During yesterday’s Court trial session, with Yorgen Fenech giving surprise testimony, Yorgen Fenech cried out a script mixed with fantastic lies, particularly dated details intended to prove accuracy in his narrative, remorse, and also some correct facts mingled into the mix, providing overall his twisted story about being a naïve businessman who was framed by Keith Schembri and blackmailed by Melvin Theuma.
One of the lies he said was that he registered 17 Black in the United Arab Emirates not as a secret company, but to do business in the Emirates. This version is contradicted by the extensive documentary trail surrounding 17 Black.
17 Black was incorporated in Ajman in the United Arab Emirates and held an account at Noor Bank in Dubai. The company was originally created to serve for the money-laundering and corruption behind the Eelctrogas project.
Documents from the Panama Papers show that 17 Black was listed together with another UAE company, Macbridge, as a “target client” of two secret Panama companies set up by Nexia BT: Tillgate Inc., owned by Keith Schembri, and Hearnville Inc., owned by Konrad Mizzi. Nexia BT’s Karl Cini informed Mossack Fonseca that the two Panama companies were expected to generate around $2 million annually from prospective business, with 17 Black and Macbridge identified as their main target clients.
Egrant Inc. was the third Panama company acquired by Nexia BT during the same period. Daphne Caruana Galizia reported that Egrant was connected to the Muscat family, but Joseph Msucat denied this and the subsequent magisterial inquiry found no evidence that Joseph Muscat, Michelle Muscat or their family owned the company. The inquiry’s forensic experts found Brian Tonna recorded as its ultimate beneficial owner, while also questioning why Nexia BT had retained the company for such a long period without assigning it to an apparent client.
The intentions behind Tillgate and Hearnville, however, are documented in the Panama Papers themselves. Nexia BT accountants Brian Tonna and Karl Cini established and administered the offshore structures and documented 17 Black and Macbridge as prospective sources of business for the Panama companies owned by Schembri and Mizzi.
Keith Schembri himself later acknowledged that 17 Black had been included in draft business plans for his Panama company, although he maintained that no actual business ever took place.
Yorgen Fenech committed perjury yesterday in Court.
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