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'Competent person' appointed to take charge of Pilatus Bank assets

March 22, 2018, 12:28 pm
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The Malta Financial Services Authority on Thursday appointed a former US financial regulator to take charge of all Pilatus Bank assets, a day after its chairman was arrested in the US. In a statement, the MFSA said Lawrence Connell had been appointed as a ‘competent person’ to take charge of all assets of the controversial bank including assets related to the investment services business of the bank. He will also assume control of the bank’s banking and investment services business and continue carrying on that business until such time as the MFSA may direct. Born in 1936, Mr Connell has enjoyed a long career as a US financial regulator at both state and federal levels. The appointment follows hot on the heels of a directive on Wednesday freezing all the assets of the bank, hours after its chairman was arrested in the US. Ali Sadr Hashemi Nejad was arrested on charges that he had violated US sanctions. Earlier, it also suspended Mr Hashemi Nejad's chairmanship of the bank. It said in its notice on Thursday that the measures shall remain in place until such time as it may direct otherwise. Any communication in relation to the bank should be addressed on 2779 9999.
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European rescue teams conclude simulation exercise in Malta

March 22, 2018, 12:42 pm
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The European Association of Volunteer Rescue Teams (Evolsar), has concluded a 24 hour rescue simulation Simulex18. This exercise was organised by the Emergency Fire and Rescue Unit (Efru)- a Maltese voluntary organisation which is also one of the founder members of Evolsar. It brought together more than 80 participants, including 30 Maltese volunteers, who worked in multiple earthquake scenarios from which more than 15 casualties were retrieved. All of this was made possible through the help of the Malta Community Chest Fund Foundation Fund for Voluntary Organisations. This simulation took place under the auspices of President Marie-Louise Coleiro Preca, thanked Efru, for this act of 'social protection diplomacy'. She praised the cross-border collaboration and synergy initiative which besides bringing people from different countries together also strengthened friendships. The exercise ended on Sunday.
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Malget's late goal sinks Malta

March 22, 2018, 1:15 pm
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MALTA                           0 LUXEMBOURG                1 Malget 90 Tom Saintfiet suffered his second succesive defeat as Malta coach as Kevin Malget's injury-time goal earned Luxembourg a 1-0 win at the National Stadium. Luxembourg took little time to showcase their talent as they quickly seized the initiative and almost took the lead in the opening minute. Laurent Jans picked David Turpel inside the area and his firm drive was pushed away by Andrew Hogg before the Malta defence cleared. In the fifth minute, another Jans cross picked Lars Gerson at the far post but he headed over. On 11 minutes Malta almost found the breakthrough when Luxembourg goalkeeper Ralph Schon, under pressure from Luke Gambin, miscued his clearance with the ball falling to Andre Schembri whose firm drive was cleared off the line by Chris Philipps. But that was just a temporary blip from Luxembourg as they soon regained the initiative with the Gerson Rodrigues posing all sorts of problems with his pace and power on the right flank On 23 minutes, Rodrigues bamboozled Cain Attard and his cross-shot just touched the bar before finishing out of play. On the restart, chances were few and far between. On...
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Further information needed on digital taxation proposal - Muscat

March 22, 2018, 1:55 pm
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While Malta did not agree with the  European Commission's proposals on digital taxation for products to be taxed where they are consumed, another proposal was interesting but needed to be delved into further, Prime Minister Joseph Muscat said on Thursday. Speaking in Brussels, he said the idea of taxing a product in the country it was consumed went against the idea of a common market. The Commission's proposals are: * to reform corporate tax rules so that profits are registered and taxed where businesses have significant interaction with users through digital channels; and * for an interim tax which covers the main digital activities that currently escaped tax altogether in the EU. The second proposal, Dr Muscat said, could be interesting if it was studied well. But more details were needed. He said that the concept of digital taxation was an interesting one but first there had to be a clear explanation of what constituted a digital and a non-digital economy, something that was very difficult. One also had to see that as the EU was requesting the US not to create trade barriers, such barriers should also not be created by European countries to US companies for the sake of...
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Watch: We are still adapting to Saintfiet's ideas - Muscat

March 22, 2018, 2:00 pm
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Disappointment reigns in Malta's dressing room after they fell to a 1-0 defeat at the hands of Luxembourg in stoppage time, at the National Stadium. Malta, ranked 185 in the FIFA Rankings were far more conservative than they were on Tom Saintfiet's debut against Estonia (0-3), and with Luxembourg pressing high, it looked difficult for the Maltese to up their ante throughout the encounter.  83rd-ranked Luxembourg threatened on more than one occasion, but they failed to break the lines until the final minute to the heartbreak of the Maltese contingent.  In this game, Saintfiet handed a debut to defender Jean Borg who featured as a left-back in a four-man backline.  Valletta's Borg, who will join the U-21 squad ahead of their game against Turkey next week, underlined his happiness for having donned the senior national team shirt for the first time and is really keen to improve on today's performance.  "Unfortunately, I made my debut in a defeat but I am happy for having made my debut and I am sure I can improve with the help of my team mates," Borg said. Meanwhile, in his 4-1-4-1 system, the Belgian coach deployed midfield Rowen Muscat as an advanced midfielder in order to profit...
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Caution

March 22, 2018, 10:09 pm
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I think broadcasts on the Parliament TV channel should be prefaced with the warning: “This programme makes reference to commercial products.”
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The most vulnerable

March 22, 2018, 10:18 pm
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George Vella, Tonio Fenech and others who wrote to defend the unborn child deserve our thanks and appreciation. Amanda Ussak’s argument (March 3) left me speechless. She said: “While that potential life should be valued, it does not have a developed conscience or an understanding of Church and societal teachings to enable it to make decisions.’’ So do we value the potential life by killing it? And is a newborn baby, a child up to the age of reason or a person with mental disability able to make the decisions Ussak mentioned? So, do we kill them too? There is confusion in her argument.  I would like to thank the Commission of the Rights for People with Disabilities for its statement (March 16). Thank God, there are still many of us who appreciate life from conception to natural death. We must all speak in defence of the most vulnerable: the child in the womb.
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Today's front page: March 23, 2018

March 22, 2018, 10:28 pm
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The ripples of Ali Sadr's arrest in the US made it to most of today's front pages. The Times of Malta writes about the source of his funds, saying the MFSA was under pressure to reveal more, while its secondary story is about the charges which will be filed against a former policeman. The Malta Independent takes a more political angle with a story about the minister's defence of the decision not to seal off Pilatus Bank. It also reports that the Economy Ministry spent €20 million through direct orders in a five-year period. L-Orizzont focuses on the appointment by the MFSA of a caretaker for Pilatus Bank, along with news that the whistleblower, Maria Efimova, might be given asylum in Greece. In-Nazzjon bucks the trend with a story about chief of staff Keith Schembri and his failure to show up at court for a libel case, and about a prisoner who attempted to escape from the hospital.
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QGEN to represent Malta at European Business Awards

March 22, 2018, 10:29 pm
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QGEN is the national winner for Malta in the Customer and Market Engagement Award category at this year’s European Business Awards. QGEN has made it to the final stage of the awards competition and will battle it out with companies from across Europe in that particular category at a judging and gala ceremony event in Warsaw, Poland, on May 22 and 23. QGEN is one of seven national winners selected from 28 of the ‘Ones To Watch’ in Malta that will now be part of the final ceremony in Warsaw.  “We are honoured to have won this category on a national level. This goes to show our focus on customer centricity, quality of delivered service and company fluidness to evolve within the compliance ecosystem,” said Damian Mifsud, QGEN’s CEO. National winners from all countries are now listed on the European Business Awards official website www.business­awardseurope.com.
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Duty to protect life

March 22, 2018, 10:34 pm
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My sincere congratulations to George Vella for his outstanding  contribution (‘Duty to protect, not kill’, March 10). Surely through his nobile profession as a doctor he has the extensive experience of the real meaning and value of life. He has followed the course of life from conception to birth and afterwards directly throughout his extended vocation. It is no surprise he has been so accurate and convincing in his writing. With his sound and valid arguments, Vella has clearly explained the wrong and deceitful statements of the Council of Europe’s Commissioner for Human Rights. It is unbelievable that he should argue that the right of life does not apply prior to birth. This means you can kill a living human being before you can hold it in your arms. We do not need such irresponsible ambassadors of ultra-liberalism to make such uncivilised recommendations. This is more obvious when he should have been aware of the feelings of the majority of the Maltese about abortion. He was disrespectful. Many so-called champions of human rights insist on the rights of the minorities. So what about the very clear will of the majority? It was of great help and very encouraging to follow Vella’...
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It’s all Maltese to me! - Michelle Panzavecchia

March 22, 2018, 10:42 pm
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Malta is currently undergoing a long overdue, major paradigm shift in education, with newly proposed educational reforms aiming towards a more holistic view of teaching and learning. The examination system is currently being redesigned in order to include a variety of assessment methods to ensure equality, equity and success for all our students. As part of these changes, the Ministry of Education is presently launching a public consultation exercise on new ways of teaching and assessing the Maltese language. One of the proposals is the introduction of a new exam which would assess Maltese as a foreign language. There are conflicting reports regarding the details of this new method of assessment, however, both foreign and Maltese students would possibly be given the choice to sit for either this examination or the present Maltese Matsec ordinary level paper, with the possibility of both having equal weighting and accreditation. Malta has become a cultural melting pot of sorts, resulting in the presence of many foreign children speaking a variety of different languages in our classrooms.  Therefore, keeping in mind the demographic changes which our country is presently facing, as...
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MFSA faces questions on source of €8m Pilatus funds

March 22, 2018, 10:44 pm
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Malta’s financial watchdog is expected to come under scrutiny over its due diligence checks on the initial €8 million in capital used by Iranian national Ali Sadr to set up Pilatus Bank. The European Banking Authority last month confirmed it had opened a preliminary inquiry into the Malta Financial Services Authority’s supervision of the bank. Mr Sadr is facing up to 125 years in jail after being arrested in the United States on Monday. He was held over charges of money-laundering and sanction busting. Mr Sadr is accused of evading US sanctions against Iran by filtering $115 million through front companies and foreign bank accounts, to mask Iranian business dealings in Venezuela between April 2011 and November 2013. In December 2013, Mr Sadr registered Pilatus Bank in Malta. The €8 million in capital was deposited that same month. At the time Pilatus was granted its licence by the MFSA in January 2014, Mr Sadr was already under investigation by the FBI, the US indictment documents show. Read: FIAU was aware Pilatus chairman was being investigated abroad Malta was not mentioned in the indictment. No replies were received to questions sent by the Times of Malta yesterday, asking...
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Announcements - March 23, 2018

March 22, 2018, 10:48 pm
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ANASTASI. On March 20, at Mater Dei Hospital, ANTOINETTE (Lina), née Anastasi, aged 85, passed away peacefully comforted by the rites of Holy Church. She leaves to mourn her loss her husband of 63 years, Emanuel, her daughter Simone and her husband Ramon Borg Bartolo, her son Patrick and his wife Lorraine, her grand­children James and his wife Roberta, David and his wife Adriana, Christine and her husband Christian, Hena-Marie, Stephanie and Nicolette, her great-grandchildren Nathan and Maria, her sisters Carrie and her husband Ronnie, Jessie and her husband Paul, Memè widow of Guido, her brother George and his wife Doris, Mary widow of her brother Alfred, her in-laws, nephews, nieces, other relatives and friends. The celebration of Mass præsente cadavere will be said tomorrow, Saturday, March 24, at 8.30am at Our Lady of Carmelite Church, Balluta, followed by interment at Santa Maria Addolorata Cemetery. No flowers by request but donations to Villa Mons. Gonzi, Siġġiewi, will be greatly appreciated. May she rest in peace. BALDACCHINO. On March 18, GIULIO from Sliema, residing in Mellieħa, passed away peacefully at the aged of 44. He leaves to mourn his irreparable loss, his...
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China urges US to 'pull back from brink' as Trump unveils tariffs

March 22, 2018, 10:50 pm
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China urged the United States on Friday to "pull back from the brink" as President Donald Trump's plans for tariffs on up to $60 billion in Chinese goods brought the world's two largest economies closer to a trade war. The escalating tensions between Beijing and Washington sent shivers through financial markets as investors foresaw dire consequences for the global economy if trade barriers start going up. Trump is planning to impose the tariffs over what his administration says is misappropriation of US intellectual property. A probe was launched last year under Section 301 of the 1974 US Trade Act. "China doesn't hope to be in a trade war, but is not afraid of engaging in one," the Chinese commerce ministry responded in a statement. "China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a dangerous place." In a presidential memorandum signed by Trump on Thursday, there will be a 30-day consultation period that only starts once a list of Chinese goods is published. That effectively creates room for potential talks to address Trump's allegations on intellectual property theft and forced technology...
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New shares in BNF Bank plc

March 22, 2018, 10:51 pm
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BNF Bank plc has completed the issuance of 26,483,051 new shares in BNF Bank plc, representing an increase in equity capital of €20,000,000. This capital injection underpins the shareholders’ continuous commitment towards growing the bank’s presence in Malta. “The increase in share capital reflects our re-energised vision of grow­ing BNF Bank’s market share, towards building a new future,” said Michael Collis, BNF Bank chief executive officer and managing director. “With this opportunity, we aim to attract a larger customer base which will spur further growth. Moreover, this investment should be perceived by our customers as adding greater financial security with a strong commitment to offer new and innovative products and services.” BNF Bank plc is a credit institution licensed to undertake the business of banking by the MFSA in terms of the Banking Act 1994.
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Watch: Swiss U-20 a good testing ground – Vella

March 22, 2018, 11:00 pm
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Malta U-21 coach Silvio Vella talked up the importance of this afternoon’s friendly against Switzerland’s U-20 side at the Centenary Stadium (kick-off: 1pm) as the Malta youngsters step up their preparations for Tuesday’s Euro qualifier in Turkey. Vella said that it’s no secret to say that exists a big difference in the level of intensity between Maltese football and international matches and therefore a friendly against Swiss team that boasts a lot of quality, will be a perfect warm-up for their testing assignment against Turkey. “The Swiss team may be coming with their U-20 squad which is formed by players who in their majority already ply their trade abroad and that says a lot about their quality,” Vella said. “This week my players have trained really well and are really focused on their position and duties on the pitch. My biggest concern is that the majority of the players do not have a regular place in the Premier League and that hurts their intensity in such matches. “But hopefully, the match against Switzerland will surely give us a better picture on whether we are in good shape ahead of our difficult assignment in Turkey. “Switzerland play a very similar kind of game to...
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Pampered pooches take to the sky in travel niche

March 22, 2018, 11:02 pm
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Ding Dong and Fun Fun, a pair of 12-year-old Yorkshire terriers, know how to enjoy the high life - literally. The pampered pets and their owner, Zoe Man, 43, flew on a private plane from Hong Kong to Japan for a five-day holiday. The terriers tucked into an inflight meal of grilled salmon and tender chicken. Man, vice president of a textile-and-apparel company in Hong Kong, plans two more trips by private jet this year, part of a growing number of owners indulging their pets on specialist holidays. "I've asked myself why I spend so much money on them," said Man, who spent over HK$240,000 ($30,600) taking Ding Dong and Fun Fun on the trip to Osaka, Japan last year. "I've wondered whether they know the difference. But I think they do know - they must have known the air smelt different," she said, sitting next to Fun Fun who was clad in a padded jacket. Hong Kong travel company Life Travel, which organised Man's trip, started flying pooches and their owners last year from Hong Kong to Japan, currently its only destination for these tours. On commercial flights, pets are typically carried in the hold. On its private jets, small dogs sit on their owner's lap, while bigger dogs can...
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Choose life not abortion - Mary Hilda Camilleri

March 22, 2018, 11:04 pm
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I have read with incredulity the article ‘Need to reform abortion law’ by Nils Muiznieks. I would like to remind people that when we joined the EU a special provision was made that our pro-life laws would not be interfered with. That was in 2003, long enough for people to forget about it.  We have an Embryo Protection Act too, which protects life from conception to natural death. I have worked in the pro-life industry since 1991 – that is 26 years. I was the administrator of Life Save the Unborn Child in Central London and I would like to share a few experiences.  We had counselling rooms where women could share their problems about being pregnant and get the support they needed to make their own decisions whether to keep the baby or not.  It was highly confidential and I never heard a counsellor divulge a single story about the women they were looking after.  The counsellors were all voluntary.  We used to get women who had had an abortion come to us to train as counsellors be able to advise people not to make the same mistake they did.  One of them had said that she had recurring nightmares where she was on top of a high building and her baby was falling off the edge and, try...
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Open Day at Water Services Corporation

March 22, 2018, 11:08 pm
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To commemorate World Water Day 2018, the Water Services Corporation will be organising a public Open Day on Sunday March 25 from 10am till 5pm. This will feature events including: · Children’s activities and attractions such as games, bouncy castles, slides and other attractions for the whole family · Tours around the WSC Laboratory, Control Room and the Strategic Information Section where you will be able to see how the WSC works · A DJ stand · Food stalls · Discussions This year’s theme – Nature for Water – explores how we can use nature to overcome the water challenges of the 21st century. Through the various EU-funded projects currently underway, the WSC is using technology to restore the natural underground aquifer and revitalise the agriculture sector in Malta. This event is an excellent opportunity to learn details of a number of large EU-funded projects, amounting to around €100 million, that will increase the quality and taste of Malta’s drinking water and help protect the environment through better efficiency. One may also view first-class local agricultural produce grown using the WSC’s “New Water”. There will also be a special Water Bar where you will be able to...
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Property fund saga continues

March 22, 2018, 11:18 pm
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The Property Fund saga started almost a decade ago when Bank of Valletta was accused of selling a high-risk investment product to inexperienced investors who eventually lost millions of euros. The Malta Financial Services Authority investigated at length the allegations of mismanagement and mis-selling by various investors. At the time, the bank’s board of directors approved a full and final settlement offer to all investors, whereby they would get 75 per cent of their capital once they agreed to accept the offer as final. Most of the investors accepted. Just before the 2013 election, the Labour Party made the Property Fund saga a political issue by promising that, when in power, it would make sure that the over 2,000 investors in the fund would receive further compensation. A new development in the saga was the enactment of the Financial Services Arbiter Act in 2016. For the first time, aggrieved investors had the right to seek redress from the arbiter if they believed a financial services provider failed to treat them properly. The popular legislation was approved in Parliament without any dissenting voices. While most agreed that financial consumers needed better protection,...
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