The government needs to clarify its decision to use money raised through the IIP programme (the sale of passports) to purchase shares in Bank of Valletta, Nationalist MP Mario de Marco, shadow minister for finance, said today.
Times of Malta reported yesterday that €21.8m raised by the government through the sale of passports were used to buy Bank of Valletta shares, despite being ring-fenced under a national development and social fund.
READ: €21.8m of passport cash used to buy BOV shares
Dr de Marco observed in a statement that according to Legal Notice 2/2015, the funds collected from the IIP programme were to be used for 12 specific purposes. These ranged from helping stakeholders deliver social, employment and educational projects, to fostering initiatives that support better governance, and to initiatives for the improvement of health and care for the elderly.
"These twelve specific purposes do not allow for the purchase of shares by the government. By using funds collected from the IIP for the purchase of shares in BOV, the government went against the provisions of the above mentioned Legal notice. The matter is further compounded by the fact that the government has a...
