Updated at 5.22pm with Labour Party reaction

The investigation of the FIAU by the European Banking Authority is a ‘slap in the face’ for Malta’s reputation, the Nationalist Party said, saying that the government’s failure to act could cost people their jobs.

The authority recently announced that it was looking into shortcomings at the FIAU’s supervision of Pilatus Bank.

Read: FIAU’s handling of Pilatus Bank being probed by European authority

The PN said that the authority was also investigating the Malta Financial Services Authority on the same issue.

It pointed out that apart from the FIAU failing to do its duty, the Attorney General had failed to issue an investigation order and the Commissioner of Police had failed to investigate through the Economic Crimes Unit.

The party pointed out that Michael Cassar had resigned as the Commissioner of Pollice days after the FIAU’s report on Pilatus, and Manfre Galdes had resienged as head of the FIAU a few weeks after the report was given to the police.

“Inspector Jonathan Ferris was fired by the FIAU and to this day Finance Minister Edward Scicluna refuses to say whether he had had a role in his firing,” the PN said.

New investors disprove PN statement - MLP

The Labour Party dismissed the PN statement, saying that companies of international repute were coming to Malta - because they believed that the country was trustworthy, serious and respected.

 

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