Mimcol CEO resigned as he was ‘left in the dark’ over administrative affairs

The former chief executive of the government’s investment arms Mimcol and MGI said that he resigned from the post as he had been “kept in the dark about administrative affairs” since the Labour Party’s election to government in 2013.

In a damning letter to the Auditor General that was read out by Opposition MP Tonio Fenech at a Public Accounts Committee meeting, Vincent Mifsud wrote:

“Over the past two years, I was precluded from involving myself in all spheres of responsibility falling under MIMCOL (Malta Investment Management Company Limited) and MGI (Malta Government Investments Ltd) which, I believe, is part and parcel of the work of a CEO.

“In particular, I was specifically asked to concentrate purely on operational matters and to disassociate myself completely from matters of an administrative nature. This naturally meant that I was kept in the dark about administrative affairs while still expected to retain my position as a CEO

“I felt that this was not a state of affairs that I was prepared to accept. After two years of unsuccessfully trying to asset myself as a CEO, I have decided to terminate my contract. It was a particularly difficult decision given my very generous remunerative package but it was a minefield that I was not willing to continue treading.”

Mifsud resigned from the post last week due to a disagreement with Mimcol’s recruitment policy, following the controversial appointment of 18-year-old Karl Cutajar as director of the government-owned security company Fort Security Services. Cutajar has since resigned from the position, citing “political victimization”.