Its good to be...
Zammit Dimechs ministerial portfolio has been a varied one from
infrastructure to communications, from transport to environment and
now tourism. His ministerial record may not be an impeccable one, but
the same cannot be said of his business acumen.
The annual declaration of assets by ministers and parliamentary secretaries
that was submitted in parliament on Monday, clearly puts Dr Zammit Dimech
at the forefront of investment savvy MPs.
Dr Zammit Dimechs investment portfolio is a diversified lot comprising
investments with different levels of risk.
The tourism minister has shares in a number of companies that are listed
on the Malta Stock exchange including, International Hotel Investments,
Datatrak Holdings, Globe Financial Management, Corinthia Finance plc,
Tumas Investments, Farsons, Malta International Airport and CC Car Parks
Ltd. He also has investments in a number of bonds and funds including
the Global Bond Fund Plus, government stock, HSBC European Equity Fund
and the La Valette Far East Opportunities Fund.
And with an income of Lm16,897 and the ownership of an office in St
Julians and an apartment in Sliema, its good to be Francis
Minister for Investments and IT Austin Gatt competes with Rabat notary
and parliamentary secretary Tony Abela for second spot. But with Dr
Abela opting for the more traditional type of investments in the form
of bank deposits, second place for diversity goes to Austin Gatt.
Dr Gatt has shares in Middle Sea Insurance and Bank of Valletta. He
also has investments in government stock, a British War Loan, an unspecified
Danish investment, Valletta Capital Growth Fund and the Wignacourt Malta
Fund. He also has interests in a number of properties. Dr Gatts
bank deposits total Lm12,400 and with an income of Lm19,300 Dr Gatt
is a force to reckon with.
On the other hand, Notary Tony Abela is probably the most well-off among
his fellow ministers and parliamentary secretaries with investments
being bank deposits in different currencies. Dr Abela has deposits in
the Canadian Imperial Bank, the National Savings Bank of Scotland and
Barclays Bank. Locally, he has foreign and Maltese currency accounts
in both HSBC and BOV. Foreign currency denominations include Canadian
and Australian dollars, Sterling and Maltese Liri.
He also has shareholding in Maltacom and two other private companies
apart from innumerable properties.
With an income of Lm39,067 and an overdraft facility of lm300,000 Dr
Abela certainly has it going well for him.
The most disappointing of the lot is Parliamentary Secretary Edwin Vassallo.
The man, who encourages self employed and small enterprises to harness
the entrepreneurial spirit, is not much of a risk taker himself. Mr
Vassallos investment portfolio is a risk-free bank deposit of
Lm37,349. He also owns a shop, an apartment, a maisonette, two warehouses
and boasts an income of Lm20,261.
Mr Vassallos conservative investment attitude is paralleled by
that of the Prime minister. Dr Fenech Adami has a bank deposit of Lm32,891,
even though he owns shares in a couple of companies.
Foreign Minister Joe Borg is the only person to declare the income of
his wife apart from his personal income and investments. And in a macabre
twist to all the money bandied about, Transport Minsiter Censu Galea
and Interior Minister Tonio Borg saw fit to declare ownership of family
But income and investments is not all that ministers are about. Some
do have pending bank loans, in the majority being house loans.
Minister George Pullicino tops the list with an outstanding loan of
Lm19,000 followed by Francis Zammit Dimech with Lm16,477.
Parliamentary secretary Carmelo Mifsud Bonnici has a pending loan of
Lm15,368 and Minsiter Jesmond Mugliett a loan of Lm13,121.
The other ministers with outstanding loans are Louis Galea, Censu Galea,
Tonio Borg, Dolores Cristina and Frans Agius. Their loans are all below
the Lm10,000 mark.