A leading meat importer has left the island with his family and is being sought after running into serious financial problems.

Informed sources said Ryan Schembri was unable to pay investors and creditors for several months.

According to In-Nazzjon, he is being sought by the police for fraud amounting to €40 million. However, sources have told Times of Malta that at this point in time the figure seems exaggerated but an investigation has only got underway.

Mr Schembri is involved in several businesses. He is a partner in Cassar and Schembri (Marketing) Ltd and was once a partner in More supermarket chain but was bought out before the problems started.

He was involved in the importation of meat to Malta and shipment of meat from Brazil to other countries.

The prime minister's chief of staff, Keith Schembri said he had absolutely no association with his cousin Ryan.

"We were not connected through business or in anyway and have had no connection in the past and present," he stressed.

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