The company Fortina, which on Monday was embroiled in a land transfer scandal after the publication of a National Audit Office report, has denied "any insinuations" made against it, but also said that it needs time to thoroughly review the contents of the report in question.

The NAO report found that the government had pushed through a parliamentary resolution to remove conditions on land acquired by the Fortina Group which saw the private sector entity pay millions less than what an audit firm had valued.It also found that the audit valuation was kept hidden - meaning that taxpayers were short-changed by €16 million.

The PN has now called for a public inquiry and a police probe into the findings of the report.

In a statement on Monday, Fortina acknowledged the publication of the report, which concerned the Fortina Hotel site in Sliema.

"This report spans more than 200 pages and took the National Audit Office over four years to compile and publish. Given the substantial nature and scope of this document, Fortina will take the necessary time to thoroughly review and evaluate its contents," the company said.

"Fortina denies any insinuations made in its regard," it added.

"We believe, however, that it would be premature to make substantive public statements at this stage, before we have had the opportunity to properly review and analyse the report's findings," it continued.

The company said that it remains committed to transparency and will provide "appropriate responses following our comprehensive review of the document."