The fact that a private business venture is having a hard time finding its feet would, under normal circumstances, not attract too much media attention.  The fact that a private business venture appears to have not done its homework and that expenditure is outstripping revenue, leading to sackings, would again not normally elicit too much national interest.

But what is of interest and concern for the country as a whole is that precious national assets have been handed over to that private business venture after it was sold by the government to the public as the best thing since sliced bread for the south of the island.

Now in the wake of the public outcry over the surrender of Outside Development Zone virgin land at Zonqor Point and historic dockside buildings in Cottonera, that private business venture has already decimated staff levels and its very future appears uncertain.

Here we are referring here to the great American University of Malta project, which has turned out to be either a complete white elephant or a red herring disguising what could become a most profitable real estate venture should the academic venture fail as it appears to be doing.

The more this sorry spectacle progresses or, rather, regresses, the more one is led to believe that the whole ’university’ was no more than a sham and a façade for real estate or other development on prime land.

While it is understood that the Jordanian developers of the AUM project are contractually bound to develop an educational institution, and that it cannot turn around and pawn off the dual developments at the scenic, seafront Zonqor Point and at Senglea’s historic Dock 1 as hotel real estate developments, past experience has shown us to never discount any eventuality.  The terms of a contract and its fine print can, after all, always be argued in court, especially when there are tidy profits to be made.

The so-called American University of Malta - which has nothing to do with other American universities of such as those of Paris or London, and which is not really American at all apart from a curriculum developed by and purchased from an actual American university – has only been open since the beginning of the current scholastic year.

This newsroom is informed that its original student body of 23 has dwindled to 15 from one term to the next, and that the fledgling institution is facing serious cash flow difficulties.  The university has been unable to tell this newsroom just how many of those students are actually paying tuition or whether they have been sponsored or awarded scholarships.

The institution has also let go of most of its academic staff during their six-month probation period, staff who, this newsroom has been informed, commanded salaries of around €100,000.  The university now appears to be operating on little more than a wing and a prayer.

Now with such a miniscule student body compared with such massive wages, either something is seriously wrong with the university’s math or it has failed miserably in its mission to attract students.

Again, under normal circumstances this would not be a matter of national interest or of national importance but after national natural and historical patrimony has been handed over to the venture for an arguable pittance, the public has a right to know what is going on.

As such, cryptic statements and refusals to comment from the AUM will no longer suffice.  Given the surrender of public land and assets and the government’s, and by default the nation’s, investment in the project, transparency on this private business venture is absolutely essential.