PN Deficit Stood At €607,279 In 2019 Amid Concerns Over €32 Million Debt
The Nationalist Party’s deficit stood at €607,279 during 2019, according to accounts published by the Electoral Commission.
The PN actually did register a surplus of €326,132, but an impairment of €928,258 led to the substantial deficit. The impairment refers to debts in companies owned by the PN, including its media wing Media.Link.
Memberships and subscriptions worryingly decreased in 2019, dropping by €6,223 compared to the previous year, while party merchandising yielded just €428 in profit.
Fundraising was also a loss-making endeavour. Despite generating roughly €150,000 from fundraising, the party spent €191,088 organising said events.
Każini, which could potentially close down to solve the party’s massive debt, earned €98,979 in rental income, while it earned a further €175,000 through the termination of lease agreements from party clubs.
Still, the party said it expected “positive results for the foreseeable future” despite the significant debt.
Bernard Grech recently revealed that the party’s debt stands at a massive €32 million and has said he could not rule out potentially selling off party clubs and closing down Net, the PN’s media wing.
The Labour Party is yet to submit its accounts to the Electoral Commission.
Meanwhile, One Productions and Media.Link, the media arms of the Labour Party and Nationalist Party, have still not filed audited accounts in more than a decade despite numerous promises and pledges to fall in line.
What do you make of these numbers?
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