Delia has ‘solid financial plan’ to cover his debts

Debt is company's, whose assets supersede the money owed

Adrian Delia. Photo: Chris Sant Fournier

Adrian Delia. Photo: Chris Sant Fournier

A “solid financial plan” drafted by professional advisers would ensure Adrian Delia could meet all his obligations, the PN leadership contender said.

Dr Delia had told The Sunday Times of Malta he had €728,000 in outstanding personal debts with three banks. In view of this declaration, he was asked how he would manage to service the loans, considering that the leader of the Opposition enjoyed a package of €43,000 gross.

“Dr Delia has sought professional advice to ensure a solid financial plan to meet all his financial obligations,” a spokesman said.

Judging by the lending rates in force, more than €43,000 a year would be required to service the €728,000 loans.

The declaration, submitted to The Sunday Times of Malta, excluded the debts Dr Delia can become liable to as shareholder in various commercial entities.

According to press reports last July, Dr Delia signed a constitution of debt deal with HSBC bank whereby he became personally liable for about €7.2 million in unpaid loans related to Mġarr Developments Ltd.

The company has been developing luxury apartments in Gozo over the past decade.

More than €43,000 would be required to service the €728,000 loans

Asked whether this arrangement made him personally responsible, together with other company directors, for the outstanding multimillion-euro debts, Dr Delia said it was not the case.

“The loan refers to a company. The assets of the company by far supersede the debt. As stated, however, should he [Dr Delia] be elected as leader of the Opposition, he would sell his nine per cent shareholding in the company and, consequently, extinguish all obligations,” his spokesman said.

It has been alleged that Dr Delia had a foreign bank account in Jersey and when pressed on whether this was the case, Dr Delia said he could not confirm or deny it.

Dr Delia contacted Barclays International Jersey, who informed him there was no such account under his name and number. “When he enquired whether he could order researches thereon to see whether such account ever existed and, if it did, to supply any details thereon, he was advised by the bank that they do not retain documentation dating back more than six years from the present date,” the spokesman said.

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