GEM Holdings owns 33% of EGM Holdings Ltd, which in turn owns Electrogas. The other two shareholders in GEM Holdings are Azerbaijan State energy company SOCAR (33%) and tech-giant Siemens (33%).
Electrogas purchases gas from Socar at a fixed price, with Socar in turn free to purchase gas at market rates which, since 2014, have plummeted, pocketing the difference. The liquid gas is transported and kept in a tanker in Delimara. It is then converted to energy and distributed among homes in Malta.
The Shift’s analysis found scandal-embroiled firm Nexia BT to be listed as the auditors of GEM Holdings.The firm still owns an operating license and is currently subject to several on-going inquiries, including the Panama Papers scandal. Nexia BT had acted as Malta’s Mossack Fonseca agents. Mossack Fonseca was the Panama firm at the core of the 2016 Panama Papers scandal.
In September 2019, only weeks before the arrest of Fenech as a murder suspect in the Daphne Caruana Galizia murder, the older family group members, Ray Fenech, Michael Apap Bologna and Joe Gasan became directors of GEM Holdings. It has emerged in court that Fenech was receiving information about the progression of the murder investigation.
Yorgen Fenech resigned as director of Gem Holdings Ltd. in November 2019.
