The corrupt banker who approved the bizarre loan of €36 million to Stewards, Miguel Borg has resigned. Miguel Borg had also sent his reply to me via his personal lawyers.
There is something very obvious which I didn’t make it clear in my reporting on Miguel Borg’s role as Chief Risk Officer at BOV and the €36 million to Stewards.
Big loans to private companies by national and government-owned banks for public projects are most often textbook cases of fraud and corruption. Why would a private company need a loan for a public project if supposedly this private company is being paid hundreds of millions of Euros already by the government and is supposedly adding value by investing its capital? What these bankers did by giving Stewards a loan is totally unorthodox, confusing and glaringly wrong, but something which would be very popular in Russia or in Venezuela.
What irks me is that it is always the shareholders who have put their trust and hard earned money in the bank, who finish up paying and loosing money for this criminal bad governance.
Does anyone of these swindlers ever get punished accordingly in Malta ? NO THEY NEVER DO ! ! !. AND WHY ?Because our Police and our Judiciary System are Rotten to the core. We Maltese people get what we deserve.