We are working to leave Electrogas, without profit – Gasan Group

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Tista' taqra bil- Malti.

Gasan Group has declared that it is ready to exit the Electrogas group as soon as possible and without any profit.

In a statement signed by Joseph Gasan and Mark Gasan, the group expressed its “shock and mortification” at the links that are being drawn between this project and the brutal assassination of Daphne Caruana Galizia.

Public scrutiny desireable

The statement said that their minority shareholding of just under 12% did not earn them any profit on investment. They added that while Gasan Group does not sit on the board of Electrogas, it has “been supportive of ElectroGas commissioning the necessary investigations concerning all aspects of the project and to find out if the allegations being made are in any way founded in fact”. The Gasans said that they encourage proper scrutiny and investigation into the project and said that Electrogas should “reply and engage with the public on each and every allegation being made.” They added that “ElectroGas project is a public concession for which rigorous public scrutiny is not only legitimate, but desirable”.

Identifying avenues for exit

The Gasans affirmed in their statement that they have not received any dividends and have only registered losses in relation to their investment in ElectroGas. “In view of the controversy surrounding this project and irrespective of the fact that we have done nothing untoward at any point, we have decided to identify all avenues to exit our interest and not to profit in any way from this investment,” said Gasan group. They concluded that “if there is substance to the allegations of corruption in relation to the project, we had absolutely nothing to do with it: we did not participate in it, we did not support it, we did not condone it and we did not know about it. And if it did happen, we condemn it without reservation and trust that justice will be served”.