Times of Malta has today revealed that SOCAR Trading SA will be indicted to court over the 17 Black case. 17 Black was a Dubai-based company owned by Yorgen Fenech which was meant to pass bribes of the Electrogas project to government officials including the Prime Minister’s Chief of staff Keith Schembri and Energy Minister Konrad Mizzi. The bribes were meant to be transferred by Yorgen Fenech to their Panama-based companies.
The revelations were first made by Daphne Caruana Galizia who was eventually murdered, with Yorgen Fenech currently in court being accused of masterminding her murder.
Socar Trading SA is one of the three partners that owns the gas-powered power-station in Delimara and the Electrogas company along with GEM Holdings and Siemens Project Ventures. GEM Holdings is the local group formed by Tumas Grup, Gasan Group and the Paul Apap Bologna (CP Holdings). Yorgen Fenech still owns an indirect share of Electrogas through GEM Holdings of which he is a shareholder through a company called New Energy Supply Limited.
SOCAR Trading SA purchased gas from Shell and other companies which then later re-sold to Electrogas at higher prices effectively imposing a trading premium on electricity bills.
Website Editor
Historian and Publisher
Leave a Reply