Mimcol chairman resigns from Libyan Arab Holdings

Mimcol chairman Ivan Falzon has resigned from his post as director of Libyan Arab Holdings, reportedly after his request to be presented with more transparent accounts of the Vivaldi Hotel was denied.

MaltaToday is reliably informed that Falzon and two other directors had serious concerns over the accounts of Vivaldi Hotel. Unable to hold on to their positions, the three directors resigned.

However, in comments to MaltaToday, the Ministry of Finance denied that it had anything to do with the Vivaldi Hotel.

"Following the Libyan conflict and changes in the Libyan Administration, it was agreed that a new Board of Directors was to be appointed. The process is currently underway," a spokesperson for the ministry said.

Falzon, who comes from a reputable accounting firm, earlier on this year testified in court and recounted how he had asked the finance minister to report anonymous allegations being made over corruption in the privatisation process for Malta Superyachts.

Testifying in the prosecution of former chief executive Mario Mizzi - who has been charged with attempted bribery in a bid to influence the privatisation process of the facility - Falzon told the court he had asked the finance minister to report the anonymous allegations being made.

Months before, he recalled meeting Mario Mizzi and Emanuel Ellul with minister Tonio Fenech, who asked if anybody knew of "obstacles" being made to the privatisation process. Fenech had produced an anonymous printout in which it was alleged that there was 'concern' at the way SYC Limited were being treated by the board.

It was here, Falzon said, that he told the minister to summon the bidders to substantiate the allegation of not being treated correctly, but this could not be done because the document was anonymous.