The Prime Minister’s chief of staff, Keith Schembri, went from a declared local bank balance of less than €50,000 in 2010 to over €850,000 held through an offshore company with a local investment account in the space of just five years, documents show.
As Mr Schembri’s personal fortunes were on the increase, the umbrella company behind his local business started declaring losses.
Mr Schembri declined to answer questions when contacted.
Documents reviewed by The Sunday Times of Malta show Mr Schembri first opened an investment account with local financial advisory firm MFSP (now known as Zenith Finance) in 2010.
The account-opening forms provide insights into Mr Schembri’s assets prior to entering politics.
While ministers and MPs are bound to make annual asset declarations, other officials in sensitive positions such as Mr Schembri’s have no such requirements.
During the account-opening process, Mr Schembri was indicated as having