Finance Malta spends €150,000 in direct contracts for its annual conference

Finance Malta, a small private-public partnership financed mostly by taxpayers, is refusing to explain why it issued some €150,000 in direct orders for services related to its annual conference, disregarding public procurement rules.

The conference is the organisation’s primary activity each year and is planned months ahead. This allows sufficient time to issue competitive tenders for the necessary arrangements.

However, concerns have been raised among members regarding the organisation’s management of public funds.

One notable example is the decision to hire Emmanuel Daniel, Chair of The Asian Banker, to give a 30-minute speech at the conference for €17,000.

Finance Minister Clyde Caruana was also one of the main speakers at the event.

Replying to questions, COO Graziella Grech declined to provide any specific details. The Shift asked Finance Malta to clarify why it issued €150,000 in direct contracts to various companies instead of opting for competitive tenders.

The Shift also asked whether a €17,000 payment for a speaker was justified and an explanation for a €96,000 contract awarded to the local financial services operator, PwC, which was described in the Government Gazette as “aircraft leasing.”

Instead, she responded with a standard statement about the organisation’s governance.

“In fulfilling its mandate, Finance Malta’s operations are subject to several checks and balances, including oversight by an external accountant, an external auditor, and an independent Board of Governors. In its 18 years of operation, Finance Malta has consistently received clean audit reports from various independent auditors, and its contribution remains well-regarded by its founders and members,” she said.

The organisation is currently chaired by George Vella, a partner at auditing firm Grant Thornton and the son of former President George Vella. The board includes representatives of various private financial organisations with a direct interest in promoting the sector.

In 2024, various direct orders issued by Finance Malta have raised concerns among members. One notable order is a so-called ‘Japan Study’ that cost €40,000.

Additionally, two direct orders were given to Gabriella Borda and former Times of Malta journalist Vanessa Macdonald for writing positive content for the organisation.

At the annual conference held last November at the Hilton, many services were procured directly from specific companies. These include Corinthia Caterers for €17,000, Studio Seven for €30,000, and Brandwagon, a marketing agency, which received over €30,000.