Keith Schembri’s business interests 'casting cloud on investment'

Keith Schembri, the Prime Minister's top aide, ought to have placed his private shareholding in a blind trust to avoid conflicts of interest, a financial services practitioner said. Paul Bonello, managing director of the Finco Group, said the same applied to whoever had business interests and was appointed to public office. "A blind trust that is properly executed and managed by a detached and professional manager would largely address concerns linked to real or perceived conflicts of interest by whoever occupies a public role and holds company shares," Mr Bonello said. A blind trust ensures the company is run independently of its owner, even if s/he remains the ultimate beneficiary. Mr Bonello said Mr Schembri's failure to use a properly-managed blind trust to manage his private interests detracted from the substance of his public work. "Unfortunately, as a result of this failure, an investment like Crane's that is good for the country gets caught up in controversy," Mr Bonello said. He was reacting to the latest controversy concerning Mr Schembri, the Prime Minister's chief of staff, and the $100 million investment by American money-printing company Crane Currency. Mr Schembri...

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