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Directors insist fiduciary company was not involved in oil scandal

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The three directors of Intershore Fiduciary Services have denied that the company was ever involved in the oil procurement scandal. Joe  Cordina, Dr Martin Fenech and Charles Scerri issued a statement after Finance Minister Tonio Fenech said Intershore had been the administrator of Aikon Ltd, which was allegedly a screen for oil procurement commissions for George Farrugia. In their statement the directors said they were surprised and disappointed that the company had been mentioned in that way by the PN. “Intershore Fiduciary Services Limited was at no time involved in the oil commissions scandal, directly or indirectly” they said, They said the company acted like any other fiduciary company licensed by the and Aikon was just one of its clients. Official audited documents deposited with the MFSA showed between 2003 and 2008 the income of  Aikon Ltd was as follows: 2003 - Lm 11,071; 2004 - Lm 19,461; 2005 - Lm 56,948; 2006 - Lm 23,892; 2007 - Lm 21,326 and 2008  - Euro 24,625. Such relatively low sums gave no grounds of suspicion in  George Farrugia or his commercial activities, so much so, the directors said, that they were never questioned by the inland revenue department, the...

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