DIZZ Group CEO Diane Izzo will be filing a libel suit against MP Jason Azzopardi after he called on the Economic Crimes Unit to investigate the company for money laundering.

Writing on Facebook yesterday, Azzopardi quoted the company’s financial statements from 2014-2017 to highlight perceived discrepancies in their figures.

“TURNOVER of fashionwear has increased from €5.1 million in 2014, to €15 million in 2017, an increase of 192%. This increase has been achieved with the increase in the number of retail outlets, which numbered 33 in 2017. This means that the average turnover per outlet in 2017 was €492,750 resulting in an average profit before tax of €14,932 per outlet ONLY.”

“Would you open 33 (thirty-three) outlets for a mere €14,932 profit pre-tax (circa €10,000 net profits) per outlet? Furthermore: the Dizz Group Bonds are amongst the WORST on the market (from publicly available documents)”

“Meaning:- having a big probability of not meeting debt obligations. And these are UNSECURED bonds, meaning big problems in case of default. Is it a coincidence that money laundering is facilitated a lot by having a big number of outlets?” he wrote.

Izzo would later issue a reply on social media, telling Azzopardi that the only secret behind their success was years of hard work.

“I shall be filing a libel case to safeguard the sterling reputation of my company, our employees and their families,” she said.

Mostly known for its wide range of retail outlets, which include brands like Terranova, Paul & Shark, Harmont & Blaine, and Trussardi, Dizz Group also has interests in the catering business, having opened several cafes under the Pascucci franchise and several Nespresso outlets.

Izzo notably enjoys a close relationship with Prime Minister Joseph Muscat and his wife Michelle, often accompanying them on family holidays. Most recently, they were with the Muscats on a recent trip to London, where the Prime Minister with international lawyer Saad Djebbar.

Diane’s husband, Karl Izzo, was appointed the non-resident ambassador to Montenegro in January. The appointment of Izzo, Malta’s national water polo coach, raised eyebrows, with Opposition MPs highlighting his lack of qualifications and experience during a heating  Public Appointments Committee meeting.

Asked to justify his suitability for the role,  Izzo referred to his many trips to Montenegro relating to his work in sports.