[WATCH] PN accuses Muscat of lying about loan guarantee to Crane Currency

Prime Minister denies government would guarantee Crane Currency's loan

he Nationalist Party has accused Prime Minister Joseph Muscat of lying so as to cover up a loan guarantee that the government will reportedly give leading American currency printer Crane Currency.

Questioned by MaltaToday during the official launch of construction works on the Malta branch of Crane Currency, Muscat vehemently denied that he had offered the Americans a loan guarantee – or any other special fiscal incentives – to encourage them to invest in Malta.

“Absolutely not,” he replied on a possible loan guarantee, adding that the American company was receiving the same incentives which Malta Enterprise and Malta Industrial Parks offer other companies.

However, the Sunday Times of Malta later reported that the government has committed to guarantee 75% of a bank loan of €72 million – roughly €54 million – that will be given to Crane Currency.

And now the PN has accused Muscat of lying in an attempt to cover up what it described as a “scandalous” loan guarantee.

“This is the second scandalous guarantee that the government has given, after it was revealed a few months ago that the Maltese public will have to make good for a €360 million bank loan that has been given to Electrogas so that they can build an unnecessary power station that will produce energy that is twice as expensive as that produced by the interconnector.”

The PN called on Muscat to publish the details of this latest guarantee and to come clean on why he lied to the press.

“It is useless for Muscat to preach about unity when he sows discord behind the scenes. People who truly want to unite the country don’t lie, and Muscat has been caught out lying several times.”

Crane Currency’s decision to set up shop in Malta has been hailed as the single greatest investment by a manufacturing company in the island since the 1980s. It is expected to open its doors midway through 2018 and to employ some 500 people.