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local
news
Boomerang
hits Mifsud in the face
By
a staff reporter
Super One journalists are remarkably good news sniffers and when
HSBC announced it's turnover for 2000, the news team burst into
action following a useful hint from Education Secretary Joseph Muscat.
Former PBS reporter Gino Cauchi, now Super One Editor, delegated
reporter Claudette Baldacchino to look into the story - and sooner
rather than later.
Soon afterwards Super One News transmitted an announcement that
HSBC had made an Lm11 million profit and that these profits could
very well leave the Islands and no longer belong to Malta and the
Maltese.
The tongue in cheek comments were packaged in such a way as to tantalise
the emotions of the Labour core, which loves to hear news that refers
to the ‘barrani' (the foreigner).
But as the news swept over the radio waves, Alfred Mifsud sitting
in his office of his fund management group - representatives of
Swiss fund management group UBS – he could only shudder over
the impending boomerang.
Mr Mifsud, who also stands as Chairman of Super One and is believed
to be a contender for the Labour party leadership, makes a living
by running a business that depends wholly on investing Maltese citizen's
money out of the country.
A fact that puts Mr Mifsud in the embarrassing position of not being
able to hit out at the Nationalist government for its policies to
further liberalise exchange control.
In reality, Mr Mifsud, like many other major fund managers, has
a great deal to gain from the further opening of the exchange market
- and Mr Mifsud was not very pleased with the recent declarations
linked to Collective Investment Schemes.
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