Guest Post: Ann Fenech, consistency and ċedoli that never were

The revelation that Ann Fenech has become the patron saint of LNG tankers is but just the last of a series of majestic political blunders which the PN’s (rusted) iron lady has entered into…

The senseless objections and pompous declarations and theatrics by Simon and his motley clique in the PN HQ were lambasted by the news that PN front-liners were involved in making millions in commissions out of the scheme. Ann Fenech through her law firm has been one of the local promoters of the IIP and what’s more, she also is professionally linked to the registration of Panama companies whilst campaigning against Konrad Mizzi and Keith Schembri.

The latest development relating to her maps and explosive comments against the mooring of the LNG tanker in Marsaxlokk now seem ridiculed by the fact that she now is claiming that that she never said LNG was dangerous and – to add to the crassness and irony of it all – we now have to witness the glaring fact that her firm handles the registration of LNG tankers!

What are people like Ann Fenech doing in politics? What sort of honesty can be surmised when the public utterances and stands are in direct contrast to one’s private interests? What sort of leader does Simon think he is if he allows such a glaring example of political dishonesty?

And now for the cherry on top of the proverbial icing: Ann Fenech is also renowned for coming up with the ‘cedoli’ scheme which has supposedly yielded Euros 3 million in subscription. What is now know is whether these funds are cash injections or whether these are just restructuring of credits on the part of private creditors.

In the former case, these would continue piling up the already unsustainable private and bank loans which have to be somehow repaid and – to make matters worse – the annual interests which need to be paid on the additional cedoli loan would amount to Euros 120,000!

In the latter case, however, it would be interesting to see who and why bothered to convert business loans into instruments which seemingly may be aimed at bridging a shortfall in the securities offered to institutional lenders (i.e. banks) which – if true – may indicate that Simon’s PN is on the verge of bankruptcy…

Nice going indeed, Ann!