Perici Calascione’s former business partner denies being on the run for misappropriation

Silvan A. Said confirms he was in business with PN leadership contender Alex Perici Calascione until 2001 and that he moved to the Middle East but denies claims he is on the run for misappropriation of funds

The PN's Ethics Committee said it found no reason to doubt or sanction Alex Perici Calascione
The PN's Ethics Committee said it found no reason to doubt or sanction Alex Perici Calascione

The former business partner of Nationalist Party leadership contender Alex Perici Calascione has categorically denied that he is on the run from the authorities for misappropriation of funds, as claimed in an anonymous letter sent to the party’s Ethics Committee.

Silvan A. Said said in a letter sent to the media that he was Perici Calascione’s only partner in Fenici Insurance Brokers Ltd and that, although he was not mentioned by name in the anonymous letter, a simple search on public records would quickly reveal his identity.

“I … categorically deny the unfounded allegations that I am on the run for misappropriation of funds,” he said in his statement.

“It is an outright lie designed to tarnish Dr. Perici Calascione’s impeccable reputation by association, and diminish his chances at the PN leadership.”

Said said that in August 2001, he had sold his entire shareholding in both Fenici Insurance Agency Ltd and Fenici Insurance Brokers Ltd to Future Investments Ltd, with the agreed price honoured in full by Future Investments Ltd.

He said that the company was audited by Deloitte and a due diligence exercise was carried out at the time of the sale and that he did not owe the company any money or face accusations of misappropriation.

“Furthermore, at the time of the sale, Fenici Insurance Agency Ltd was a going concern and duly licenced by the MFSA as an insurance agency,” he said.

“On completion of the sale, I resigned my directorships in both FIA and FIB and ceased any connection with the company.” He went on to pursue a career in insurance training and consultancy in Malta and abroad.

In his statement, Said insisted that, at no time, was there ever any claim by the new owners (Future investments Ltd), or even a hint or intimation of misappropriation of funds, nor was he ever questioned or investigated by the police, the MFSA, the auditors or any authority.

As to claims that he was on the run, Said said that this was “an evil and malicious allegation which is completely untrue”.

He said that, having pursued a career in the Middle East since 2007, he and his wife had taken up permanent residence in Bahrain and, for the past two years, in Dubai.

“During this time, my wife and I kept our house in Malta, which we own, and visit several times annually for holidays and family breaks,” he said. “There was never any hint of ‘running away’ from Malta or from any creditors or police or other investigations or inquiries into misappropriation.”

In fact, he added, he had also regularly contributed many comments on all Maltese newspapers, in a transparent and open manner using his name.

“The anonymous cowards who wrote this letter, in their venomous attempt to hinder Dr. Perici Calascione’s chances at the leadership, made unfounded, criminally libellous accusations in my regard without a shred of truth,” Said said.

“They had no qualms to damage an innocent bystander’s reputation to achieve their evil aims, fully aware of the damage and distress they would cause my family and me. This time, they have gone too far.”

He insisted that this type of evil practice needed to stop immediately and that he would therefore be filing a police report asking for an investigation into the authors behind the letter and for their prosecution in terms of the Maltese Criminal Code Articles 255 and 373.

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