their investigations, they severed their fiduciary relationship with George Farrugia and transferred the Aikon company shares to Mr Farrugia on November 1, 2010. They also resigned as directors of the company.

It later resulted that the Farrugia brothers had resolved their differences and a law suit was withdrawn.

The directors regretted that there had been attempts to tarnish their credibility, professionalism and integrity.