It took over a million euro and 1,500 pages for the Egrant Inquiry to confirm that the owner of the infamous offshore Panamanian company cannot be determined.

For now, it seems, Nexia BT’s Brian Tonna and Karl Cini are the only two people who know the identity of Egrant’s mysterious owner but are yet to cough up the information.

Back in 2017, Nexia BT’s managing director Brian Tonna claimed that he was the owner of Egrant, but the now published inquiry has poured water on the claims.

On 27th April 2017, Tonna published a certified copy of the waiver claiming that the Panamanian companies that incorporated Egrant – assigned their two subscriber shares to a bearer share certificate, which he held.

However, the Egrant inquiry ruled that there was “no evidence that Mr. Brian Tonna or anybody else is the ultimate beneficial owner of shares as no evidence of bearer transfers could be identified”.

Bearer shares are a type of shares that are wholly owned by whoever holds the physical share certificate.

Worryingly, the issuing company does not register the owner of the shares and does not track the transfers of ownership.

Dividends are only dispersed once a physical coupon is presented.

Nexia BT played a central role in the Egrant inquiry and the Panama Papers scandal having set up the aforementioned Egrant, and the accounts of former Prime Minister’s Chief of Staff and Konrad Mizzi.

Unlike Tillgate and Hearnville, the UBO of Egrant never appeared in documents.

The Egrant Inquiry, which was published in full by PN Leader Adrian Delia, had found that Michelle Muscat, Prime Minister Joseph Muscat’s wife was not the owner of the Panamanian company.

However, the true owner has never been determined.

With the inquiry seemingly unable to determine its owner, it seems that Cini and Tonna are the only ones who can solve the mystery.