Identifier
Created
Classification
Origin
08VALLETTA211
2008-05-21 05:27:00
CONFIDENTIAL//NOFORN
Embassy Valletta
Cable title:
MALTESE FIRM REQUESTS GUIDANCE ON BUSINESS
how-toVZCZCXRO9245 OO RUEHAG RUEHBC RUEHBW RUEHDE RUEHDIR RUEHFL RUEHKUK RUEHKW RUEHLA RUEHROV RUEHSR DE RUEHVT #0211/01 1420527 ZNY CCCCC ZZH O 210527Z MAY 08 FM AMEMBASSY VALLETTA TO RUEHC/SECSTATE WASHDC IMMEDIATE 1576 INFO RUCNMEM/EU MEMBER STATES COLLECTIVE RUEHZL/EUROPEAN POLITICAL COLLECTIVE RUCNIRA/IRAN COLLECTIVE RUEATRS/DEPT OF TREASURY WASHDC
C O N F I D E N T I A L SECTION 01 OF 03 VALLETTA 000211
NOFORN
SIPDIS
DEPARTMENT FOR EUR/WE, TREASURY FOR CHRISTINE CLARK
E.O. 12958: DECL: 05/20/2018
TAGS: KTFN PTER EFIN PARM PGOV ETRD MT
SUBJECT: MALTESE FIRM REQUESTS GUIDANCE ON BUSINESS
DEALINGS WITH IRAN
REF: A. VALLETTA 89
B. VALLETTA 132
C. VALLETTA 190
Classified By: DCM Jason Davis for reasons 1.4 (b) and (d)
This is an Action Request -- See Para 5.
C O N F I D E N T I A L SECTION 01 OF 03 VALLETTA 000211
NOFORN
SIPDIS
DEPARTMENT FOR EUR/WE, TREASURY FOR CHRISTINE CLARK
E.O. 12958: DECL: 05/20/2018
TAGS: KTFN PTER EFIN PARM PGOV ETRD MT
SUBJECT: MALTESE FIRM REQUESTS GUIDANCE ON BUSINESS
DEALINGS WITH IRAN
REF: A. VALLETTA 89
¶B. VALLETTA 132
¶C. VALLETTA 190
Classified By: DCM Jason Davis for reasons 1.4 (b) and (d)
This is an Action Request -- See Para 5.
¶1. (C) As reported reftels, Malta's Financial Services
Authority (MFSA) has been quick to recognize the risks that
financial transactions with Iranian banks pose to Malta's
reputation. In that context, MFSA Director General Andre
Camilleri contacted post regarding a Maltese businessman,
Mark Camilleri (no relation),who was interested in
concluding a business deal with a private Iranian holding
company. The MFSA DG indicated that he had asked the Maltese
businessman to brief the Embassy on his pending business deal
as part of his due diligence.
¶2. (C) The Maltese businessman, Mark Camilleri, told Conoff
in late May that he was a partner in the Valletta-based law
firm Camilleri, Delia, Randon and Associates, and that
neither he nor his firm wished to engage in any activity that
would subject them to "repercussions" from the USG or GoM.
The "private Iranian entity" with which he intended to do
business was the Iranian Investment Company (IIC),which he
described as a large, privately held holding company with
over 100 Iranian and other firms among its holdings (complete
list at para 6).
¶3. (C) Camilleri said he had a longstanding relationship with
IIC CEO Reza Hamzehlou, and that during a late May visit to
Malta, Hamzehlou had expressed an interest in working with
Camilleri and his law firm to set up an IIC trading entity in
Malta. The reason given was that "ongoing privatization
efforts" in Iran had given IIC an opportunity to purchase the
Iranian government-owned firm "PetroPars" for USD 500
million. Hamzehlou told Camilleri that the global nature of
PetroPars, along with the international activities of IIC's
existing subsidiaries, had led IIC to decide to establish a
corporate presence in Europe that would be better suited for
trade with the west. Camilleri described Hamzehlou and his
partners who had also visited Malta (Merhdad Bagheri, Alirez
Alaee Rahmani, and Seyed Amin Ghorashi Sarvestani) as
reform-minded "moderates" who believed the current
"situation" in Iran could be improved through the expansion
of business ties to the west. �