PM asked to investigate MFSA chairman's link to Cayman Islands company, consultant

Labour MP Evarist Bartolo has demanded an inquiry by the prime minister into how the chairman of the Malta Financial Services Authority is a partner in a Cayman Islands company with one of the consultants he appointed for the MFSA.   Speaking in Parliament last night, Mr Bartolo said he was concerned about relationships between the chairman of the MFSA, Prof Joseph Bannister and interests in the Cayman Islands. He noted that since 2008 the MFSA had paid over €3m in consultancy services, always awarded by direct order in breach of public procedures. Some people were paid €1,000 per hour, although this might be justified in some cases in this sector. His question, Mr Bartolo said, was whether all the consultants were being appointed with an eye to benefit Malta and its financial centre. The financial centre, he said, had many competent people, but some were sad over some aspects of management. He noted that the Financial Services Authority in the UK had removed a person, Clive Briault, who was responsible for surveillance of Northern Rock Bank but had been found guilty of systematic failure of duty.  And then this same person was awarded a contract by direct order for consultancy...