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Man flees with €550,000 from Malta Enterprise, opens new business in England
South African businessman flees from Malta with €550,000 loan from Malta Enterprise, to re-appear four years later in Britain with ‘new scam’.
1 July 2012, 12:00am
Entrapreneur Alan Lubinsky, who in 1996 bought the rights to manufacture AC Cobra cars, had borrowed €500,000 obtained an advantageous facility from Malta Enterprise to set up an assembly plant in Hal Far in 2006.
However, after two years in Malta, Lubinsky’s project failed, the promised investment was never made and he eventually fled from Malta in 2008.
During the two years of operation in Malta, Lubinsky was only able to build two AC Cobra models which were exported to England. But the agent tore up the agreement with Lubinsky because the sports cars were defective and a lot of work had to be done to make them driveable.
The AC Cobra, which sells for around €100,000, is not only considered to be for car enthusiasts, but was considered in the sixties to be among the fastest, purchased only by the wealthy.
Despite lawsuits in the Maltese Courts for Lubinsky to repay the €550,000 given by the Malta Enterprise to facilitate the business, he remained missing.
Other cases from Maltese companies also led to warrants of seizure to the value of around €60,000 against Lubinsky.
After years of silence, Lubinsky once again appeared, this time to England with a new project which he entered into in partnership with millionaire British investor Sir Jeremy McKenzie.
Lubinsky registered the new company in Cyprus and is reportedly in negotiations to encourage three dealers in England to serve as agents to sell the cars.