The suspicions raised on the secret Panama company Egrant were fizzling out, according to the government's head of communications.
The Opposition urged people to take to the streets on a cooked-up claim with no shred of evidence, Kurt Farrugia told Times Talk.
However, as the June 3 general election looms, he admitted that the Labour government was paying the political price for the Panama Papers.
Mr Farrugia insisted that the early election was called because the Opposition was dead set on creating instability in the country, resorting to "vicious attacks" to harm sectors which were doing so well, like the financial services.
In an interview with Times of Malta online editor Herman Grech, he rejected claims that the government had withheld information from the public, insisting that all contracts had been disclosed.
Mr Farrugia said the Labour government had been unfairly treated by the media, with unprecedented scrutiny never faced by previous administrations.
He insisted that the government had nothing to hide when he formed part of a delegation to Azerbaijan in 2014, which triggered off claims of secrecy.
Asked whether he believed the Labour Party was heading towards another landslide victory, he said he was optimistic that once the electorate weighs out the government's achievements it will give it the second term "it deserves".
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