The National Development and Social Fund, which received up to 30% of the proceeds from Malta’s Golden Passport scheme, has been placed under the responsibility of the Ministry for Home Affairs, Byron Camilleri. It was previously under the responsibility of the Prime Minister and it would probably make no difference in the future outcome of the fund’s actions. The board’s members are mainly Labour Party supporters that include Maria Camilleri Monica Farrugia and Joseph M Zrinzo. There’s also Raymond Sladden who was previously secretary of Tumas Group.
Technically, this move makes little sense, except as a public relations exercise to promote the Home Affairs Minister. It is an exhibition of support from the Prime Minister to the Minister following a series of disasters under his watch.
According to its latest report, published in 2022, the fund has up to โฌ140 million in cash and up to โฌ200 million in securities and financial assets, mostly in government bonds, but it has also local and foreign equities. The fund has been used for various social projects including social housing and also cultural investments such as the purchases of local band clubs, but it is also being used as a slush fund for electoral projects which have no relation to “social development”. One of these projects is the race-track in ฤฆal Far.
The fund is chaired by Jonathan Cardona who was previously sacked b y the Prime Minister as Enemalta’s CEO after massive failures which lead to the Summer 2023 blackouts. He was Miriam Dalli’s choice and comes from Joseph Muscat’s network of acolytes along with Charlon Gouder and others.
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