French financial prosecutor asked to investigate loan to Electrogas

Tista' taqra bil- Malti.

France’s National Financial Prosecutor’s Office has been asked to open an investigation for “money laundering of corruption, complicity, and concealment of stolen goods against four French banks and an investment fund, in connection with a large loan operation for the benefit of Electrogas Malta Limited.”

The complaint was filed against BNP Paribas, Societe Generale, Natixis, CIC and Rivage Investment.

In a statement published by the Daphne Caruana Galizia Foundation, it was explained that on the 30th of September the Foundation together with Sherpa has decided to call on the French National Financial Prosecutor to take action.

Sherpa is an association created in 2001 whose mission is to fight new forms of impunity linked to globalisation and to defend communities that are victims of economic crimes.

Two months after Daphne Caruana Galizia was assassinated, French banks, through subsidiaries or branches, and an investment fund, granted a loan to Electrogas Malta Limited. A few months before the conclusion of these loans, the assassinated journalist, Daphne Caruana Galizia, had revealed that the contract would be tainted by corruption.

The Daphne Caruana Galizia Foundation and Sherpa argued that despite the assassination of Daphne Caruana Galizia in October 2017, despite the revelations of the Panama Papers, despite 17 Black which belonged to Yorgen Fenech, identified as the prime suspect behind the assassination, at the time both director and shareholder of Electrogas, the four French banks, through subsidiaries or branches, as well as the portfolio management company, granted a loan to Electrogas Malta Limited in November 2017.

“These financial intermediaries are, however, subject to AML/CFT obligations, and must, in particular, identify the beneficial owners of the companies with which they do business. In the case of the loan to Electrogas, a simple internet search would have allowed the banks to discover that the company’s activity came from corruption,” stated the Daphne Caruana Galizia Foundation and Sherpa.