New Arms Ltd board suspends CEO

Arms Ltd CEO Wilfred J. Borg has been suspended by the company's new board, which was announced this evening. The Energy Ministry said Mr Borg had been suspended after serious shortcomings which had impacted the company's credibility. An investigation into the company will be held and this may lead to disciplinary proceedings against Mr Borg, the ministry said. Henry Attard was appointed Acting CEO. Last week the government demanded Mr Borg's resignation  after it transpired that Arms Ltd had passed on incorrect information to the social security department, which resulted in reduced energy benefits being issued to clients. Mr Borg refused to resign. Earlier today, the minister said Anthony Valvo has been appointed chairman of Arms. The new members of the board are Louis Giordimaina, Anthony Sultana and Justin Tabone.