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The Maltese Herald

The businessman who got bailed out

โ€”

by

Mark Camilleri
in

I will most probably be doing very intensive research on the history of Joseph Portelli after I finish with the Tumas Group history this year.

Following my article on Joseph Portelli’s finances, I’ve come to learn that Portelli was actually backed by Giovanna Debono before Labour came to power in 2013. For example, Giovanna Debono bailed out the failed Downtown Hotel which Joseph Portelli owned by leasing out a whole floor of his hotel.

There is another thing that I have learned which is not in the press. When Labour came to power, Joseph Portelli established a very close relationship with Keith Schembri. Portelli’s close relationship with Schembri may explain, how Portelli received a ย€5.65 million loan from the government-owned Lombard bank which was used to buy the land in Paceville for Mercury Towers. Portelli paid that debt by issuing bonds for the project. This was an incredibly good deal and a deal which anyone could have taken. The chosen one was Joseph Portelli, or rather he was so lucky he was at the right place at the right time.

Comments

  1. Some updates on Joseph Portelli by Lovin Malta – Mark Camilleri avatar
    Some updates on Joseph Portelli by Lovin Malta – Mark Camilleri

    […] published a short history of him arriving at the same conclusion: Joseph Portelli is a businessman made by the government and enriched by Joseph Muscat. Interestingly, the article points to some interesting connections […]

    Reply
  2. Still backed and subsidised by the government – Mark Camilleri avatar
    Still backed and subsidised by the government – Mark Camilleri

    […] Portelli’s illegal batching plant a direct order. Joseph Portelli is a businessman who has consistently been subsidised and aided by different governments, consistently, but his government backing increased with Joseph […]

    Reply
  3. No, he is not “self-made” – Mark Camilleri avatar
    No, he is not “self-made” – Mark Camilleri

    […] Portelli used to be an ardent Nationalist supporter and backer of Giovanna Debono, the Minister of Gozo who directly helped him with his business. Following 2013, Joseph Muscat and Joseph Portelli created a very strong alliance between them and […]

    Reply
  4. The Labour Party faction of the Nationalist Party – Mark Camilleri avatar
    The Labour Party faction of the Nationalist Party – Mark Camilleri

    […] How about this for crossovers? Alex Borg is supported by previous PN Gozo Minister, Giovanna Debono, and Alex Borg has basically, taken over his constituency. Alex Borg has a close connection with Gozitan developers who are in business with Joseph Portelli, and this may be no coincidence given that Giovanna Debono was also close to Joseph Portelli and even bankrolled him at one point in time. […]

    Reply

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