Transport Malta Chairperson and CEO opens Private exempt single member company

On 23 February, 2016 a company with the name UNDECIM FIVE INVESTMENTS LIMITED was registered with the Registrar of Companies. The only shareholder of this company is Mr James Piscopo who is Chairperson and CEO of Transport Malta.  The company’s main trading activity is to act as a holding company and to hold equity and investments in other companies.

This move naturally raises some questions and once again highlights the exigency of having officials in the high echelons of Government entities declare their interests and assets. Obviously, this company has been launched by Mr.Piscopo with investments in mind. The question is, what are these investments and are they or are they not, directly or indirectly connected to entities which Transport Malta had at some point dealt with? Have these entities obtained any concessions from Transport Malta? Has Minister Joe Mizzi given his consent for Mr.Piscopo to invest in these companies?

The second interesting fact is that another ancillary activity of the company is to provide general management and company advisory services. How does the Chairperson and CEO of possibly one of the most important authorities in Malta, manage to find the time to act as a consultant? If he is actually managing this consultancy as well, then no wonder Transport Malta is in the state it is. Which entities are perusing Mr Piscopo’s consultancy services? If this is not the case, then why was the object clause put in a holding company?

Another curious fact, is that the registered office of the company seems to be that of Robert Borg and Associates and the A3 Towers. Interestingly enough, Mr. Borg seems to be connected to the General Workers Union and is also secretary to the Board of Transport Malta. Transport Malta has rented offices from General Workers Union at A3 Towers. The company UNIDECIM FIVE INVESTMENTS LIMITED was digitally signed at the Registry by Robert Borg.

Another baffling conundrum, is the fact that rather than presenting a deposit slip as evidence of payment of share capital, Mr.Piscopo presented a declaration by Mr. Robert Borg that he holds Euro 10 thousand on behalf of the company.  On 22 February 2016, Mr. Robert Borg transferred the sum of Euro 10 thousand from an account named ‘overdrafts’ account’ to an account named ‘clients’ account’. Transfer details were UNDECIM FIVE INVESTMENTS LIMITED.  On the ‘view transactions’ filed by Mr. Borg as evidence, this same account number seems to appear as if UNIDECIM FIVE INVESTMENTS LIMITED has transferred these funds.

However, these appear to come from an overdraft account held by the same Robert Borg. Is this correct? If it is, then did Mr.Piscopo really deposit his share capital or did Mr.Borg deposit it for him? If Mr.Borg did actually do this, what are the financial interests and/or connections between the two? If this is not the case and the money came from a bank account in the company’s name, then why was this transaction necessary if the company has already a bank account? If not, why a company in formation account was not opened, like other normal company formations?

Given all of the above perplexing questions, perhaps the time has come for Mr.Piscopo to come clean and clarify his position as the Chairperson of one of the most important Authorities in Malta.