Electrogas Investor Paul Apap Bologna Raises Tax Evasion Suspicions After Declaring €40,000 Income For Three Years
A significant discrepancy in the declared earnings of Electrogas power station investor, Paul Apap Bologna, has triggered tax evasion concerns among local authorities.
The wealthy medicines importer, who reported a modest income of €41,000 for the years 2016, 2017, and 2018, is now under investigation due to indications of unreported income.
Tax authorities grew suspicious when the income figures declared by Apap Bologna were incongruent with the payments credited to his local bank accounts.
In 2016 alone, he reportedly received €138,000, over three times the amount he declared to the tax department for that year.
Adding to the concerns, no income tax declarations were filed by Apap Bologna for the years 2019 and 2020. Despite this, he allegedly received over half a million euros into his local accounts during this period.
The investigations into Apap Bologna’s finances are part of a broader probe into allegations of money laundering and corruption associated with fellow Electrogas investor, Yorgen Fenech.
In 2021, Times of Malta revealed that Apap Bologna had ownership of a secretive structure in the United Arab Emirates (UAE), similar to Fenech’s company 17 Black.
Leaked documents from the Panama Papers revealed plans for 17 Black to make payments of up to €2 million annually into Panama companies owned by ex-government officials Keith Schembri and Konrad Mizzi.
Apap Bologna’s UAE company, Kittiwake, was reportedly involved in a circular money flow with Wings Investments, another UAE company owned by Fenech.
Kittiwake was also purportedly used for various purchases from companies selling jewellery and marine equipment.
During a parliamentary inquiry into the Electrogas contract, Apap Bologna invoked his right to silence when questioned about his ties to Kittiwake and 17 Black.
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