Incomes yet to be declared in ministerial asset returns

Here’s a look at what cabinet members own, as surmised from their MP declarations. The list contains all assets as declared by ministers, junior ministers, and cabinet consultant Robert Abela

The Labour Cabinet of ministers
The Labour Cabinet of ministers

Ahead of the publication of the ministerial declarations of assets expected later on this year, here’s a look at what cabinet members own, as surmised from their MP declarations. The list contains all assets as declared by ministers, junior ministers, and cabinet consultant Robert Abela.

While the value of property was not specified – except in the case of Transport Minister Ian Borg – the top three property owners were surmised based on the number of properties they declared.

The top three depositors include those who have declared the most amount of money in their bank accounts, while not declaring any loans.

While Environment Minister Jose Herrera features in the top property owners, it should be said that with €267,000 in his bank accounts, the minister would also make it to the top depositors list.

Normal judgement was used to rank the top investors, as the list of companies that European Affairs Minister Helena Dalli is a shareholder of put her at the top of the list. Shares in MIA are notably valuable, thereby placing Tourism Minister Konrad Mizzi second – not including Hearnville which has since been liquidated.

Information which was illegible due to handwriting, such as the amount of drafts declared by Home Affairs Minister Michael Farrugia, was left out. Ministers are yet to declare their income, which is expected in the upcoming ministerial declarations, as none of their members responded to a request by this newspaper as regards their earnings for 2017.

The Prime Minister’s assets remain the same as previous years: one property and €75,000. Curiously, Parliamentary Secretary Silvio Parnis did not declare any deposits – though he might have done so under ‘investments’. Similar to previous years, Finance Minister Edward Scicluna remains the most cash-rich, while the 1/40 of and 1/32 of undivided bits of property declared by Parliamentary Secretary Clint Camilleri serve an apt example of the levels of absurdity that inheritance issues tend to reach.

Finance Minister Edward Scicluna
Finance Minister Edward Scicluna

Edward Scicluna

Property: Naxxar property, 1/2 another Naxxar property

Investments: ACC ltd, 1,000 ord. shares, 99%, CWG plc 20,000 ord. shares, 2%, MGS, €108,000

Deposits: HSBC/BOV, €689,000

Konrad Mizzi

Property: London house + garage, Sliema apartment

Investment: MIA 4,000 shares, Rotura Trust, Hearnville Inc, since liquidated

Deposits: Bank deposits, €328,502

Loan: €306,820

Silvio Schembri

Property: 3 offices in Luqa, Qormi and Siggiewi, and one apartment

Investments: 2F Ltd 100%, MGS €11,200, MIDI shares (4,500), MIDI bonds (5,300), BOV shares (1,680)

Deposits: HSBC personal €60,000, BOV joint €29,000, BOV young savers €12,000

Total Deposits: €101,000

Loan: BOV €97,000

Chris Agius

Property: Bormla property

Deposits: BOV, savings, €73, 724 BOV, savings, €49, 434

Total Deposits: €123,158

Loans: BOV, car loan, €16,527, BOV, credit card, €3,000, BOV, credit card, €3,000

Gozo Minister Justyne Caruana
Gozo Minister Justyne Caruana

Justyne Caruana 

Property: ½ Gozo residence

Deposits: BOV savings €4598 plus €250, HSBC savings €2076, APS bank fixed €15,378, APS current €55,451
Total Deposits: €77,753

Loan: €35,866

Deo Debattista

Property: Mosta residence, 2 apartments in Sliema and Mellieha, 2 garages in Attard

Deposits: BOV savings €80,000, HSBC (spouse) savings: €5,000

Total Deposits: €85,000

Julia Farrugia Portelli

Property: ½ Rabat residence, ½ Balzan property

Deposits: BOV savings €21,923.42

Minister Michael Falzon
Minister Michael Falzon

Michael Falzon 

Property: Iklin residence, Bahrija rural land

Investments: Middle sea shares, MSE, 4,000 ord. shares. BOV shares, MSCE, 11,370 ord. shares

Deposits: BOV savings €113,250, BOV savings £128,280 (€ 146,879.03), BOV fixed €380,000, BOV savings €2,270

Total Deposits: €642,399.03

Jose Herrera

Property: 5 properties in Sliema, Mosta, Valletta, and Lija, shares of property in Sliema, St Paul’s Bay, and Gzira

Investments: Calamatta Cuschieri, nominee holdings, stocks; Nominee portfolio total €861.85

Deposits: HSBC current €90,000, Banif current/savings €170,000, HSBC current (spouse) €2,000, cash in hand €5,000

Total Deposits: €267,000

Clint Camilleri

Property: Msida flat, undivided share of a property in Qala, as well as shares in various inherited properties, among them a property, a flat, a garage and agricultural land in Qala, Gozo.

Investments: Michael Grech Financial investment services USD deposit $149.90 (€127.54), FB Inc 46 shares, SPDR S&P 500 ETF 52 shares, Malta Govt Bond Fund 7.0042 units

Deposits: HSBC current €34,789, HSBC savings €80,102, HSBC $314.14 (€267.29), BOV savings €15,185.07 Total Deposits: €130,343

Loans: HSBC bank loan €45,500, HSBC credit card €5,725

Economy Minister Chris Cardona
Economy Minister Chris Cardona

Chris Cardona

Property: Ta’ Xbiex mansion, villa, B’kara office

Investments: 25% Sapmac Co Ltd 
Deposits: €127,000

Helena Dalli

Property: Properties in M’scala and Zabbar

Investments: Pada Builders Ltd, 99% shareholding, trading; Elcar Development Ltd, 50% shareholding, trading; PR Company Ltd, 50% shareholding, trading; PLJ Dalli Limited, 100% shareholding, trading; P+D Investment Limited, 50% shareholding, trading; Parklands Ltd, 33.3% shareholding, non-trading; Trader Limited, 33.3% shareholding, non-trading; PD Construction Ltd, 50% shareholding, in liquidation; PLJ Limited, 100% shareholding, in liquidation

Deposits: BOV, current account, €506, BOV, savings account, €440, BOV, fixed account, €7,089, HSBC, fixed account, €488, HSBC, current account, €51,833

Total Deposits: €60,356

Anthony Agius Decelis

Property: Mosta residence

Deposits: BOV savings, €20,000

Chris Fearne

Property: Tarxien property and garage, farmhouse in Bir id-Deheb

Investments: BOV lifelink €37,486

Bonds: Cuschieri Calamatta €224,477, Island €9,300, MGS €39,600

Deposits: BOV accounts €66,380,
BOV (spouse) accts €51,812, BOV €2,560, BNF €21,447, Credit Europe €559
Total Deposits: €142,758

Robert Abela

Property: Mscala apartment + garage, properties in Xewkija, Zejtun, Iklin

Investments: HSBC ord. shares (806), Hili properties plc unsecured bonds (2,100), MGS (5,000)

Deposits: Lombard Bank savings €140.14, Lombard Bank current €20, BOV acc €246,961, BNF Bank Malta joint acc €13.90
Total Deposits: €247,135

Michael Farrugia 

Property: A property in Naxxar, an office, and shares in properties in Naxxar, St Julians, and B’bugia.

Deposits: HSBC €1,129.21, BOV €134,899.16

Total Deposits: €136,028 plus drafts

Prime Minister Joseph Muscat
Prime Minister Joseph Muscat

Joseph Muscat

Property: Burmarrad residence

Deposits: €75,000

Silvio Parnis

Property: 2 houses in Tarxien and St Paul’s Bay, property in Bormla, 2 offices, Xlendi flat

Investments: BOV, €42,000, €10,000 stock, MSV life value 27,786.02 

Transport Minister Ian Borg
Transport Minister Ian Borg

Ian Borg

Property: Dingli apartment, Dingli office (€30,000), Rabat office (€8,500), tumolo agricultural land (€15,000), Rabat property (€232,115) Property total value: At least €285,615

Loan: €310,553 Deposits: Bov €15,887

Joe Mizzi

Property: Kalkara residence, plot, garage, Paola grave

Deposits: BOV savings €18,476.57

Loans: BOV €12,257.23, €5,230.69

Roderick Galdes

Property: 3 properties in Qormi, Gozo, Luqa, office in Qormi, studio apartment in the UK, agricultural land in Sicily

Deposits: HSBC savings €1,880

Loan: HSBC €262,232

Foreign affairs minister Carmelo Abela
Foreign affairs minister Carmelo Abela

Carmelo Abela

Property: 3 properties in Zejtun and M’scala

Investments: Security Holding €10,573

Deposits: €8,433.98

Loans: €116,152.38

Clifton Grima

Property: 2 properties in B’kara and St Julians

Deposits: BOV savings €48,871

Aaron Farrugia

Property: Naxxar maisonette

Deposits: APS savings/current €30,000