Issue link: https://maltatoday.uberflip.com/i/676929
7 As it happens, First Names is a member of Nexia International, a cousin of sorts to Brian Tonna's Nexia BT, the audit firm that set up Konrad Mizzi's and Keith Schem- bri's offshore firms in Panama. "None of the companies are in se- cretive non-cooperative jurisdictions barred by the FIAU," Fenech told MaltaToday. "I carried out necessary know-your-clients checks to ensure these companies perform legitimate activities and have no politically ex- posed persons except myself and which is declared with regulatory authorities and financial institutions in Malta and abroad when required." Fenech also runs various Maltese businesses on behalf of their for- eign shareholders who can benefit from Malta's highly-rated services to claim up to 85% in rebates on tax incurred on dividends, a system jeal- ously guarded by the financial servic- es industry and the Maltese political establishment against EU incursions on tax laws. On this, Fenech also had something to say about MaltaTo- day's journalism on the industry (see reply). One of Fenech's colleagues is Mario de Marco, the PN's deputy leader, with whom he serves as a director on Twinkleday Limited, set up in June 2013 for Irish entrepreneur Finian Lyden. The company's ownership is located in Cyprus, according to com- pany registry records. Fenech's other clients include suc- cessful businessmen like Anthony James Denny, the founder of AAA Auto, the largest used car dealer in Central and Eastern Europe. Fenech runs Blue Point Limited for him, a firm set up in July 2014 with Denny as sole shareholder. Bank of Valletta's revolving door Fenech also found himself in the private sector together with former state-appointed officials and top directors from Bank of Valletta, a partly government-owned bank not immune to political criticism since the minister appoints its chairman – the Nationalist opposition takes particular pleasure in dubbing BOV "a Labourite club". After leaving government, Fenech was appointed a director of Credorax where he joined Tonio Depasquale, the former Bank of Valletta chief executive. Credorax provides online payment processing and acquiring bank services to online merchants worldwide. Another former Bank of Valletta chairman – appointed by Fenech himself – with whom the former minister has partnered up, is Dan- ny Publio Rosso, in the company Ananova Ltd. Both men are direc- tors in the Swiss-owned private com- pany. Then Fenech finds himself again as director with Rosso, as well as for- mer Bank of Valletta chief executive Charles Borg – appointed during Fenech's time as finance minister – in Vallcara Limited, a company owned by Vallgesa Limited. Fenech is also a director of the Finnish-owned bank Ferratum Bank plc and Ferratum (Malta) Holding. The bank was licensed in 2012 when he was finance minister. As director of Falcon Funds Sicav, a pension investment scheme set up in November 2013, he earns – accord- ing to the Sicav's prospectus – some €12,000 annually in fees. He is a director of the Swiss-owned Private Value Asset Management, whose parent company is based in Lugano as a provider of private eq- uity and investment banking. He is also one of the directors of Legalzoom's three Malta operations. Legalzoom is a renowned American online legal technology company that provides online legal documents like wills and living trusts, as well as incorporation, and trademark ser- vices. The Malta companies are held by shareholders Peter Oey, the chief financial officer of Legalzoom, and CEO John Suh. Legalzoom was set up in Malta on 2 April, 2013, just days after the 2013 general elections. Similarly Fenech serves as a direc- tor of the Portuguese engineering firm MSF, which set up subsidiaries in Malta in May 2013. mvella@mediatoday.com.mt maltatoday, SUNDAY, 8 MAY 2016 News services to offshore firms' "None of the companies are in secretive non-cooperative jurisdictions barred by the Financial Intelligence Analysis Unit" Tonio Fenech