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CapitalOne | ‘Nobody believes Fenech Adami was unaware of fiduciary’s business affairs’

Labour Party says PN deputy leader Beppe Fenech Adami knew too well his duties as a fiduciary director, and that claims that he was unaware of Baltimore Fiduciary’s business affairs are ‘not believable’

matthew_vella
Matthew Vella
22 December 2016, 9:33am
Beppe Fenech Adami was the director of a fiduciary whose clients were being investigated over money laundering
Beppe Fenech Adami was the director of a fiduciary whose clients were being investigated over money laundering
Labour has taken apart denials from Beppe Fenech Adami that he was unaware of business dealings inside a fiduciary being investigated by the police, saying that the PN deputy leader knew well his responsibilities as a director of a fiduciary.

Fenech Adami was the director of Baltimore Fiduciary Services when in March 2013, a police investigation into money laundering by its client CapitalOne, was shelved without ever interrogating either Fenech Adami or Baltimore’s owner Richard Abdilla Castillo.

Since MaltaToday revealed the existence of the case, a government inquiry led by three retired judges has been hearing testimonies from various quarters, including Fenech Adami.

“As a fiduciary director, Fenech Adami had rights and obligations. Baltimore Fiduciary was being used for millions in transactions coming from CapitalOne, which was being investigated over financial transactions related to drug trafficking,” Labour said yesterday.

Fenech Adami yesterday released a statement full of denials, which he presented to the CapitalOne board of inquiry: he said that as non-executive director of Baltimore Fiduciary, he was unaware of any transactions. He also said that as parliamentary assistant for home affairs at the time of the investigation, he was unaware of any police interest in Baltimore.

“Whatever he says, Fenech Adami’s admission that he was the fiduciary’s director means he knows well, as a lawyer and politician, what his responsibility as director of a fiduciary company is. Nobody believes him that he was unaware of what was going on inside the company,” Labour said in a statement.

In the past, Fenech Adami himself was clear about the role of fiduciary directors when scoring political points on the affairs of disgraced oil trader George Farrugia, whose company Aikon Ltd was handled by Intershore fiduciary, then owned by the Labour Party treasurer.

“The Labour Party will respect the outcome of the CapitalOne inquiry, which is investigating the work of the institutions involved in the case,” Labour said referring to the police and the Attorney General’s office.

Labour gave short shirt to Fenech Adami’s reference to his cancer treatment, where he said “he prayed to God daily to have another day of life”.

“Labour will not go down to these base levels and use sickness to attack individuals. We wish him a fast recovery. On matters of governance however, Opposition leader Simon Busuttil should walk his talk: the facts show the previous legislature’s dirt is still on the PN’s shoes.”

matthew_vella
Matthew Vella is executive editor at MaltaToday.