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€1.50 PAGE 5 PAGE 7 89% of Maltese businesses better off since joining the Single Market New FinanceMalta chairman, board of governors appointed THURSDAY 21 NOVEMBER 2019 • ISSUE 35 WWW.BUSINESSTODAY.COM.MT Yorgen Fenech's arrest sends shock waves in local business community PAUL COCKS YORGEN Fenech, who until last week was a director in Tu- mas Group of Companies, was detained and arrested by the Armed Forces of Malta and police as he skippered away in his 75-foot Riva 'GIO' at around 6.30am yesterday. His arrest came after revela- tions by our sister newspaper MaltaToday that the middle man in the Daphne Carua- na Galizia assassination — Melvin euma — offered to spill the beans and reveal the brains behind the killing. e arrest sent shock waves in the business community. Tumas Group is considered to be a giant among Maltese companies and more than fi- nancially strong. A company statement from the Tumas group yesterday afternoon announced that Yorgen Fenech was no longer director of any other their companies including at Elec- trogas. e Chairman of the group is Ray Fenech, a former Air Malta Chairman. But until yesterday Yorgen Fenech still appeared to be a director in a company he is sole shareholder in and also involved in Electrogas. Leading business sources squashed concerns that the shocking news would cripple the Tumas Group. "e com- pany has deep roots and is structured in such a way that it will survive this trauma. But it will not be plain sailing." Yorgen Fenech was outed out by Daphne project for being behind the company 17 Black. Journalist Daphne Caruana Galizia had first mentioned the company in February 2017 but had not revealed to whom the company belonged. 17 Black was named after Yorgen's late father's favourite roulette number. e company was indicat- ed as a target company when Keith Schembri and Konrad Mizzi set up secretive ac- counts in the tax haven of Pan- ama. ey have been accused of setting up the accounts to siphon off funds from illicit activities, an accusation they have denied ever happening. Yesterday's events led the Oppostion to walk out of par- liament and in the evening the group Repubblika gathered in protest in front of the Prime Minister's office in Castille to demand action and the resig- nation of Keith Schembri and Konrad Mizzi. SEE PAGE 3 Yorgen Fenech

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