It sounds like a cross between a geography lesson and a financial services lecture. Throw in a bit of politics and Konrad Mizzi’s Panama affair becomes a big hotchpotch. Kurt Sansone tries to break it down into digestible portions.
Did Konrad Mizzi break the law when he opened a trust in New Zealand?
No. It is perfectly legal to open a trust and have a financial structure like that set up by the Energy Minister. Various companies in the financial services sector in Malta offer the service to Maltese and foreign clients.
How is Dr Mizzi’s trust structured?
According to documents disclosed by Dr Mizzi – although he has refused to give us a copy of the trust deed – he used a financial services firm in New Zealand (Orion Trust) to create the trust, which was given the name Rotorua Trust. Dr Mizzi is settlor and protector and the sole beneficiaries are his wife Sai Mizzi Liang and their two children. Orion is the trustee. The documents show that the trust does not have any bank accounts and the only asset is a Panama-registered company called Hearnville Inc.
How does Panama come into the picture?
The company owned by Dr Mizzi’s trust is registered in Panama. According to Dr Mizzi,...
