Disgraced former prime minister Joseph Muscat has joined the board of directors of IKAR Holdings Limited, an international holding company and investment group for over 35 businesses operating in Europe, the Gulf states and Africa, according to a press release on Monday.
IKAR CEO Mario Diel described the former prime minister, who resigned in disgrace following widespread protests against government corruption in 2019, as “a distinguished statesman, a brilliant analyst, and visionary intellectual”.
One of IKAR Holdings’ subsidiary companies, Turkish BolaWrap, was contracted to supply the Malta Police Force with their product in May. The company produces a taser-like device that fires a rope to restrain suspects, marketed as a “compliance device”.
Besides forming part of IKAR Holdings’ board, Muscat is also listed as a board member for subsidiary IKAR Construction, a London-based contracting company offering construction, site management, and engineering services.
Muscat’s new venture with IKAR is the latest in a series of reputation laundering attempts by the former prime minister following his not-so-distinguished resignation, with IKAR Group President and BolaWrap CEO Sertan Ayçiçek saying he admires Muscat’s “extraordinary success as a political leader and former Prime Minister, as well his vision about the execution of successful leadership in the business world”.
On his part, Muscat said he was “fascinated” by IKAR’s vision of “supporting the next generation of potential leaders, both on the operational level of the group and in particular in their activities in the world of education,” a practice which he said “is very much in line with my own values and future activities”.
In his comment, Muscat did not elaborate on what those values and future activities might be.
In a LinkedIn post announcing Muscat’s membership, Diel and Ayçiçek addressed him as “your excellency”, a title usually reserved for high-ranking national officials, a role which Muscat no longer occupies. IKAR’s ‘Industries’ and ‘Aviation’ subsidiaries similarly celebrated his membership.
IKAR Aviation is another subsidiary of IKAR Industries, itself a subsidiary of IKAR Holdings, which produces a modernisation package for the Sikorsky Black Hawk helicopter.
IKAR Holdings’ subsidiaries span multiple sectors including energy, sports, technology, cyber security, real estate, hospitality, textile, education, construction, aviation, defence, and health, but are generally involved in the role of an investment partner.