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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
Karl Stagno-Navarra
Karl Stagno-Navarra
1 min read
Alan Lubinsky took 550,000 from the Malta Enterprise and fled from Malta two years later.
A South African born businessman, who in 2008 disappeared from Malta leaving behind him a €550,000 debt with the Government and private companies, has managed to re-invent himself and reappear in Britain with a new project which many have already described as a potential “new scam”.
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.
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I am very angry. "Personalities" like these, as well as cause damage to Maltese economy (550,000 euro are not "peanuts"), make it difficult dialogue between foreign small entrepreneurs and Government. I am an Italian, who came here in Malta to really work. I do not run restaurants or sell Chinese clothing disguised as Italian brand. I did not even want to benefit from the favorable tax regime for foreign investment. I am resident here and I pay taxes like the Maltese citizens. But I am surrounded by other Italians who in many cases they think they are in the Far West and can do everything they want. I see every day with my own eyes, Italian who leave the car in no parking areas and tear quietly the penalty ticket. Someone tells me that there are foreigns who purchase abroad fake goods, carrying it in Malta and sell it at prices as Parisian boutique. I only wish to start a business of products by Maltese superior craftsmanship and import from the Mediterranean only high quality products, and despite this and despite my good faith, since one year I fight against the mistrust of Banks, Business First, suppliers and even some Maltese who took advantage of the situation, cheating me money.
It must be able to distinguish malefactors from good people, also including the adoption of more restrictive measures to control "a posteriori" of persons targeted for financial support.
But despite all this, I want to stay in Malta. This beautiful island offers good opportunities for those who want to work hard and has given me many Friends who believe in me and my honesty.
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south african? haha!! a message to interpol, could this person be one of south africas most wanted GEORGE SMITH? who is originally a GREEK!!!
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If an investor is foreign the Maltese Authorities give away the family silver ... Yet when the entrepreneur is Maltese then there is nothing and the cupboard is always bare. How stupid, how silly...who kept employment buoyant during the recessionary period but the Maltese entrepreneur who went the extra mile trying to keep his employees providing for their families. Stupid bureaucrats think any freckles will be a boon for Malta.
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has this man really stole 500,000 euros? is the Malta enterprise trying to hide something? or reveal something? that may involve other people!! is it possible that the Malta Enterprise did not check the background of this man before lending him the 500,000 euros. This south african is living in heaven, he is one of the many crooks or should I say cons that leave south africa with nothing and than find themselves floating with other peoples money, and this is a fact becuase I see this on a daily basis becuase I live in south africa. The government through Interpole could have brought him to malta on an arrest warrant at any day and time they want,but we cannot comment about this man just by reading a short paragraph that says man runs away with 500,000 euros, becuase for this man to be still on the run and in europe and with no arrest warrant than i am more than sure there are other people involved with this person. AVIVA the malta enterprise!! 69
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Incredible con-men manage to make away with Millions from the Gov't when honest businesses and investors get sucked out of their money and blocked from doing any business in Malta. Go fathom this.
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Malta Enterprise Fiasco I call that and who was or is at the helm?
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I once was driving one of these cars in Marsa, being driven by Tonio Darmanin of PaqPaq, and the car crashed on the central strip at the beginning of Garibaldi Road. The car lost control there.
But anyway, other Governments used Interpol to get such people into justice but our leadership seems to be happy with this stalemate.
Get this guy to Malta by an international arrest warrant and put him for life imprisonment with hard labour so that he looses his weight too.
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this guy was investigated on BBC's Panorama a couple of months ago re football fraud!!
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Sine it is now known where he is, what is the government waiting for to issue a European Arrest Warrant to make him refund OUR money?
