Fabian Demicoli

Creative Accounting

L-ekonomija Maltija
Min jghid li f’Malta ghandna nghatu
importanza massima lill-ekonomija nazzjonali ghandu ragun. Jekk mhux
ghas-spejjez ta` argumenti ohra importanti dik kwistjoni ohra. Li hi zgur izda
li hu l-istat tal-ekonomija qed jigrava hafna s-sitwazzjonijet finanzjarji
tal-kumpaniji kummercjali u dawk li jhaddmu l-progetti l-kbar. Ghandna ekonomija
li ilha sejra lura fl-oqsma l-aktar importanti: finanzi, dejn nazzjonali,
turizmu, inflazzjoni u ekonomija interna. Il-kreditu ta` Malta ma` barra waqa
f’livell baxx u baqa` hemm. Investiment dirett minn barra li verament igib
mieghu l-bidla, mhux gej u l-investituri lokali mhux qed jespandu. Qed naraw
intraprizi kbar f’inkwiet kbir u n-numru ta` intraprizi fl-inkwiet ser jikber.

 


Jien nistieden lil min hu serju li jifli sewwa l-kontijiet tal-kumpaniji
l-kbar, inkluzi dawk statali, u jaraw sewwa x’inhu jsir. Din hi responsabbilta`
kbira tal-MFSC li hi l-gwardjan taghna f’dan il-qasam. Niddubita hafna kemm dan
il-gwardjan hu mqajjem l-hin kollu. Ma nemminx li tal-Price Club kienet tigri
kieku min suppost qieghed hemm biex jghasses kien qed jaqdi dmiru sewwa.
L-istess tad-Daiwoo.

Kreattivi
Kellu ragun il-boss tal-HSBC f’Malta,
Tom Robson, u jien kont wiehed mill-ftit li qbilt mieghu: hafna negozji ewlenin
f’Malta, (statali u privati) huma esperti fil-creative accounting. Din mhux
f’Malta biss issir bhal ma forsi ta wiehed x’jifhem Robson. Issir kullimkien.
Dak li rajna jissuciedi fil-kumpanija kbira Amerikana WorldCom hu ezempju car
ta` creative accounting. Din hi marda li twasssal ghal inkwiet kbira hekk kif
l-ekonomiji jmorru bir-reverse. L-ekonomija taghna ilha sejra bir-reverse u
l-kumpaniji li jezercitaw il-creative accounting issa qed jiffacjaw
diffikultajiet kbar. Ghax sakemm l-ekonomija tkun qed tespandi b’rata sabiha u
konsistenti ftit jinduna bil-kreattivita` imdahhla f’certi balance sheets. Izda
hekk kif l-affarijiet jihzienu jibda l-isqueeze. L-ewwel li qed iross,
specjalment wara l-kritika ta` Tom Robson, huwa il-Bank.

Meta l-Bank
Jaghfas
Iz-zewg Banek Kummercjali ewlenin Maltin huma inkwetati ferm. Jafu li
l-ekonomijia m’hijiex tespandi. Jafu li hafna mill-progetti Maltin finalment
huma marbutin mal-proprjeta. Jafu li jekk in-negozji Maltin joghtru jkun inutli
li l-Bank jigbed lejh bis-sekwestri l-proprjeta li tkopri d-djun tal-kumpaniji
ghax is-suq diga` hu mifqugh u jkompli jinfaqa. Jafu l-banek, l-aktar il-Bank of
Valletta, x’jigri meta bank li jkollu kollox marbut mal-proprjeta` x’jigrilu
meta l-ekonomija tieqaf tespandi, n-negozji ma jkunux jifilhu jghattu l-hofra
ta` djun li jkunu dahhlu ghaliha u l-Bank, f’att ta` paniku, jibda jghalaq
il-kontijiet. L-ammont ta` proprjeta li tintefa fuq is-suq twaqqa s-suq kollu.

Illum diga ghandna suq ta` proprjeta mifqugh. Biex taxxaqha, l-progetti
kollha li jissemmew kemm mill-privat kif ukoll mill-gvern: Kottonera, Tigne`,
Manoel Island, Cruiseliner Terminal, Port Tomaso, Chambrai u numru kbir ta`
progetti izghar privati mifruxa ma` Ghawdex u Malta kollha huma l-istess: bini
ta` appartamenti, restoranti , kafeteriji u hwienet. Ma nafx liema ekonomista
qed jghati l-pariri ghal dawn it-tipi ta` progetti.

Il-Bonds
X’jigri
imbaghad meta l-Banek Kummercjali jibdew jinsistu biex id-dejn jibda jithallas u
biex il-promotori jibdew jinvestu aktar kapitali? Il-Bank, li jaf jidhol
fl-Accounts tan-negozji aktar minn haddiehor, meta jxomm l-ghawg, iwaqqaf
l-espansjoni tas-self u jibda jesigi li l-promotturi tal-progetti jgibu
investimenti godda li ma jkunux huma wkoll jiddependu mid-dejn. Il-promotori li
ma jkollhomx mezzi godda jbieghu jew jidhlu f’mergers. Ohrajn idahhlu jdejhom
fil-but jew igibu flus minnn barra minnn Malta. Izda ohrajn li l-progetti
taghhom jsibuha bi tqila li jigbdu lejhom fondi godda, jghazlu toroq godda.
Imorru ghand il-pubbliku. Is-soluzzjoni magika hi “ohrog Bond”.

Issa
sakemm l-accounts tal-kumpaniji jkunu analizzati sewwa u l-progetti jkollhom
prospetti sbieh, flus investiti f’Bond jaghmlu sens, mhux biss ghal investituri,
izda wkoll ghal-pajjiz, ghax il-flus tan-nies imorru direttament ghall-izvilupp
u tonqos id-dipendenza li l-ekonomija Maltija ghandha fuq il-Banek Kummercjali.
Izda meta l-Bonds jinhargu ghax haddiehor ikun beza` jkompli jippompja il-flus u
meta dawk li ghandhom jiehdu l-flus mill-kumpanija jkunu bdew jaqtghu qalbhom u
minnflok jipprefereu jixtru Bonds fl-istess kumpanija bit-tama li jissarfu milli
jibqghu b’xejn jekk il-progett, jinqatel allura min hu serju ghandu jdoqq
l-alarm. Mhux kullhadd kapaci jghazel Bond minn iehor izda l-istock broker
professjonali jaf. Huwa dmirhom li lill-investituri jtuhom parir sewwa. Huwa
dmir ukoll tar-Regolatur f’dan il-kaz, l-MFSC, li jitkellmu. Qed jigri izda li
min jinvesti jaqa` ghal propaganda li tkun qed issir min-nies imhallsa biex
progett jidher sabih u genju. Gieli jigri li tkun hemm irmontatura biex jinheba
il-creative accounting. Investitur intelligenti m’ghandux f’dawn il-kazi jkun
lest li jiehu riskju. Xi hadd izda jrid jiftahlu ghajnu u mhux wara m’hu t-tort
ta` hadd.

Vittmi
Dak li jixtri l-Bonds bla parir ta` nies li jafu
jiflu l-kontijiet sew li jindunaw mal-ewwel bil-creative accounting jkun qed
jaghmel gennata. Ikun effetivatment qed ipoggi flus friski u godda f’negozji
fejn il-promoturi jkunu jgebbdu ghall-ahhar u bil-flus il-godda jkunu jistghu
jiehdu n-nifs, jhallsu lilhom infushom u l-kredituri taghhom, il-Managers jkunu
wkoll jistghu jzommu posthom bil-pagi u l-intricci fenominali li normalment
imorru mal-creative accounting ivvintat minnhom stess biex specifikament jghixu
ta` rejiet minn fuq il-progetti l-kbar, lill-Bank ikunu literalment saddewlu
halqu, ghax flus godda jkunu ngiebu. Id-differenza izda tkun li l-gwaj ikun
ghadda minn fuq l-ghatba tal-promotori, tal-kredituri, tal-managers u tal-Bank u
jkun ghadda fuq dar dawk li jkunu xtraw l-Bonds.

Is-soluzzjoni izda
b’daqshekk tkun instabet u l-progett ikun salv? Dazgur li le. Jekk il-problema
kienet wahda ta` progett li inbena f’hafna fantasiji, u min dawn illum f’Malta
ghandna hafna, u jkun imsawwar fuq business plan u marketing plan tal-fantasija,
l-ghawg mhux telaq jkun izda zdied. Il-buzzieqa tad-dejn tkun zdiedet u
d-djufija tal-progett tkun baqghet hemm. L-income li jkunu ipprogettaw ma jigi
qatt u d-djun originali li fuqhom jkun inbena l-progett ma jibdewx jithallsu u
d-dejn ghalhekk jisplodi. Hawn jidhlu l-genji tal-creative accounting. Verament
dawn ikunu hemm mill-bidu ghax certi pjanijiet li rajt ikunu diga` ma radda
tas-salib, opri tal-kreattivita`. Imma meta l-affarijiet jihzienu,
l-kreattivita` tirrenja. Kif?

Cifri Minfuha
Ghax ghal min ma jifhimx
kliem bhal reserves, goodwill u anke cash ifissru haga izda ghal accountant
jfissru haga ohra. Meta investituri jghidulu li l-kumpanija qed iddawwar hafna
flus, allura jifhem li l-affarijiet sejrin tajjeb. Jigri li meta wiehed
janalizza l-balance sheet ikun fil-fatt jidher li hekk hu u wiehed jista` jghid
li kollox sewwa. Il-verita` izda tista` tkun hafna differenti. Dan ghalhiex
il-flus kontanti ma jkunux jidhru fil-balance sheet flimkien mad-dejn
tal-kumpanija u ghalhekk la ma johorgux flimkien ma jkunx hemm tnaqqis ta`
figura mill-ohra, biex dak li jkun ma jarax l-bilanc attwali.

Issa
l-bicca l-kbira tal-kumpanija li jkunu fil-gwaj ikunu hekk precizament ghaliex
il-proporzjon ta` loans u overdrafts ikun kbir wisq. Issib kumpaniji kbar li
juru figura sabiha ta` cash balance. Izda ma juruwx fl-istess tabella c-cifri li
jirreferu ghad-djun tal-kumpanija li f’certi kazi jkunu d-doppju, jew aktar ta`
flus li ma jkkunux gejjin minn loans u overdrafts. Dan punt wiehed. Imbaghad
ikun hemm il-mod kif isiru certi valutazzjonjiet ta` assi l-aktar ta` proprjeta
u xogholijiet biex igibu r-rizultat jidher sabih. Il-Banek illum huma ghassa u
ftit jibilghu business plans tal-kreattivita` u ma jaccettawx kontijiet
kreattivi malajr, izda l-genji tal-kontabilita` donnhom li jghaddu biz-zmien
anke lill-Bank Managers. Jien nahseb li fil-kaz fejn jibilghuhom, aktar iva
milli le, jkun jew ghax imgeghla jew ghax xi hadd ikun serjament naqas minn
dmiru. Ghalhekk f’Malta graw l-kazjijiet tad-Daeiwoo u tal-Price Club. Ghalhekk
dawn kellhom ikunu investigati sewwa.

Creative Accounting
Qed nilqghu
ghal din il-problema tal-creative accounting f’Malta? Le, le u le. J’Alla
f’Malta ma jigrix bhal ma qed jigri fl-Amerika u bhal ma gara bi kbir
fl-Argentina fejn ghoddsu kumpaniji kbar u gabu maghhom stragi shiha. Semmejtha
u nerga nsemmiha akkost li jerghu jaghjruni perikuluz: Malta qed tghix fuq
buzzieqa enormi ta` dejn. Il-pajjiz hu midjun wahda nobis. Il-Gvern, il-
progetti l-kbar u hafna intraprizi huma mifqugha fid-dejn. Hafna minn dawn qed
jistahbew taht il-creative accounting.

Ara ma nistembhux meta jkun too
late. Tkun saret ingustizzja kbira mall-hafna u hafna proprjetarji ta` negozji,
haddiema u familji Maltin li l-affarijiet jaghmluhom sewwa u d-dejn jibzghu
minnu. Dawn in-nies ghandhom fiducja li fil-pajjiz hemm min dmiru hu li jara li
l-kreattivita` ma tirrenjax. Dawn jkunu responsabbli jekk dmirhom ma jaghmluhx u
f’Malta tigri xi wahda. Ghalhekk is-serjeta` titlob azzjoni
llum.

 

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