Malta’s PM says he will step down amid crisis over murdered journalist probe
December 2, 2019, 11:20 am

Malta’s PM says he will step down amid crisis over murdered journalist probe

File photo of Maltese Prime Minister Joseph Muscat. (AFP)

Maltese Prime Minister Joseph Muscat, engulfed in crisis over the probe into a murdered journalist, announced on Sunday he planned to step down, saying he would ask his ruling Labour Party to start choosing a new leader for the country next month.

Calls for Muscat to quit had intensified after the investigation into the 2017 car bomb killing of anti-corruption journalist Daphne Caruana Galizia led to charges on Saturday against a prominent businessman with alleged ties to government ministers and senior officials.

In a televised address on Sunday evening, Muscat said he was not leaving immediately, rather announcing a process to replace him that will start on January 12.

This drew immediate criticism from some opponents who said he should go right away.

“I will write to the president of the Labour Party so that the process for a new leader is set for 12th January 2020. On that day I will resign as leader of the Labour Party. In the days after I will resign as prime minister,” Muscat said.

“Our country thus will start a short process of approximately a month for the Labour Party to choose a new

leader and a new prime minister,” he added.

Thousands of people took part earlier on Sunday in an anti-government protest in Valetta, the capital of the tiny Mediterranean archipelago, with members of the Caruana Galizia family leading the march.

In his address, the prime minister struck a defiant tone, saying that every day since the murder he had shouldered responsibilities in “the interests of the conclusion of the case”. He added, however, that “some decisions were good while others could have been better made”.

“All the responsibility I had to shoulder surely does not compare to the pain that the victim’s family is enduring,” added Muscat, 45.

There was no immediate reaction from the family, which had called for him to step down.

Muscat acted after businessman Yorgen Fenech, 38, was taken to a Valletta court late on Saturday and charged with complicity in the murder. He pleaded not guilty to that and other charges.

Fenech was charged after the government turned down his request for immunity from prosecution in return for revealing information about the murder plot and about alleged corruption involving Muscat’s former chief of staff Keith Schembri and former Tourism Minister Konrad Mizzi, among others, court filings showed.

Schembri and Mizzi resigned on Tuesday and Schembri were interrogated for two days by police before being released without charge. Schembri has denied any wrongdoing. Mizzi on Tuesday denied any business links with Fenech and any wrongdoing.

Critics are angry with Muscat for sticking by Schembri, an old friend since school, and including Schembri in security briefings on the investigation even after Fenech was identified both as a suspect in the murder and an associate of Schembri.

Not soon enough

Critics have been pressing hard for the further police investigation into allegations against Schembri and other ministers, and some said Muscat should have left immediately.

Opposition leader Adrian Delia said in a tweet, the country could not wait another single day for Muscat to go.

“He should have resigned a long time ago. Every day he stays in the office means another day where justice is not done and not seen to be done. The prime minister has lost his legitimacy.”

In power since 2013, Muscat won two general elections in a row, the last in 2017. A European Union member with a population of just 400,000, Malta has been rattled by the murder and its fallout.

Muscat appealed to the country to go beyond partisan politics and recrimination. “This case cannot define everything that our country is and what we have accomplished together,” he said.

President George Vella followed Muscat’s address with an appeal for calm, saying in a statement he hoped “justice is done with all those involved in this atrocious act which has cast a dark shadow on the national conscience get what they deserve”.

Referring to the charging of Fenech, Muscat said he had kept his word that justice would be done in the investigation.

After all the controversy over the investigation, he said, “there is a need for a clear signal of a fresh page, and this signal can be given only by me”, even it involved taking responsibility for actions “where I am not involved.”

source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.