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VAB Company Ltd has won two cases in the Court of Appeal upholding two earlier sentences ordering Maria Isabella Turkdogan to pay a total Lm43,000 together with interests, in outstanding management fees. The firm’s Lm109,965 rent bill for the Jumbo Lido site at Tigné was written off by government on the assumption that the company lacked the assets from where to pay its dues,.
One of the directors of the company is Peter Fenech, the politically appointed chairman of the Mediterranean Conference Centre. Earlier this week Fenech instituted libel proceedings against MaltaToday claiming that he never personally owed money to the government or a government department, and neither did he ever form part of a company that owed any money to the government.
Peter Fenech’s interest in VAB Company Ltd is a fact: the last annual returns presented to the Malta Financial Services Authority in 1997 include Dr Peter Fenech and his father Frank Fenech among the directors of VAB Company Ltd. There has been no change of directors, since 1997.
The listed shareholders of VAB Company Ltd are Dr Victor Attard Bondì, Frank Fenech and Franks Holdings Ltd, a company whose only two shareholders are Dr Peter Fenech himself and his father Frank.
There are two other pending cases in court in which VAB Company Ltd is requesting similar payments from Marisa Turkdogan.
VAB Company Ltd entered into a management agreement with Turkdogan in 1997 who ran a kebab house at Jumbo Lido, through which it pocketed Lm40,000 for the first two of the agreement. It also demanded an annual payment of Lm20,000 for the next four years.
These amounts were never paid and Fenech took the case to the courts to recover the amounts due.
Despite these pending cases, the Lands Department reached an agreement with VAB Company Ltd in which a Lm109,965 rent bill the company owed for the Jumbo Lido site on the Tigné seafront, in Sliema, were written off against the recession of the deed.
Peter Fenech was one of the witnesses in the case against Turkdogan. In his testimony, Fenech said that as director of VAB Company Ltd he was involved in the final stages of the negotiations for the management agreement with Turkdogan.
Apart from being a director of VAB Company Ltd, Peter Fenech is a director of ten other active companies and a shareholder in four companies. Through his shares in Frank’s Holding Ltd he has an interest in the shareholding of two companies, namely Melita Insurance Brokers and VAB Company Ltd.
Peter Fenech was Louis Galea’s chosen representative in a Xarabank programme on the eve of the PN’s leadership election in 2004.
Louis Galea appointed Fenech as MCC Chairman in 2003.
jdebono@mediatoday.com.mt
Peter Fenech’s commercial interests
Director
EUROPA RESEARCH & CONSULTANCY SERVICES LIMITED
FM THEATRE PRODUCTIONS LIMITED
FRANK’S HOLDINGS LIMITED
GANSAM HOLDINGS LIMITED
GS LIMITED
GS SERVICES LIMITED
GSN LIMITED
MELITA INSURANCE BROKERS LIMITED
OFFSHORE AND FREE ZONE (NOMINEE) LIMITED
THE ALPHABET TRUSTEE (NOMINEE) LIMITED
V.A.B. & COMPANY LIMITED
Shareholding
FRANK’S HOLDINGS LIMITED
GANSAM HOLDINGS LIMITED
GLOBAL AVIATION COMPANY LIMITED
GS LIMITED
Interest through his shares in Frank’s Holding
V.A.B. & COMPANY LIMITED
MELITA INSURANCE BROKERS LIMITED
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