A hastily rushed removal of board director Yorgen Fenech has done nothing to ease fear among investors, with Tumas Investments experiencing a massive hit after the news that Fenech was arrested and named as the main suspect behind Daphne Caruana Galizia’s assassination.
The news of that his yacht’s interception by AFM seems to have created unease amongst investors, with Malta Today reporting that their longer dates bonds that mature in 2027 at 3.5% coupon dropping a massive 7% with over 36,200 bonds changing changes.
Meanwhile, 69,900 bonds at a 5% couple that mature in 2024 switched hands in two trades.
Fenech’s arrest created ripples in other companies too. Tum Finance, who are no longer actually part of the Tumas Group, dropping in value.
The drop came despite the Tumas Group quickly filing documents with the business registry announcing the resignation of Fenech, delivering them the day before his arrest.
The effective date of change for the decision was listed as 12 November, however, this can be edited for up to 14 days without fee from the registration date.
Fenech has resigned from several companies including Portomaso Leasing Company, Tumas Group Company, Tumas Group Finance Company Limited, Tumas Gaming Group, TG Leading Company Limited, TG Properties Limited, Tomino Services Limited, Mill Street Complex Limited, Halland Developments Company Limited, St Andrews Hotel Limited, Norma Limited, Spinola Investments Limited, and Sun Island Services Limited, among others.
Most of his board positions were filled in by Raymond Sladden, Emanuel Fenech, or his brother Franco Fenech.