Issue link: https://maltatoday.uberflip.com/i/739032
Newspaper post YOUR FIRST READ AND FIRST CLICK OF THE DAY WWW.MALTATODAY.COM.MT PAGE 2 €1.40 Entrepreneur Anglu Xuereb SUNDAY • 16 OCTOBER 2016 • ISSUE 884 • PUBLISHED EVERY WEDNESDAY AND SUNDAY YOUR FIRST READ AND FIRST CLICK OF THE DAY WWW.MALTATODAY.COM.MT SUNDAY • SUNDAY • 16 OCTOBER 2016 • ISSUE 884 16 OCTOBER 2016 • ISSUE 884 • PUBLISHED EVERY WEDNESDAY AND SUNDAY • PUBLISHED EVERY WEDNESDAY AND SUNDAY maltatoday 'I was never paid for my role as director' AIR MALTA Uncertainty persists in imperiled Alitalia talks for minority stake Swedes haul Fenech's pension fund to police MATTHEW VELLA FORMER finance minister Tonio Fenech could be facing a criminal investigation in Sweden after the country's pen- sions authority reported to the Swedish police a Malta- based fund he is a director of – allegedly for its inability to pay back Swedish savers their monies. It is the culmination of a saga that this week made head- lines in all major Swedish newspapers, as the 'Pensions- myndigheten' – the Swedish pensions authority (SPA) – de- cided to take the matter to the country's economic crimes police. Falcon Funds, a pension fund licensed by the Malta Financial Services Authority, stands accused by the SPA of being unable, or unwilling, to pay back a total of €247 million (2.4 billion Swedish kroner) in savings to 22,000 investors. The SPA said that while the MFSA has directed Fal- con Funds to start paying back the cash, "millions are still missing. This raises a strong suspicion that the events that have transpired are part of a major invest- ment fraud". This suspicion has been corroborated by anonymous reports and documents turned over to the authority in the last weeks. The SPA also said that Falcon Funds had also lost various court proceedings challenging the pensions authority's de- cision. "The responsibility rests heavily on the board of directors of Falcon as they have persisted in breaking the rules and damaged the pension savers through grossly unsuitable investments," the SPA's legal director, Michael Westberg, said. Swedish pensions authority claims Malta pension fund cannot pay back €247 million in pension savings because of 'major investment fraud' Quality paper Dagens Nyheter and tabloid Aftonbladet alike featured the Falcon Funds saga on their front pages pension fund to police con Funds to start paying back the cash, "millions are still missing. This raises a strong suspicion that the events that have transpired are part of a major invest- ment fraud". This suspicion has been corroborated by anonymous reports and documents turned over to the The SPA also said that Falcon Funds had also lost various court proceedings challenging the pensions authority's de- "The responsibility rests heavily on the board of directors of Falcon as they have persisted in breaking the rules and damaged the pension savers through grossly unsuitable Quality paper Dagens Nyheter and tabloid 14-15 Beppe Fenech Adami and CapitalOne 4 8 TAX RETURNS PUBLISHED PGS 10-13 €436,108* €351,707* €276,311* €275,644* €275,072* €199,213* Mario de Marco Franco Mercieca Tonio Fenech Manuel Mallia Robert Arrigo Anton Refalo 'Part-timers' in the House Traffic, our national problem * Total declared taxable income for 2013 and 2014, combined