A loan for the Nationalist Party

PN. arma imkisra

It is normal for a commercial company to take up a loan from a commercial bank for the purposes of its  activities.

But is a commercial company owned by a political party “a normal commercial operation”?  In my opinion it is not.

Hence the declaration that business tycoon Nazzareno Vassallo has loaned the sum of €250,000 to a media company belonging to the PN is bad news. It is an additional exercise in the financing of a major political party in Malta by a major player in local business activity.

The terms and conditons of the loan have not been disclosed.

The very existence of this loan proves, if any proof was needed, of how close the Nationalist Party is to the major players in the construction industry.

The Prime Minister and Leader of the Nationalist Party has assured one and all that this did not give rise to any sort of obligation of the Nationalist Party towards Mr Vassallo and his companies. This loan will be paid he said, and very shortly.

I do not know whether and how the loan will be paid. What I know is that public confirmation of this loan has sealed the view of many that business and politics are too close for comfort.

It was known by all that Dr Lawrence Gonzi and his PN have done a great disservice to politics in Malta by promising legislation on regulating the financing of political parties and not keeping to his word. The approval of this loan explains clearly what the Leader of the PN really thinks on the regulation of the financing of political parties.

Alternattiva Demokratika in Parliament after the March 9 elections will be submitting proposals for legislation to ensure that the finances of political parties are transparent and regulated by law.

PN and the PL Members of Parliament, in the outgoing legislature, had for their consideration a Private Member’s Bill on regulating the financing of political parties. They ignored it.

Alternattiva Demokratika will improve that draft and present it for discussion in the new Parliament.

originally published in di-ve.com on Friday March 1, 2013

2 comments on “A loan for the Nationalist Party

  1. A word which is dominating the local political scene is “commission”. The BWSC public tender landed a 4 million commisison to a person. The buying of oil for public use also involved commissions to a number of persons. Now is it the PN who got the virus of commissions or the other way round.
    With regards to this loan to a political party (does it have a legal entity?) can it be that this is a commission paid to the PN following public tenders given by government to the loaner? Smells fishy but I cannot image anybody would loan a political party such a substantial amount of money just for kicks! These all start with a silver spoon, a silver plate, a Maltese clock, and then hard core, I mean hard cash!

  2. There is nothing to be added to the article by Perit Carmel Cacopardo – it’s the truth and written so brilliantly. No wonder the PN would not let Perit Cacopardo continue his fight on behalf of the environment in Mepa’s Audit Office. No wonder they even threw out Perit Joseph Falzon. The PN has consistently put uppermost the interests of Big Building Speculators…they just do not care about Malta’s dwindling natural environment.
    What Perit Cacopardo did not say Commentator GanPatist declared it in no uncertain terms when he wrote that under PN ”commission” followed ”commission” in quick succession.
    Events have shown key figures of the PN embroiled in corruption. Cash for favours has become the order of the day. Nazzarenu’s ”loan” was more of the same.
    Time for change. AD certainly deserves to be represented in Parliament. They’ve got BRAINS….and PRINCIPLES, qualities which are not so abundant in the present PN under Lawrence Gonzi.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s