The Malta Enterprise chairman has played down his potential conflict of interests between his official government role and private business.

William Wait, an accountant by profession, sits on the boards or acts as the secretary of a number of private enterprises, which are also clients of the government’s investment arm.

Apart from his previous connection with Toly Products, where he used to occupy senior managerial posts in the company, Mr Wait has other private interests. While running his own companies, he currently sits on the boards of other companies, including manufacturing firms which are clients of Malta Enterprise.

These include Toly Group, Farma Plastics Ltd, D-Square Ltd, Tek-Moulds Precision Engineering Ltd and others. 

William Wait.

He also sits on boards of other private entities, including Smartcare Finance Plc, Sha Tin Limited, Ast Group Plc, M.B.T Ltd and lately Tum Finance Plc, an offshoot of the Tumas Group.

Asked whether his double role as chairman of the government’s investment agency and director or board secretary of companies who are clients of Malta Enterprise constitutes a conflict of interest, Mr Wait only said the process of appointment has remained consistent.

“Since 1968, the Malta Enterprise chairman has often been appointed from the private sector,” a spokeswoman said.

“As per procedure, the chairman and directors declare such interests to the board and to the board secretary and excuse themselves when conflicts of interests (real of potential) may arise. Both Mr Wait and all the present directors have followed this procedure,” she said.

ME board meeting minutes are kept private.

While the chairman or the board of directors of Malta Enterprise are allowed to have other private interests, the agency’s employees are not allowed to do the same.

A senior ME employee said: “It is really ironic that our bosses keep getting involved in private business and decide who Malta Enterprise should help or not and then they are also policing us to make sure that we don’t do like them. Once you are ME chairman, you should either resign from any private interests or don’t take up the job. You can’t do both in the real world,” another manager said.

Asked for a copy of Malta Enterprise’s code of ethics for its directors, Malta Enterprise did not reply.

Since 2013, Mr Wait, 51, from Fgura, was also the chairman of Projects Malta, the government agency which negotiated the controversial deal to privatise three public hospitals with VGH, now Stewards. He was also chairman of the Water Services Corporation and Arms Ltd when these were under the political remit of Minister Konrad Mizzi.