The web of ownership


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JanuaRy 21, 2018 |

the sunday times of malta

Burning questions about Vitals’ deals

THE WEB OF OWNERSHIP... MARK PAWLEY

CEO OF OXLEY CAPITAL, INVESTMENT FIRM (Singapore)

ASIA HARIBAU, INVESTMENT FIRM OWNS

(British Virgin Islands)

OWNS

BLUESTONE SPECIAL SITUATIONS

OWNS

(BVI)

BLUESTONE INVESTMENTS MALTA

OWNS

MARK PAWLEY Director RAM TUMULURI Director

VGH wins contract after call for proposals. But an MoU was signed before the call.

ARMIN ERNST Former CEO

VGH named Mark Pawley as its Ultimate Beneficial Owner, “c/o Oxley Capital”, an investment firm based in Singapore. Did he provide the funding or are there other investors involved? Who really benefits from the deals? Around the time the VGH contract was signed, Keith Schembri and Konrad Mizzi were looking to open bank accounts for their Panama companies. Is there a connection? If the MoU was signed before the concession deal (see story on page 8), what guarantee does the taxpayer have that the call for proposals led to a genuine, not a sham, contest? Why was no public announcement made about the MoU? Why was the whole contract not made public? Why did the government not reveal it would have to pay €80 million back to Vitals if it took the contract back after the stipulated 30 years? The government has paid about €50 million to VGH over two years to cover costs, over and above the staff salaries paid from the public coffers. What did that money pay for?

WON...

How much did VGH invest into three hospitals? Did taxpayers get a good deal? VGH is reported to have liquidity problems. Did the government’s due diligence before signing the agreement pick up any potential financial difficulties?

VGH committed to invest €200m in upgrading, in return for €70m per year to run the three hospitals.

...30-year concession to run St Luke’s, Karin Grech and Gozo General Hospital

KONRAD MIZZI’s Projects Malta signs government agreement with Vitals

Will penalties be applied to VGH for missing its milestones, as this newspaper reported? Who will take political responsibility for the VGH failure after only two years of a much lauded 30-year agreement?

VGH NOW NEGOTIATING SALE WITH STEWARD HEALTH CARE OF THE US

Health Minister Chris Fearne says Steward is ‘real deal’ and admits VGH failure to deliver.

How much are suppliers owed by VGH?

What is the significance of Vitals CEO Armin Ernst being employed by Steward at the same time? What is his role in their deal? KONRAD MIZZI KEITH SCHEMBRI

Present at final stage of talks ARMIN ERNST President of Steward

GRAPHIC: DESIGN STUDIO

How will the sale of VGH affect employees? Why is the government saying the deal has been signed and VGH says it has not? Why was it reached before the government gave its consent, as it is obliged to do in the concession contract? What business did the PM’s chief of staff and tourism minister have in being at the talks between Vitals and Steward

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