Updated 10.10am 

Malta Financial Services Authority chairman Joe Bannister will be out of a job if the Nationalist Party is elected into government, PN leader Simon Busuttil indicated today.

Answering questions at a press conference in Valletta, Dr Busuttil noted that Prof. Bannister, like all other public board members, would automatically resign upon a change of government.

“We will appoint a new expert to lead the authority,” Dr Busuttil said. 

WATCH: Busuttil 'shooting from the hip' with MFSA pledge, says Muscat

“He's been in the role for a long time and it's time for a change. But I don't want to personalise the issue. This is not about Joe Bannister,” Dr Busuttil said.

Prof. Bannister has led the MFSA for the better part of two decades. He also serves as deputy chairman of Finance Malta.

‘I fear Tonna took more kickbacks’

Dr Busuttil criticised Nexia BT's Brian Tonna, saying he feared palms had been greased as part of the sale of the BWSC plan.  

“I fear Tonna may have taken kickbacks on other things. If he took kickbacks on the sale of three passports, who knows what he did on the sale of Enemalta,” he said, noting that Mr Tonna had opened a company in the British Virgin Islands for the Chinese negotiator leading negotiations into Enemalta's sale of the BWSC plant, Chen Cheng. 

Busuttil reassures financial services sector

Dr Busuttil said Malta’s financial services sector was under attack following the Malta Files investigation and pinned the blame on Prime Minister Joseph Muscat.

“Everyone knows Dr Muscat allowed Malta's reputation to be wrecked by keeping Konrad Mizzi and Keith Schembri,” he said.

Dr Busuttil promised the financial services sector the PN's full backing and said he would be meeting with representatives from the financial services sector later this week, and used the occasion to announce the PN’s proposals for the sector.

He said that if elected, the PN would be using the end of Malta's presidency of the EU Council to “send a clear message that Malta has turned a new page” and was again an upstanding jurisdiction.

MFSA chairman Joe Bannister.

The PN would immediately create a high-level expert group to examine the sector, make recommendations concerning it and draft five-year national strategies for the sector. The group would report directly to the Prime Minister and would be mainly made up of sector representatives, Dr Busuttil said.

Dr Busuttil also said that the PN would prioritise “innovation in financial sector regulation” and remain open to dynamic regulation “to remain ahead of the pack”.

Discussing the Malta Files, Dr Busuttil said the leak included a complete list of companies registered in Malta.

“What's wrong with having a company in Malta?” he asked, speaking rhetorically.

Dr Busuttil also emphasised that there was nothing untoward or illegal about offering fiduciary services.

“We’ve been doing it for 25 years and there's nothing illegal about it. But you have to do ensure proper due diligence and follow Know Your Client procedures,” he said.

The PN leader said the Prime Minister had yet to contact him following the Malta Files leak.

“Not only that, but he made the obscene accusation that I was colluding with foreigners to push this leak,” he said.

Pressed by ONE to justify comments he gave to foreign media slamming Malta’s government, Dr Busuttil told reporters they should not be shooting the messenger.

“It’s not I who is wrong. Instead of attacking the criminals, we attack those who expose them. I am proud to have exposed corruption in Malta.”

‘Seems Bonello never forgave me’

Asked about former PN executive member John Bonello, who yesterday addressed a Labour rally and accused Dr Busuttil of having “lied” to him, the PN leader declined to engage in a tit-for-tat.

“I know he wanted to be an MEP candidate in the past, but unfortunately he was not selected,” Dr Busuttil said. “It seems like he's never forgiven me for this decision, which incidentally was taken by a committee and not myself.”