Updated | PN treasurer says loan scheme ‘a success’, amount remains undisclosed

The PN’s Cedoli scheme has been “highly successful”, according to the Nationalist Party’s treasurers, although no amounts have been disclosed.

Addressing the PN general council, treasurer Alex Perici Calascione also accused critics of the scheme of accusing “hard-working families and pensioners of being corrupt and money launderers”.

The controversial PN loan scheme allows people to anonymously donate a minimum €10,000 to the PN, that will be repayable in ten years at a 4% interest rate. The PN insists that this is not a donation and that it is not in breach of the recently-enacted party financing law.

The Labour Party has warned that the scheme may cast a shadow on Malta: GRECO – the EU’s anti-corruption watchdog – calls for more transparent party financing methods.

The PN has however refused to withdraw its scheme, insisting that there was nothing illicit. It has however also refused to publish the names of those who will take part in the scheme.

Perici Calascione set much in store in describing the loan scheme as one way of how the party faithful could be more involved in their party.

“Cedoli are made up by the people who are taking party in the scheme. Any reaction against it is a direct attack against the workers and families who worked hard for the money they’ve earned, who always declared their income and paid their taxes in Malta,” Perici Calascione said.

“It is shameful that these people are being called money launderers and partaking in corruption, being placed in the same basket as if they were the same people mentioned by the Panama Papers.”

Various PN officials, candidates and members of parliament addressed the general council – themed ‘honest politics’ – all putting forward their argument as to why the electorate should place its trust in the Nationalist Party and their leader, Simon Busuttil.

They spoke of the Panama Papers revelations that rocked the government, the PN’s historical past and how the opposition was a credible alternative government.

The PN’s president of the executive committee, Ann Fenech, also announced that the €10,000 capping will be lowered.

“It was the leader’s wish to have a professional scheme to help with the party’s financial turnaround,” Fenech – who is also the administrator of the scheme – told the general council. “This is a professional scheme and the 4% interest rate ensures that the party is not tied down by any obligations.”

Fenech also made sure to deliver home the message that there was nothing illegal or corrupt with the scheme, arguing that it was false to state that it gave rise to money laundering and corruption.

“Would a criminal come to us with a cheque? This is an insult to the people who, every day, come here with their cheques.”

She also said that the PN would be in a position to repay the loan because “the PN has several properties, heritage left behind by our forefathers”.