2.42pm Update - EMD issues statement

Nationalist MP Francis Zammit Dimech and former envoy Richard Cachia Caruana have denied owning any companies in Panama or having any links to the Panama Papers, insisting that impressions to the contrary given in the media were false and deceptive. 

Dr Zammit Dimech pointed out that his name did not show up on the Panama Papers. However, as a lawyer and after he stepped down as minister, he had formed part of a legal firm whose services included the setting up of companies registered with the Malta Financial Services Authority to provide fiduciary services. 

The firm did not register companies in Panama and never tried to hide politically-exposed persons.

Furthermore, he left the company in August 2014 and now had no link to it. 

He said it was deceitful of the Labour media to try to equate the activities of a financial services company with the way how Konrad Mizzi and Keith Schembri actually owned companies in Panama and had sought nine banks in order to open accounts. It was like saying that a lawyer who defended an accused person in court was himself guilty of a crime. 

Mr Cachia Caruana also insisted that he holds no shares in companies in Panama, the British Virgin Islands or any other tax haven and has never held any.

He said he has not provided advice about the opening or otherwise of companies in Panama, the British Virgin Islands or any other tax haven at any stage of his professional career.

He never had any conflicts of interest between his personal holdings and any state interests.

Mr Cachia Caruana explained that his relationship with EMD Ltd was solely to provide this firm and its clients with advice on EU-related matters and he never had any shareholding or other financial interest in the firm or any directorships or management positions within it. This was reiterated in a statement subsequently issued by EMD (see below).

"The current attempts by members of the Prime Minister's staff to imply any connection with the Panama Papers are therefore totally deceitful," he said.

In a statement, EMD said that it had never assisted any politically exposed persons "from any jurisdiction, including Malta, to set up any company, trust or other entity, whether as a fiduciary or not, in the British Virgin Islands, Panama or similar jurisdiction." 

It further noted that it was corporate services firms in the financial sector, such as itself, that had over the past 16 years made Malta "become the successful financial services centre that it is today."