National Bank of Malta Shareholders Awarded €71.8 Million After 30-Year Legal Battle
The Constitutional Court has brought to an end more than three decades of litigation over the government’s 1973 takeover of the National Bank of Malta. Former shareholders were awarded approximately €71.8 million in compensation after the court ruled that they were subjected to a disproportionate burden when forced to relinquish their shares without compensation. The 1973 intervention occurred amid a severe liquidity crisis, when the government withdrew the bank’s licence and transferred shares to facilitate the creation of the Bank of Valletta. The judgment, delivered in two linked constitutional cases filed in 1992, concluded that the government’s actions breached shareholders’ constitutional property rights. (Maltatoday)
Enemalta Faces €60 Million Carbon Credit Shortfall, Hires UK and Swiss Lawyers
Enemalta risks losing €60 million worth of carbon credit certificates after a Switzerland-based company failed to execute three trades involving EU Allowances. The state energy company confirmed the issue on Monday and has engaged a London-based law firm alongside a Swiss legal team to protect its interests. Enemalta stated that the missing trades were discovered on 29 August and that remedial action is being sought. The firm declined to name the foreign company involved, noting that legal discussions are ongoing. (Times of Malta)
Government claims Stewards win as Opposition highlights loss to citizens
A heated debate unfolded in parliament on Monday following the International Chamber of Commerce ruling on the Steward Health Care hospitals concession. While the tribunal rejected both Steward’s claim for damages and Malta’s counterclaim, the decision reignited political tensions. Prime Minister Robert Abela defended the government, insisting that public funds were properly spent on services received and announced a new master plan for St Luke’s, Karin Grech, and Gozo General Hospitals. Opposition Leader Alex Borg accused the government of collusion and fraud, arguing that Maltese and Gozitan patients were the ultimate losers, and vowed voters would respond at the next general election. (The Malta Independent)
