Businesses urge political leaders to exercise 'political maturity'

The Chamber of Commerce has urged politicians to be cautious and exercise 'political maturity', warning that political instability can have detrimental effects on business

Frank V. Farrugia, President of the Malta Chamber of Commerce
Frank V. Farrugia, President of the Malta Chamber of Commerce

The Malta Chamber of Commerce, Enterprise and Industry has urged politicians to be cautious and exercise "political maturity" with the “current political scenario” in order to safeguard Malta’s reputation for business.

“In the interest of continued economic prosperity, the Chamber urges all political parties to exercise caution and maturity to ensure Malta’s reputation as a respectable global centre for business is safeguarded,” the Chamber said in a statement.

Malta is currently embroiled in a money laundering scandal after fresh allegations about the offshore Panamanian company Egrant emerged, claiming that the owner of the company was Michelle Muscat, the Prime Minister’s wife.

Furthermore, on Thursday, Opposition leader Simon Busuttil appeared in front of inquiring magistrate Aaron Bugeja to testify after claiming he had “irrefutable evidence” that “proves beyond doubt” that Muscat’s chief of staff, Keith Schembri accepted kickbacks from passport sales through the IIP scheme.

Since the allegations arose, Busuttil has called for Prime Minister Joseph Muscat to resign.

The Chamber warned that political instability could negatively affect the business sector.

"As a responsible organization, the Chamber believes that business cannot thrive without economic and political stability," the Chamber said.

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