No real impact on economy due to grey-listing says BOV chairman

Nov 2 2021

BOV chairman Gordon Cordina said on Tuesday that Malta’s financial greylisting left no major impact on the real economy. Cordina explained during a press conference that the recent grey-listing had no major impacts, but, having said that, he remarked that the grey-listing has been a short-lived experience. He warned that, if excessively prolonged, it can start having effects on the wider economy.

The sectors that don’t currently rely on credit or bank liquidity however could be most affected by such shocks, said Cordina. ‘The bank argurs, like other operators in Malta, that the situation will be resolved in the quickest possible way.’ According to CEO Rick Hunkin, BOV operations have similarly been left unscathed by the grey-listing.

Hunkin explained that BOV works closely with correspondent banks and bank partners, the majority of which have already factored in the possibility of greylisting. Some banks which are not in direct partnership with BOV have expressed reservations in processing payments from Malta. He said that this does not mean that there has been no impact, as all international banks have their own risk appetite.

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Third of Planning Authority issued fines still pending after 10 years

Nov 2 2021

Only two thirds of the fines issued by the Planning Authority over the past 10 years have been paid. The information was tabled in parliament, with figures published in reply to a parliamentary question by Nationalist MP Joseph Ellis. It shows how the PA issued over €18.2 million in fines for the development irregularities across Malta and Gozo over the past 10 years. Only €12.8 million of these fines were paid, with 2018 seeing the largest number of fines being issued ranking at €3.3 million.

This was up from €2.5 million in 2017, with 2015 and 2016 seeing the PA issuing €1.5 and €1.9 million in fines. The Malta Environment and Planning Authority overhauled its penalty system for illegal development in 2012, introducing daily fines starting from €2 going up to €50 per day.

2012 saw the lowest number of fines at €306,680, the subsequent two years saw a substantial increase at €363,470 and €672,449 respectively. Fines during the pandemic declined significantly when compared to previous years, with 2020 and 2021 registering €2.1 million and €2.2 million in fines.

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Yorgen Fenech to remain in jail despite granted bail for money laundering case

Nov 2 2021

Yorgen Fenech has been granted bail in his money laundering case, but will remain in custody in view of his other criminal proceedings linked to Daphne Caruana Galizia’s assassination. The bail was granted after the court took note of various factors, which include his untainted criminal record and the ‘very discreet sum’ at stake.

With the court presided over by magistrate Donatella Frendo Dimech, it read out the decree after briefly suspending the sitting on Tuesday afternoon following final submissions on bail by parties. The sum was observed by the court as being ‘very discreet’ and that the allegations were confined to a very limited time-frame.

In spite of repeatedly urging the prosecution to put forward evidence to support its greatest fear (that Fenech would abscond if granted bail), no evidence was produced to that effect. The offences were punishable in this case by a fine, observed by the court.

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Photo Source: DW

Justice Minister working from home due to foot injury

Nov 2 2021

Justice Minister Edward Zammit Lewis took to Facebook to reveal that he has been restricted to working from home due to having injured his foot. In a post uploaded to the platform, the Minister said that he started the month of November ‘on a bad leg’, and not as he intended to do so.

He said that he is currently working at home due to a little accident he had which injured his foot. He highlighted how despite the injury, he will still be working for the good of the nation and all those who need him. He apologized for not being able to meet face to face with clients and his team, but assured them that he will remain available nonetheless. The source of the injury was not revealed but we wish the Minister a speedy recovery and admiration for his determination to continue his work.

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Photo Source: Edward Zammit Lewis FB