Chris Said has pulled ahead of the other three PN leadership candidates in one area – in providing information about his assets and business interests.

So far he is the only one to have supplied all the information requested in a due diligence exercise being conducted by The Sunday Times of Malta, although Adrian Delia and Alex Perici Calascione said the rest was on the way. Only Frank Portelli has refused to collaborate.

The candidates were asked to fill in a detailed declaration of assets based on a similar template used by the European Commission when vetting prospective commissioners and to supply documents including tax returns for the last three years.

Dr Said has disclosed all that he was asked to, while Dr Delia and Dr Perici Calasione have provided everything except their income tax returns.

Dr Perici Calasione said he would do so when he obtained them from his accountant, while Dr Delia said he was awaiting permission from his law firm’s partner, who was abroad last week.

Dr Delia emerges as the one potentially most exposed to conflicts of interest should he be elected leader. He is involved in a number of businesses through investments and shareholdings in sectors ranging from construction to the importation of wine.

READ: Delia dismisses Caruana Galizia 'tales' as PN plans crisis meeting 

He also declares over €700,000 in outstanding personal loans with different banks, apart from loans related to his commercial entities. He has pledged to divest himself of all businesses if elected.

Dr Perici Calasione, the treasurer of the PN, who shared his law practice with Labour MP Manuel Mallia for 25 years, appears to be the most financially solid of the candidates, with no outstanding debts and a wife who has shares in a company that owns the Corinthia Group.

His limited business connections are related to his family, and he severed ties with Dr Mallia following the latter’s change of political allegiance a few years ago.

Frank Portelli, who has so far emerged as the most indebted candidate, refused to collaborate with The Sunday Times of Malta in the exercise, citing insufficient time to send the requested information.

As the owner of the former St Philip’s Hospital, Dr Portelli has outstanding loans with banks of over €10 million, although he maintains that the company’s assets compensate for these loans.

The salary of the Leader of the Opposition currently stands at €43,000 a year.

Chris Said

Age: 47

Place of residence: Nadur, Gozo

Posts held over last 10 years in foundations, clubs or similar bodies: Honorary president Mnarja Band Club, Nadur
Honorary president Nadur Youngsters Football Club

Posts held in last 10 years in educational institutions: None

Posts held in last 10 years in commercial entities: June 2013 to June 2015 – PN commercial companies as party secretary general (not remunerated)

Other professional activities in the last 10 years:
Self-employed lawyer – sole practice
Parliamentary Secretary within Office of the Prime Minister (2008-2012)
Minister for Justice, Social Dialogue and Family (2012-2013)
PN Secretary General (2013-2015)

Declared taxable income in the last three years (income tax returns):
2013: €71,903 (jointly with spouse)
2014: €43,210 (jointly with spouse)
2015: €51,708 (jointly with spouse)

Personal loans: €52,596 with Lombard Bank

Shareholding in commercial entities: None

Other stock:
Valletta Fund Management valued at €2,312.91
MSV Life valued at €5,448.21
BOV Subordinate Bonds valued at €4,900

Real estate assets:
Residence in Nadur
Undivided half-ownership of apartment at Triq it-Torri ta Kenuna, Nadur
Apartment at Triq Giuseppe Cali, Lija
Office at Main Gate Street, Victoria

Spouse’s professional activity: Linda Attard Said, teacher with a government secondary school

Adrian Delia

Age: 48

Place of residence: Siġġiewi

Posts held over last 10 years in foundations, clubs or similar bodies: President Birkirkara Football Club, council member Malta Football Association, vice president Malta Turkish Business Council, vice president Premier Division Standing Committee

Posts held in last 10 years in educational institutions: Law degree thesis examiner

Posts held in last 10 years in commercial entities (director): Aequitas Management Ltd, Aequitas Trust and Fiduciary Ltd, Mġarr Developments Ltd, e-Volve Consultancy Ltd, Carnaby Ltd, Chris, Nicholas & Associates Ltd, ADC Drilling and Oil Field Services (struck off), Elbon International Ltd (struck off), GLL 29235 Ltd (in dissolution), GLL MSN 038/043 Ltd (in dissolution), Lighthouse 499 Ltd (in dissolution), SANCO Company Ltd (struck off), Valley Dessert Company Ltd (struck off)

Other professional activities in the last 10 years: Lawyer

Declared taxable income in the last three years (income tax returns):
2014: not yet supplied
2015: not yet supplied
2016: not yet supplied

Personal Loans: HSBC – €580,636, Banif – €121,321, BOV – €27,588

Total personal loans: €729,545

Shareholding in commercial entities: e-Volve Consultancy Ltd – 300 shares out of 1200, Aequitas Management Ltd – 5,400 shares out of 10,800, Aequitas Trust and Fiduciary Ltd – 6,750 shares out of 15,000, Mgarr Developments Ltd – 45 shares out of 500, Carnaby Ltd – 9,091 shares out of 22,727

Other stock: None

Real estate assets:
Residence in Siġġiewi
Two adjacent fields in Żejnu, limits of Rabat

Spouse’s professional activity: Nicole Vella de Fremeaux, lawyer

The Sunday Times of Malta notes:

Research conducted by this newspaper found that Dr Vella de Fremaux does not hold any interests in any commercial companies, although she is a joint shareholder in Mġarr Developments Ltd with her husband.

The latter company developed 41 apartments and 68 garages in place of the Mġarr Hotel in Gozo. Most of these apartments are occupied, while a block of 12 is still in shell form and no work is currently underway.

According to journalist Daphne Caruana Galizia, Dr Delia, Dr Vella de Fremaux and the other shareholders of this company were recently called to sign a constitution of debt by HSBC to hold them personally responsible for an outstanding €7 million owed to the bank.

This procedure is normally conducted when regular payments for such a loan are overdue. The other associates in this business are two companies owned by Dr and Mrs Georg Sapiano and a Gozitan entrepreneur.

Dr Delia maintains that the assets of the company adequately cover its outstanding debt. However, he says these are the company’s debts and not his own.

Research also suggested that Dr Delia has a shareholding of 4,000 shares out of 12,000 in Chris, Nicholas & Associates Ltd, the other shareholders being Kefi Ltd (Eucharist Bajada) and Nicholas Abdilla. The last accounts of the company were filed in 1998 and Dr Delia says the company is non-trading. Dr Delia appears also in MFSA records as holding 10 shares out of 24,990 in Frankef Ltd, the other owner being Eucharist Bajada.

In his main legal firm – Aequitas – Dr Delia partners lawyer Georg Sapiano.

Dr Delia did not provide this newspaper with his income tax returns for the past three years. He said that he could not do so yet because his partner, Dr Sapiano, was abroad and he needed his permission to proceed. Dr Delia’s declared income remains unknown.

Alex Perici Calasione

Age: 54

Place of residence: Lija

Posts held over last 10 years in foundations, clubs or similar bodies: Treasurer PN, Member of Board of Governors, Razzett tal-Ħbiberija (resigned)

Posts held in last 10 years in educational institutions: None

Posts held in last 10 years in commercial entities (director): Project Consultancy and Corporate Services Ltd (resigned), Venture Services Ltd (resigned), RTH Limited (struck off)

Other professional activities in the last 10 years: Lawyer

Declared taxable income in the last three years (income tax returns):
2014: not yet supplied
2015: not yet supplied
2016: not yet supplied

Personal Loans: None

Shareholding in commercial entities: None

Other stock: €7,000 bonds in Corinthia Finance Plc

Real estate assets: Residence in Lija; 1/6 undivided, 15/5, Vincenti Buildings, Valletta; 1/45 (undivided), 66, Main Street, St Julian’s; 1/405 (undivided), 68/69 Archbishop Street, Valletta; 1/15 (acquisition rent) of site previously occupied by a house in Victory Street, Senglea

Spouse’s professional activity: Mary Anne Perici Calascione, homemaker, owns 180 shares in J&H Pisani Ltd

The Sunday Times of Malta notes:

Research conducted by this newspaper shows that Dr Perici Calscione is still listed as a shareholder of Future Investments Ltd, in which he owns 450 shares out of 500. The other 50 shares are owned by J.P.C Holdings Ltd. This is a family company.

Together with Labour Minister Manuel Mallia, with whom he owned his legal practice for 25 years before Dr Mallia entered politics, Dr Perici Calascione is still listed as a shareholder in Bacom Ltd. He explained that this company belonged to a client of Dr Mallia.

On the other hand, Mrs Perici Calascione is listed as a shareholder in Heather Holdings Ltd, which includes the same shareholders of J&H Pisani Ltd – her family. J&H Pisani is one of the owners of the Corinthia Group, which owns dozens of commercial entities in Malta and abroad.

Dr Perici Calascione did not supply copies of his income tax returns. However, he said that he had no objection to doing so but needed to await his accountant to give him a copy tomorrow.

So far his declared income is unknown.

Frank Portelli

Age: 73

Place of residence: St Paul’s Bay

Dr Portelli declined to send any information, saying he had no time to do so. Instead he sent the following declaration: “I can declare that I have no hidden financial assets anywhere in the world, neither in Panama nor in Malta or anywhere else.”

The Sunday Times of Malta notes:

Dr Portelli, a doctor by profession and a former Nationalist MP, owns St Philip’s Hospital, which closed its doors due to financial difficulties.

In 2012, Dr Portelli almost struck a deal to lease the hospital to the government for €850,000 a year. The agreement, which eventually fell through, included an option for the government to buy the hospital after three years for €12.4 million.

Dr Portelli was on the verge of having his residence auctioned after Charles de Giorgio Ltd obtained a judicial sale to recoup money owned by St Philip’s.

Although stories have been published that Dr Portelli owes the bank more than €11 million, he argues that the assets of the company, including the property itself, have a higher value.