If no one wants to buy it, then it’s worth 0

Mark Gasan

So much for the government’s and Miriam Dalli’s constant cover-up and defense of Electrogas and its investors who run it. Gasan can’t sell its shareholding of Electrogas which it owns through GEM Holdings, meaning that mark to market, their shares have no bids and may technically be worth 0. Yet, the dilettantes in government have never even sought to pursue the public interest with regard to Electrogas, and instead, covered up for Electrogas investors and the corrupt Labour politicians who set the project namely, Joseph Muscat, Konrad Mizzi and Keith Schembri. The government renewed its contracts with Electrogas and on a regular basis, government MPs defend Electrogas shareholders at the Public Accounts Committee often citing particular investigations which found no wrongdoing.

Nationalising the Electrogas power station after it was used as a money laundering machine for politicians and investors would have been a very logical and easily-achievable task even in legal terms, but the government has completely abdicated from its public duties.

Of course, no sensible investor would ever touch Electrogas with a pole ten feet away. The only potential investors who could buy Gasan’s stake are authoritarian regimes like China,  Qatar, or Russia who would see in the investment as a strategic opportunity to gain leverage on the Maltese government and not as a business investment. And again, no sensible investor will ever invest in a project tainted by the blood of a journalist. It is even incredible that Electrogas still survives until this day despite having been the cause of Malta’s biggest political crisis in its history in 2019. Electrogas is a huge monument to corruption and murder, yet our government fights for it instead of for the people.

We have already sold as much as half of Enemalta to Shanghai Electric with the BWSC plant included and this shareholding is in today’s geopolitical world, a high strategic risk for our country. Given the government’s complacency and obtuse dilettantism and rent-seeking in the way it addressed the Electrogas issue, the strategic risks may only increase.

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