Reference Number: PR160790, Press Release Issue Date: Apr 13, 2016
Reference is made to the  misleading and false reports issued today in the media which are attempting to convolute and confuse two separate and legitimate structures set up by different individuals.
Dr Konrad Mizzi has always been truthful, consistent and provided correct facts on the establishment of a Trust and related company.

The Trust whose beneficiaries are Dr Mizzi’s wife and children was established as a family trust. As stated from the very beginning, the structure was always intended as a family trust for assets and investments (as per previous statements). The prospective  investments include the leveraging of the existing house in London and future  investments which will seek to attain a reasonable return for the beneficiaries. 
Dr Mizzi’s family is international and spans Malta to London to China. Moreover the contract of engagement of Dr Mizzi’s wife expires soon and Mrs Mizzi will be transitioning back into the private sector pursuing activities in various fields not associated to Malta.

As already stated, with regards to reports that there were attempts by the service provider to open a bank account, this was part of the service that was offered to me.  Nevertheless, as a state of fact confirmed by the reports, a bank account was never opened. This confirms my version of events that there are no funds and bank accounts held by the Trust and related company to date.
Obviously and logically, for any company to operate it is necessary that it is provided with appropriate bank accounts. Hence, naturally, the service provider instructed Mossack Fonseca to make the necessary enquiries. The fact that numerous banks were contacted concurrently attests to this. The majority of these banks turned down such inquires due to the fact that the account would not have met the minimum deposits they required.

It is also emphasized that Dr Mizzi did not sign any bank opening forms or give power of attorney to the service provider to open an account. The mandate to the service provider was limited to making inquiries.
Further more, the reports published today, confirm that current or future investments related to Dr Mizzi’s work would not be considered by the Trust and company.
Moreover Dr Mizzi states unequivocably that no joint investment was considered with Mr Keith Schembri.
Today’s stories put to rest all false allegations of monies originating from Azerbaijan, and a myriad of other ridiculous speculations by Simon Busuttil and the Nationalist Party.
Dr Mizzi has notified the establishment of the new structure in his draft Ministerial Declaration of Assets submission for 2015. This was the first opportunity to report the set up.

Irrespective of all this, Dr Mizzi will continue pursuing the tax audit and an independent audit to further prove what he has been stating consistently from the beginning. The company in Panama will be closed soon after the tax audit is concluded.