Tista' taqra bil- Malti.
The Times of Malta together with the Daphne Project, has revealed how Electrogas power station investors Mark Gasan and Paul Apap Bologna signed a side deal with Yorgen Fenech to pay him €2.5 million for “sourcing and organising contractors” and “interfacing with authorities” on the Electrogas project.
French NGO, Forbidden Stories, coordinates The Daphne Project, which is composed of 18 media outlets around the world.
The local daily newspaper revealed how the deal was signed on behalf of GEM Holdings.
GEM Holdings is the local Electrogas shareholder company composed of Tumas Group, Gasan Group and Paul Apap Bologna’s CP holdings.
The agreement between Mark Gasan, Paul Apap Bologna and Yorgen Fenech was signed in June 2014 and it states that GEM Holdings woould pay Fenech’s company New Energy Supply, 2.5 million in “development fees.” New Energy Supply hold shares in GEM Holdings.
Paul Apap Bologna and Mark Gasan have both denied dealing with the Labour Party before the 2013 general election.
Earlier this month in court, during the public inquiry, Paul Apap Bologna, who is now the director of Electrogas following Yorgen Fenech’s resignation last year, had testified that he was not aware of Fenech’s political links.
According to the latest revelations, documents leaked to journalist Daphne Caruana Galizia before her assassination reveal how the Electrogas shareholders were paid over €16 million in fees using funds from a government-guaranteed loan given to Electrogas.
In 2014, GEM Holdings and former shareholder Gasol received €4 million in “development fees” paid from the Electrogas loan. Then in in 2015, before the construction of the powerstation started, €12.5 million were paid out to Electrogas shareholders GEM Holdings, Socar Trading and Siemens by Electrogas.
These success fee payments coincides with the attempts of Keith Schembri and Konrad Mizzi’s to open accounts for their secret offshore companies in Panama.
An email by Brian Tonna’s Nexia BT, which dates back to December 2015, indicats that 17 Black, the secret Dubai company owned by Yorgen Fenech, would pay up to $2 million to Schembri’s and Mizzi’s Panama companies.