Electrgas was granted an extension to a €360 million state guarantee in the months between Daphne Caruana Galizia’s’s assassination and the reveal that Electrogas shareholder and murder suspect Yorgen Fenech was the owner of 17 Black.
The claim emerged after Caruana Galizia’s son, Matthew, submitted documents to the public inquiry, explaining:
“Just before my mother’s death, there were fears that Electrogas was going to default on its loan.”
“It had defaulted on the first payment, but after my mother’s death, the government extended the guarantee so it can continue buying gas from Socar.”
On 20th December 2017, the government announced that it would be extending a 22-month bridge loan agreement with four banks on 28th July 2015, backed by a “temporary” €360 million State guarantee.
“We gave an estimate of 22 months, but we had to give extensions which we thought were valid and justified,” Finance Minister Edward Scicluna said at the time.
Caruana Galizia revealed that there was even a €28,000 party to celebrate the deal at Level 22, the club on the top floor of Fenech’s’s Portomaso Tower.
The 138-person guest list was filled with illustrious figures, including former Prime Minister Joseph Muscat, his wife Michelle, Charlene Farrugia Bianco and Neville Gafa.
Fenech was allegedly first identified as the owner of 17 Black, the offshore company that was set to transfer millions to Keith Schembri and Konrad Mizzi’s’s Panamanian accounts, around the same time.
Fenech is currently facing charges in connection with the assassination. Matthew Caruana Galizia has previously pointed the finger at the deal as the reason behind his mother’s murder.