The Tumas Group has publicly distanced itself from its former CEO Yorgen Fenech, who has been arrested in connection with the assassination of Daphne Caruana Galizia.
Raymond Fenech, Yorgen Fenech’s uncle and the new man in charge at the conglomerate, issued a public statement to clarify the Tumas Group’s position.
“The Tumas Group notes with immense regret the circumstances surrounding Mr Yorgen Fenech emerging from the media and disassociates itself from any actions which are in any manner contrary to law and from any and all individuals who are alleged or proven to be involved in any unlawful actions in connection with recently unfolding events,” Fenech said.
“The Group, its management and all of its employees are shocked and deeply saddened by the allegations concerning Mr Yorgen Fenech, which are alien to the values that the Tumas Group has stood for since its inception and continues to profess.”
Fenech pledged his absolute commitment to the Tumas Group’s strategic development and continued growth in its core sectors.
“Given its extensive business involvements over the past fifty years, the Tumas Group is subject to a wide variety of laws and regulations, and also holds multiple licences from local regulatory authorities, and prides itself on always having meticulously and consistently complied with all of the said laws, regulations and licences.”
“The Tumas Group, through its wholly-owned subsidiary Tumas Investments plc, currently has two series of bonds in issue, both of which are listed and traded on the Official List of the Malta Stock Exchange, in an aggregate amount of €50 million, pursuant to which Tumas Investments plc is also subject to the Listing Rules issued by the Listing Authority.”
“The Tumas Group reiterates its commitment to all of its stakeholders that it will continue to conduct its business affairs to the highest standards, with priority to the interests of the Group generally and its outside stakeholders and partners as distinct from the interests of its shareholders, and that, accordingly, all efforts will continue to be directed towards safeguarding and upholding the Tumas Group’s long-standing reputation.”
Yorgen Fenech resigned his directorships of the Tumas Group’s companies shortly before his arrest last week, but he remains a shareholder in many of the businesses.