The Tumas Group has dissociated itself from its former chief executive, Yorgen Fenech, saying the allegations linking him to Daphne Caruana Galizia's murder are alien to the values that Tumas Group has stood for since its inception and continues to profess”. 

In a statement signed by group chairman and chief executive officer, Raymond Fenech, the group said it noted “with immense regret the circumstances surrounding Mr Fenech”. 

“The Tumas Group dissociates itself from any actions which are in any manner contrary to law and from any and all individuals who are alleged or proven to be involved in any unlawful actions in connection with recently unfolding events. The group, its management and all of its employees are shocked and deeply saddened by the allegations concerning Mr Fenech,” it said in its statement. 

It said Raymond Fenech retained his position at the helm of the group’s executive management team.

Yorgen Fenech has been arrested in connection with the murder of Ms Caruana Galizia in October 2017.

The group insisted it had always meticulously and consistently complied with all of the said laws, regulations and licences.

The value of two bonds issued by Tumas Investments Plc – the mother company of the Tumas business empire – continued to falter on Monday.

“The Tumas Group reiterates its commitment to all of its stakeholders that it will continue to conduct its business affairs to the highest standards, with priority to the interests of the Group generally and its outside stakeholders and partners as distinct from the interests of its shareholders, and that, accordingly, all efforts will continue to be directed towards safeguarding and upholding the Tumas Group’s long-standing reputation,” it said in its statement.