Finance Minister Edward Scicluna has so far been silent on the revelation that two of the people closest to the Prime Minister have set up vehicles to manage their wealth abroad instead of using Malta’s own financial services.

Prof. Scicluna was scheduled to address a press conference on Monday on the financial and economic performance of the island, a few days after the story broke that Energy Minister Konrad Mizzi and the Prime Minister’s chief of staff Keith Schembri both had companies in Panama.

However, he inexplicably cancelled his appointment with journalists, with his spokesman failing to reply when asked for the reason.

The Times of Malta has also sent questions about his position on the matter but they were still unanswered before going to press.

He inexplicably cancelled his appointment with journalists, with his spokesman failing to reply when asked for the reason

The series of questions included one about the powers of the Inland Revenue Commissioner to investigate tax issues in foreign jurisdictions, particularly those outside the EU.

Following the revelation about Dr Mizzi’s New Zealand trust and Panama company, the energy minister said he would be asking the Inland Revenue Commissioner for a full audit, before closing the company down.

Dr Mizzi had admitted that his trust, nicknamed ‘Rotorua’, acquired Hearn-ville Inc, a trading company registered in Panama.

Mr Schembri, however, gave no details about his trust or any associated company. In a statement issued after refusing to speak to the Times of Malta, he said he had opened a family trust both locally and abroad.

He did not name the New Zealand trust nor the company it owns in Panama.

According to Daphne Caruana Galizia’s blog, which first broke the news, Mr Schembri’s trust was opened at the same time as that of Dr Mizzi and by the same financial services company, Nexia BT.