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The Troubled Mintoff
The Conspiracy Theory: by dandylonglegs (gossip column November 1998)

 

 

Posted on a Forum 12th March 2009,

There were plenty of reasons why the National Bank of Malta (NBOM) was targeted by Mintoff and his echelons in those dark days know as the Mintoffian era. There was a rumour that the NBOM was planning to pay off a parliamentary member of the Mintoff party (MLP) and therefore creating a crisis that will require the Government to hold fresh elections. The money was being collected by the then Directors of the NBOM, there were other notable members of society who joined in this conspiracy collection, mainly Mr. Euch. Zammit and Roger Cammileri. The money was almost all collected (approx.70%) but Mr.Zammit's conscience got the better of him and decided to confess to Mintoff the 'ill doings' of the NBOM and company. Revenge had its way and Mintoff punished Mr.Cammileri and the NBOM for the bad deed. Mr.Zammit suddenly became very friendly and remained so for a long time, business ventures seem to thrive from then on too. Whatever happened to Mr.Roger Camilleri and the NBOM, well we all know their fate. As one would say, "Revenge is a dish best served cold". 

   

I was a 'labourist' when the man of the moment was Mintoff, a time I knew lots of people in the new ' labour' camp.

I kept my ears to the ground as they would say.
 
In 1975 I emigrated to Australia, when I realised Malta was in for a very very rough ride.
 
What I found out would shock some people, but I knew the truth would not easily be believed by everyone.

It began in 1967, a man close to Mintoff had told him that 'he knew a man from Hong Kong who could solve Malta's deficit problem and with the very same stone break down the castle the rich had been building at the expense of the poor'. 

So that year the man from Hong Kong came to visit Malta, we shall call him 'Mr. Short'.
 
Mr. Short told Mintoff how to rid the island of these pesky rich people by robbing from them and giving to the poor, but the man from Hong Kong wanted a reward.

This short man had once made a name for himself in Hong Kong, in Insurance.

Unfortunately, maybe partly because of lack of money or maybe tough competition, he couldn't compete with the big boys. 

He was forced out of his homeland and now even the people of Hong Kong sent him packing.
  
Mr. Short looked for another country to corrupt. 
He advised many on how easy it was for a Government to take 'something' for the good of the people, after all it was being done all the time in Asia, and he had first hand experience. 

Mintoff being a sceptical man didn't believe everything this man from Hong Kong said. 

Therefore Mintoff tried his idea on an easy target at first, before going for the big lion.

Mintoff wasn't really bothered about the English bank, he knew that if he hit the Maltese bank hard enough, he would hit a home run. 

The first bank was easy to take, there was already lots of talk, on underhanded deals, and so a few more would not do any harm - on the contrary, they would do for him a world of good. 

Mintoff then moved quickly, he wanted to create a bank to 'take over' and control the 'Islands money deals'. 

He realised that if Pace's signed over half the shares to 'Mintoff's' people, then could reward Pace with a piece of the pie and share in this lucrative plan -  to create the largest and possibly only profitable bank on the Island.
 
But luck was not on Mintoff's side, and so he let the corrupt law put Pace away for a long time. 

Unfortunately only Pace really knew how to run the bank, it was really a one man show, there were too many problems. It quickly transpired that Mintoff's people were incapable of running a complicated affair, and so Mintoff let his dogs chew on the bones. 

He then turned to his friend from Hong Kong again, hoping that his other plan would fair better, as the 'National' had lots of liquid cash and lots more assets than Bical.

Bical was a bank that played the risk game and was always low on liquidity but lots of assets. So as his loyal dogs ate up Bical assets like cheesecakes, he turned his attention to the 'National'.

The man from Hong Kong advised Mintoff to deposit a 'few' millions in the Bank, then to send Government workers and unemployed people to withdraw these money from different branches. 

Mintoff the usual always impatient, almost made a hash up of the plan. But his ruthlessness, quick thinking and bullying quickly put people in their right place.

The man from Hong Kong now hatched a new plan, as Mintoff played with the rules of the Government, creating his own laws, and doing what he knew best, persuaded his loyal dogs to do the dirty work for him. 

Now his plan came together.
 
The opposing political party did not interfere, the majority of the people were now against them, scared and cowardly they hid from sight for fear of a reprisal for all the years of deprivation suffered by the poor. 

Mintoff now gathered his men, it was easy for him, hate is a fine weapon, and so is fear when one knows how to use it and when.

Mintoff certainly knew how to play his cards.
 
Then man from Hong Kong put his plan to work, the Bank with lots of liquidity and plenty of assets, created a threefold. 

A Bank for the people, or as Mintoff wanted it to be known as the 'Bank tal-Poplu', but the man from Hong Kong had already given it a name which Mintoff hated and so they settled for 'Bank tal-Belt' and later to be known as Bank of Valletta. 

The other was a manufacturing company, the Malta Development Corporation, to gather all other manufacturing dreams Mintoff had plotted, and there was obviously the Insurance company.

So born were the three towers that would now control Malta's finance's.
 
The castle (National) was crushed from within, the centre point from where most of Malta's large financial institutions were borne, now at the hands of the man with a mad dream, to heal Malta from the large debt the Nationalists had made and hope to get out of the world recession.

In fact the very sentence from the Statement by the chairman from the annual Report and Accounts 1975 of Bank of Valletta stated "While congratulating the Maltese nation on these remarkable achievements we take pride in stating that the Bank of Valletta has in a variety of ways contributed towards this economic development and growth".

Now I knew Malta was lost, lost to a world dominated by Mintoff in fear and in hate. So I made a new life for myself, away from these cursed islands of Malta.

"Do you know why the latest government won't help the 'National' shareholders? Pig headed pride."

 

This letter was posted on the internet in November 1998 as gossip.
The author (anonymous) quite rightly recommends to each reader "
the truth would not easily be believed by everyone".

 

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