Brazilian company has closed down, minister confirms

The Brazilian company at the centre of political controversy has shut down and is in the process of leaving Malta, Finance Minister Tonio Fenech confirmed yesterday. The reply came a week after Prime Minister Lawrence Gonzi said during a leaders’ debate on current affairs programme Xarabank that the company had transferred its head office to Malta and was operating. The issue was raised after Opposition leader Joseph Muscat questioned the fate of the Brazilian company, the arrival of which was announced by the Prime Minister during a debate organised by The Times last February. The Times revealed last Wednesday that the company was Odebrecht Solutions, which specialises in construction management. It was registered with the Malta Financial Services Authority in May and employed four people at its office at the Plaza Commercial Centre. Asked about the company following a visit to pharmaceutical firm Arrow Pharm yesterday morning, Mr Fenech admitted that the company – which he did not name – had moved to Malta during the Libya crisis but had since ceased operations. “During the Libya crisis many companies decided to operate from Malta. This company decided to start operating from...