An inquiry is underway in Malta into alleged corruption over the privatisation of Malta Superyacht Services (MSYS).

After two failed attempts the island’s authorities have now postponed the privatisation initiative for the time being. In the meantime, the Maltese government continues to own the facility.

The allegations first surfaced last September during a meeting between MSYS bidders and Leonard Callus, a senior member of the prime minister’s secretariat.

It was reportedly suggested that money had been offered to help manipulate the outcome of the bidding process.

Callus passed the allegations onto Malta’s finance ministry and police have interviewed the CEO of the Maltese Investment Management Co Ltd (Mimcol)