In December 2015, Enemalta spent more than €10 million to buy shares in a wind farm project in Montenegro. 

It bought those shares from a company which had acquired the shares just over two weeks earlier, for one-third of the price Enemalta paid. 

That company, Cifidex, received funding for that purchase in late November 2015 from Yorgen Fenech’s company 17 Black. 

Evidence unearthed by Times of Malta and Reuters shows how Fenech’s firm secretly made millions off the Montenegro deal.

Six months after Cifidex made €7.4 million gain by selling its shares to Enemalta, it sent money to 17 Black: the original money it had spent to buy the shares in the first place, plus a €4.6 million “profit”.

Just as Enemalta was preparing its share purchase, financial advisors Nexia BT were sending an email. In it, they said that companies owned by Keith Schembri and Konrad Mizzi would be receiving funds from 17 Black.

At the time, Schembri was chief of staff at the Office of the Prime Minister and Mizzi was Energy Minister.


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