The businessman who got bailed out

I will most probably be doing very intensive research on the history of Joseph Portelli after I finish with the Tumas Group history this year.

Following my article on Joseph Portelli’s finances, I’ve come to learn that Portelli was actually backed by Giovanna Debono before Labour came to power in 2013. For example, Giovanna Debono bailed out the failed Downtown Hotel which Joseph Portelli owned by leasing out a whole floor of his hotel.

There is another thing that I have learned which is not in the press. When Labour came to power, Joseph Portelli established a very close relationship with Keith Schembri. Portelli’s close relationship with Schembri may explain, how Portelli received a €5.65 million loan from the government-owned Lombard bank which was used to buy the land in Paceville for Mercury Towers. Portelli paid that debt by issuing bonds for the project. This was an incredibly good deal and a deal which anyone could have taken. The chosen one was Joseph Portelli, or rather he was so lucky he was at the right place at the right time.

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  1. Some updates on Joseph Portelli by Lovin Malta – Mark Camilleri

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