Malta Freeport Terminals CEO Alex Montebello has continued his tenure uninterrupted, despite being roped into an investigation, together with his wife, in connection with alleged money laundering and corruption with construction magnate Charles Polidano and a multi-million euro contract.

Confirmed by the company that his leadership has continued uninterrupted, questions were raised after a company announcement this week included commentary by the CEO.

In July, Malta’s largest newsrooms reported, citing sources, that Mr Montebello and his wife were taken in for questioning by the police, at the same time that they questioned Mr Polidano and his son Gordon, who have maintained their innocence:

“Mr Charles Polidano has not been charged with any offence and is determined to show that suggestions of corruption and money laundering are entirely without foundation,” a spokesperson said.

The investigations reportedly centers around how Mr Polidano, through Polidano Bros Ltd, was successful in winning a lucrative contract back in 2014 to carry out works at the Freeport, for which it is being suspected that the company overpaid.

Alex Montebello

In addition, investigators are also reportedly looking into a property transfer from Mr Polidano to Mr Montebello for what is feared to be a suspiciously low price. At the time of the deal, Mr Montebello was positioned as chief financial officer of Malta Freeport Terminals and was then promoted to CEO that very same year, in 2014.

When contacted by the Times of Malta in July, Mr Montebello’s lawyer said:

“My client insists this investigation shall lead to the only one conclusion possible, i.e.  that he is not guilty of any wrongdoing since he committed no wrongdoing.”

It must be stressed that Malta Freeport Terminals Ltd is a private company running the transshipment operations of the Malta Freeport. It is separate and distinct from the Malta Freeport Corporation, which is owned by Government and is the authority that regulates the freeport.

Valletta ranks 8th most expensive European capital city to live in – study

April 24, 2024
by Fabrizio Tabone

While London is the most expensive, Bucharest is the most affordable

KM Malta Airlines cancels flights between Malta and Paris on Thursday due to air traffic control strike

April 24, 2024
by Fabrizio Tabone

Impacted customers can opt for an alternative flight or apply for a full refund

WATCH: MEPs in dialogue – Financial institutions and over-regulation

April 24, 2024
by Helena Grech

This is the third in a series of debates designed to engage citizens in the lead-up to the MEP elections ...