‘Executives drained State firm’

The State-owned bunkering company MOBC had been “drained” by its former chairman and CEO to suit their interest in the competing Island Bunker Oil Ltd (IBOL), a company they were silent partners in, the court heard yesterday. Tancred Tabone, former chairman of Enemalta and MOBC, together with the former CEO, Frank Sammut, hid their shares in IBOL with the help of two other businessmen, Cassar Ship Repair chairman Tony Cassar and Francis Portelli, of Virtú Ferries. The details emerged in the first sitting against Mr Cassar and Mr Portelli who are pleading not guilty to bribery, taking a private interest in an adjudication process and money laundering. Assistant Police Commissioner Michael Cassar testified that Mr Portelli and Mr Cassar knew Mr Tabone and Mr Sammut were public officials. Yet they chartered ships to MOBC when they had a direct conflict of interest. He said that the main scope of IOBL was to drain business from MOBC so the company could become more powerful. Any profit that was being made was because of the positions that Mr Tabone and Mr Sammut held, the witness said. When asked by defence lawyer, Steve Tonna Lowell, whether Mr Tabone and Mr Sammut had asked for any...