The CEO of the government’s investment arm Mimcol has resigned amid disagreement over the agency’s recruitment policy, Times of Malta has learnt.

Vincent Mifsud’s resignation coincided with the controversial appointment of 18-year-old Mimcol employee Karl Cutajar as director of government-owned Fort Security Services. The security company is a new entity set up by Mimcol and tasked to guard derelict government assets, like the former shipbuilding site in Marsa.

Yesterday Mr Mifsud confirmed he had handed in his resignation letter last week but declined to comment when asked about the reasons behind his departure.

Economy Minister Chris Cardona last week distanced himself from Mr Cutajar’s controversial appointment, insisting the recruitment process was handled by Mimcol. Mr Cutajar was employed at Mimcol as an executive clerk after the last election. The teenage chief, however, did not last long in his new job as director because he stepped down within days citing “harsh political victimisation”.

The Opposition cried foul because Mr Cutajar’s uncle is chief of staff at the Economy Ministry.

Sources close to Mimcol told this newspaper Mr Mifsud was being circumvented in important decisions, including the recruitment process. Consequently, he felt his position was no longer tenable because he could not shoulder responsibility for decisions he felt were being taken behind his back, the sources added.