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6 maltatoday | SUNDAY • 27 MARCH 2022 OPINION 2 maltatoday EXECUTIVE EDITOR KURT SANSONE ksansone@mediatoday.com.mt Letters to the Editor, MaltaToday, Vjal ir-Rihan, San Gwann SGN 9016 E-mail: dailynews@mediatoday.com.mt Letters must be concise, no pen names accepted, include full name and address maltatoday | SUNDAY • 16 JUNE 2024 From invictus to vinci potest Editorial IF there was a single important message that came out from the European and local council elections results was that the Labour Party is mortal. The party that built a formidable electoral ma- chine that saw it win every electoral appointment since 2009 is not unbeatable. Indeed, the PL has been invictus (unconquered) so far but after the Eu- ropean election result, the terminology has changed to vinci potest (can be conquered). The significance of the 8 June results is not that the PL lost its supermajority but that for the first time since 2009 its support slipped below 50%. De- spite being the largest political force, there is a big- ger majority of people who do not support the PL. This is an important lesson for the PL leadership. The electorate can never be taken for granted. The arrogance of some ministers who believe they are God's gift to Malta must be clipped. The electorate has given them a stern punch. It was not a knockout punch but it could well become one unless minis- ters pull up their socks. For starters, the government must ensure that public services are accessible to all those who de- serve them. Public administration must be there for all the people not just for Labourites or ministerial lackeys. Nepotism and clientalism just don't cut it anymore – for every favour done, many others are left in the lurch. Bureaucratic nightmares must be solved for everyone and not just for those who happen to know someone with connections. If hospital wait- ing lists are a problem, the solution is not creating a customer care department that pushes for people to jump the queue. The solution should be one that improves efficiency in the health service. In this context, the politician's duty is to flag prob- lems and push for universal solutions that bene- fit everyone and not just those who go begging to them. The party must also decide how to deal with the Joseph Muscat legacy, which along with its many positive chapters has several dark ones, not least the Vitals hospitals saga which led to criminal charges being filed against Muscat and many other people. This is a scandal that broke the camel's back. Malta gained nothing from the hospitals fiasco and the sheer greed of ex government functionaries who allegedly sought to benefit through commis- sions at every stage is stomach-churning for honest citizens. To make matters worse, Prime Minister Robert Abela and his justice minister came out all guns blazing against the judiciary and in defence of Muscat. These irked moderate voters, who were unimpressed by the shenanigans that went on out- side the courthouse in Valletta when Muscat was arraigned. But the Prime Minister must also look at his own behaviour. He cannot continue flip-flopping on issues without justifying his change in position. He must be more open to criticism and reflection before digging his heels on an issue to avoid per- forming flippant U-turns that only serve to confuse people and his ministers. He must decide whether to continue acting as de- fence lawyer to Muscat, Konrad Mizzi and Keith Schembri, or keep his distance from them. Abela must stop blaming the bogeyman 'establishment' for self-inflicted problems. He must realise that his party is not invincible and that every day it must work to earn people's trust. The Prime Minister must display more humble- ness in the face of an electorate that has sent a very clear message of discontent. For the Nationalist Party, the 8 June outcome is reminiscent of the 1980s film Rocky IV when the seemingly indestructible Soviet boxer Ivan Drago started to bleed, giving Rocky Balboa hope that vic- tory is not impossible to achieve. This does not mean that the people who desert- ed the PL have all shifted to the Nationalist Party. Despite posting its best ever showing in a European election since 2004, the PN must remain grounded with its feet firmly stuck to the floor. It still lost to Labour, even if by 8,000 votes. Some voters have taken the plunge and given the PN their number one vote. But the party cannot es- cape the fact that at least 10% of those who voted for Roberta Metsola went on to give their number 2 preference to non-PN candidates. This could be an indication that they voted for Metsola and not necessarily for the PN. A larger chunk of voters deserted Labour and opted for independents and third party candidates. The fact that these voters have moved means they are in listening mode. If the PN wants to continue growing it needs to understand this complex electorate and reflect on how it must change to become attractive to a wider audience. The PN must develop a discourse that synthesises the divergent views of liberals and conservatives; en- vironment-friendly voters and those more inclined towards a business-friendly climate; a cosmopol- itan young audience and a more foreigner-sceptic middle aged cohort. It must develop a discourse of hope and a programme of government that gives people peace of mind and a better quality of life. Bernard Grech must ensure the party is not gripped by misplaced euphoria that prevents it from embracing a change process. He must be more open to criticism, embrace it, understand it and work on it. He must set the party's agenda and ensure it is not derailed by errant Facebook statuses from his MPs and party functionaries. He must realise that although his political adversary is wounded, victory in a general election is anything but assured. Only time will tell what lessons our politicians have learnt from the European election result. We can only hope they keep it in mind over the coming years. Quote of the Week "We can no longer be distracted by Robert Abela's abortion-euthanasia diversion from the other big problems in the country." Independent MEP candidate Arnold Cassola in a post-mortem of the impressive result he achieved and on the possibility of a new Centre-Left-Green political formation being created that would champion the quality of life, environmental protection, respect for human rights and enhancement of the social dimension, while granting members a free vote on matters of conscience such as abortion. MaltaToday 10 years ago 15 June 2014 Millions in bonds thanks to easier MFSA rules, but investors must be cautious THE glut of bond issues by Malta's estab- lished business groups continues, but retail investors beware: the devil is truly in the prospectuses' small print. Retail clients who spoke to this newspa- per say that a €30 million bond issue from Mariner Finance plc, the parent company for sea terminal operator Mariner Group, does not contain the financial audited statements of previous years, and that its 2013 figures are only "illustrative" and "hypothetical" – that is, not the actual fi- nancials of last year. Much of this 'relaxed' approach to bond listings can be attributed to the Malta Financial Services Authority, which has made it easier for such companies and PLCs not to include their historic financial statements in these bond prospectuses. Marin Hili's Mariner Group operates two container terminals in Latvia, with the SE Baltic Sea Terminal in Riga dubbed the "largest and fastest growing terminal" in the Baltic States. Retail clients who spoke to MaltaToday however say the MFSA's relaxation of list- ing rules has only raised more questions about such bond issues: Mariner Finance's prospectus gives clients a 'pro forma con- solidated financial statements' – not the audited statements it filed on 27 May, 2014 – and as such, is only "prepared for illus- trative purposes". ...