Update 1300
Hili Ventures subsidiary 1923 Investments sees revenue grow to €282 million: 1923 Investments plc, asubsidiary of Hili Ventures, released its 2023 financial report, highlighting robust performance, notably inPoland. Chairman David Bonett noted the year’s achievements, with revenue reaching €282 million, mainlydriven by iSpot, Poland’s leading Apple Premium Reseller, expanded through acquiring Cortland. iSpotcontributed over 90% of the group’s revenue. In Hungary, 1923 Investments operates iCentre. Additionally,it holds Harvest Technology plc in Malta. Consolidated revenue surged over 40%, hitting €281.8 million,attributed to the Cortland acquisition and iSpot’s strong retail performance. EBITDA amounted to €17.9million, resulting in a profit before tax of €7.3 million. 1923 Investments oversees diverse technology andretail subsidiaries, part of Hili Ventures Ltd, which operates across Europe and North Africa in varioussectors, partnering with global brands like Apple, Microsoft, and McDonald’s.
BCA CEO Jesmond Muscat resigns: The Building & Construction Authority CEO, Jesmond Muscat, resigned,announced by the government. The Ministry of Justice and Construction accepted his resignation, citingefforts in regulatory compliance and modernisation. They anticipate appointing a new CEO to continuesector reforms. Muscat, who took office in June 2022, faced scrutiny after a factory collapse in 2022. Apublic inquiry revealed regulatory failures, prompting BCA-led reforms. However, criticisms arose aboutincreased bureaucracy. His resignation follows another construction fatality, prompting Prime MinisterAbela to emphasise industry-wide accountability.
Gozo construction: 1,241 new dwellings approved in 2023: For the sixth consecutive year, the PlanningAuthority in Gozo has approved over 1,000 new dwellings annually. In 2023, despite a decrease from therecord high of 1,885 in 2022, 1,241 new dwellings were approved. This total is the lowest since 2019 butstill surpasses figures from 2012 to 2018. Over five years (2019-2023), 7,627 new dwellings were approvedin Gozo, constituting 69% of approvals since 2012. While some areas like Nadur, Xewkija, and Ghasri sawincreases, others like Rabat and Sannat experienced declines. The increase since 2017 is attributed toeconomic growth and policy changes allowing taller buildings. Gozo’s affordability compared to southernMalta has made it attractive for holiday home buyers, as properties there are 20% cheaper according to a2022 KPMG study.
Morning Briefing
MBR seeks to dissolve firm linked to Muscat ‘corruption probe’
A Maltese company connected to a corruption investigation involving former Prime Minister Joseph Muscat faces forced dissolution by the Malta Business Registry, the company regulator. Accutor Ltd, under scrutiny for not submitting audited accounts and corporate documents as required by Maltese law, has three months to challenge the dissolution notice issued in March. Meanwhile, Accutor’s Swiss division is under investigation for alleged payments to Muscat, suspected to be kickbacks related to the Vitals/Steward hospitals deal. (Times of Malta)
New construction directorate to be setup
The government will be setting up a new Construction Directorate, Prime Minister Robert Abela revealed on Monday after another death in a construction site last Saturday. Abela acknowledged the inadequacy of regulatory resources in overseeing the construction industry. This statement came in response to inquiries from journalists following a worker’s tragic death on a Sliema construction site. Just a day prior, bricks falling from a St. Paul’s Bay construction site narrowly avoided hitting a moving car and instead damaged a parked car. Questioned whether he was satisfied by the resources of enforcement agencies (such as the BCA, PA and OHSA) Abela said: “If I say that there are enough resources, I wouldn’t be telling the truth.” Government is allocating the necessary funding required to boost the entities’ resources, Abela said. (Maltatoday)
No apology by Cutajar, PM says
Prime Minister Robert Abela reiterated that there have been no developments regarding Independent MP Rosianne Cutajar’s apology, a condition he set for her potential return to the Labour Party. When questioned about Cutajar’s apology status and his patience level, Abela confirmed that there have been no updates since his previous statement on the matter. Cutajar had stepped down from the parliamentary group in April 2023 amidst scrutiny following leaked WhatsApp conversations with businessman Yorgen Fenech. (The Malta Independent)
