Documented proof has for the first time emerged showing the Prime Minister’s chief of staff Keith Schembri has a company in the secretive money laundering and tax haven of the British Virgin Islands.
Mr Schembri, who owns the multi-million euro business Kasco Holdings in Malta, has a business by the same name in the BVI.
The name Kasco Holdings Limited surfaced in a 2011 edition of the Virgin Islands government gazette and was shown as being struck off after the company’s annual fees to the authorities were not paid.
A company that has been struck off in the BVI can be restored to the registry once pending fees have been paid.
Much like Panama, the BVI requires minimal details for the registration of a company and does not tax profits earned offshore.
No details on who the directors, shareholders and beneficial owners need to be filed, nor any annual returns or audited accounts.
Replying to questions sent by the Times of Malta, Mr Schembri said there is no “news” with regard to his BVI company.
“There is absolutely no news in New Zealand related operations and it was confirmed long ago. There is an ongoing audit in the structure that I am positive will show that the leader of the Opposition’s accusations are false.
“Nor is there any news with regards to the BVI company which I have never denied. That being said, I re-iterate my absolute and unequivocal denial of all allegations levelled against me in these past days, which allegations also involve the Times of Malta institution. These same contrived and malicious allegations and insinuations have been denied by all parties involved including the Times editorial team,” Mr Schembri said.
The editors at this newspaper have not denied the allegations but expressed concern about them, stressing the distinct nature of the company’s commercial and editorial aspects.
Kasco Holdings in Malta has been losing money over the past years despite revenues running into the millions.
The company’s accounts are audited locally by Nexia BT, the same company that, according to the Prime Minister, offered the “naïve and politically insensitive advice” to both Mr Schembri and Energy Minister Konrad Mizzi that led them to concurrently set up trusts in New Zealand and companies in Panama.
jacob.borg@timesofmalta.com