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Adrian Delia: ‘limited assurance engagement’ shows €1.6 million net worth

PN leadership hopeful Adrian Delia has presented an audit of his assets and liabilities, saying that if elected he would divest himself of business interests in ‘months’

Yannick Pace
15 September 2017, 3:25pm
'As I have said, I am going to dispose of my assets,' said Delia
'As I have said, I am going to dispose of my assets,' said Delia
Nationalist Party leader contender Adrian Delia has published a limited assurance engagement of his state of affairs, which shows a net worth of €1.6 million, a day before the party’s paid-up members must choose a successor to outgoing leader Simon Busuttil.

Addressing a press conference at the Santa Lucija Nationalist Party club, Delia insisted that the party’s statute did not oblige him to publish his assets, adding that if the party felt this was necessary, it should have been included in its statute beforehand.

When it was pointed out that Delia’s two of the four candidates vying for the leadership had done so, he pointed out that in his case, he had presented an audited statement of affairs, insisting that he had not considered it would have been necessary to do so once he decided he would be running for leader.

According to the published statement of affairs, Delia owns property valued at €2.25 million, shares in five companies, worth €40,565, as well as a stake in Mgarr Developments Limited worth €185,082 and other assets amounting to €74,936.

Adrian Delia's statement of affairs according to limited assurance engagement by auditing firm, Mazars
Adrian Delia's statement of affairs according to limited assurance engagement by auditing firm, Mazars
The valuation of his stake in Mgarr developments, said the lawyer turned politician, took into account all taxes due as well as development expenses.

He owes €829,510 in loans to Maltese banks and has an overdraft and credit card balance of €104,426, in addition to €86,784-worth of liabilities related to tax due.

Delia was asked by journalists he would be funding himself given that the majority of the assets listed in his statement of affairs were fixed assets, to which the potential Opposition leader said he had “asked financial consultants to assist [him]” in adjusting his position.

“As I have said, I am going to dispose of my assets,” said Delia. “That disposal will give me an amount of money which we will spread with the help of technical people to make up for the difference in income.”

According to the report provided by Delia, that he did not have any cash balances with any banks, stressing that had this been the case, it would have been included in his statement. 

Asked whether he could give a timeframe by which he would have divested himself of all interests, Delia said that he could not give a specific length of time, adding that he would need to ensure that he did not lose his investments. Pressed on whether it was possible that the process could take years, he said it would take a matter of months.

Turning to allegations that he had his current account closed by Bank of Valletta, Delia reiterated that he had a letter which from the bank’s chief business development officer stating that the bank had sent Delia bank statements pertaining to his active deposit accounts held with (BOV).

Delia stressed that questions about his BOV bank accounts were only being raised in an attempt to “tarnish his name”.

“Ironically, recently, on the 22 August I opened another current account, a cheque book intended for expenses related to the election campaign,” he added, stressing that at no point had he ever had any issues with BOV.

Yannick joined MaltaToday as a journalist in 2016. His main areas of interest are politics...