Following the publication of details of companies of Panama Leaks, the Political parties media have made sure to make everyone aware of how their opponents are connected to the same. However, they call a scandal that service providers are connected to this jurisdiction or to other tax haven jurisdictions but have decided not to take notice of the conflict of interest of the Chairperson of the Malta Financial Services Authority who is as well connected to a tax haven.
Hon Evarist Bartolo has on more occasions highlighted the conflict of interest that Professor Bannister has as Chairman of the Malta Financial Services Authority and his directorships in companies in the Cayman Islands. All political parties have ignored this as they agreed that he can have such a conflict. On the other hand they feel comfortable in attacking individual firms in their capacity as service providers who ultimately did nothing illegal nor do they have a conflict of interest.
If the political parties want to be credible they cannot but address the matter at the immediate. Prof Bannister position is not tenable as Hon Evarist Bartolo has on more than one occasion stated.
Are the Governors of the MFSA comfortable with this position? Is it possible that persons of high integrity remain oblivion ? Will the Board of Governors start raising questions on the operations of MFSA or will they accommodate the apparent wrong doings? Are they comfortable with the Direct Orders and with the chess move promotions?
The sector requires replies on the operation , something that was expected from the change in Board of Governors. To date it seems that it is still the Prof Bannister republic.