Updated 1145
Authorities investigating tax evasion by Electrogas investor
The local authorities have become suspicious of potential tax evasion due to the relatively low tax declarations made by Paul Apap Bologna, an investor in the Electrogas power station. Apap Bologna, a wealthy importer of medicines, reported earnings of €41,000 in 2016, €40,000 in 2017, and €41,000 in 2018. The businessman is considered a person of interest in an ongoing money-laundering and corruption probe linked to fellow Electrogas investor Yorgen Fenech. Concerns were raised when investigators compared these tax declarations with the incoming payments recorded in Apap Bologna’s local bank accounts. The Times of Malta revealed that Apap Bologna received €138,000 in credit payments into his accounts in 2016 alone, a threefold increase compared to the income he declared to the tax authorities for that particular year. (Times of Malta)
Unemployment drops slightly in May
Malta’s monthly unemployment rate dropped slightly in May, now standing at 2.8%, decreasing by 0.1 percentage points from the previous month. Fresh NSO data shows how this rate represents a drop of 0.3 percentage points from the same month last year. This figure is equivalent to 8,322 persons. (NSO)
MDB signs agreement with BOV, HSBC and APS on intermediation of €180m financing schemes
The Malta Development Bank has signed strategic agreements with three leading banks, BOV, HSBC and APS to serve as intermediary partners for its two new flagship financing schemes. By working together, the MDB and its intermediary partners will offer a comprehensive suite of benefits to SMEs, including lower interest rates, reduced collateral requirements and better credit terms. As part of these agreements, the MDB will collaborate closely with the banks to provide tailored financial products and services to businesses. By leveraging the banks’ extensive networks and expertise, the MDB aims to facilitate access to funding, promote innovation, and empower SMEs to thrive in today’s competitive business landscape. These two schemes, the SME Guarantee Scheme and the Guaranteed Co-Lending Scheme, which together carry a portfolio of up to €180 million in new loans, seek to encourage entrepreneurs to invest in projects that contribute to growth in a variety of traditional and innovative economic sectors.
Morning Briefing
Govt shifts EU funding towards energy sector
As part of a revised spending plan for the €328 million allocated by the EU through the Recovery and Resilience grants, the government has redirected funds from two major construction projects towards the energy sector. The emphasis has shifted towards investing in the electricity grid and implementing renewable energy reforms. Consequently, the construction of a ferry dock in Buġibba and a new building on the ITS campus will no longer receive European funding. Furthermore, the renovation of Mount Carmel hospital and the digitization of the health sector have been scaled down as part of this reallocation of funds. Instead, the investments in the power grid will focus on enhancing battery storage and energy distribution capabilities. Simultaneously, the reforms aim to simplify the permitting process for renewable energy projects and mandate the installation of solar panels in specific new constructions.(Times of Malta)
Parl Sec says new bill ensures no Prudente-repeat
Parliamentary Secretary Rebecca Buttigieg has dismissed concerns that the revised version of Bill 28 will not address cases like Andrea Prudente’s, which initiated the initial debate. Bill 28 introduces an exception to Malta’s comprehensive abortion ban, permitting doctors to terminate a pregnancy if the woman’s life is at risk. Despite being criticized as “regressive” by prominent gynaecologist Mark Sant, the Reforms Parliamentary Secretary insisted that the new version of the Bill is a significant step forward and can be considered a “game-changer.” (Maltatoday)
El Chapo threatens partner with acid attack
Jordan Azzopardi, known as the “El Chapo of Malta,” has returned to court following a report filed by his girlfriend with the Police regarding domestic violence. A year ago, the 33-year-old was apprehended after a car chase in Madliena during an operation targeting drug trafficking. Subsequently, he was released on bail. Last Sunday, his partner sought assistance from the Police Department’s domestic violence unit. She lodged a complaint stating that he had made threats to throw her off his balcony. Additionally, she mentioned receiving several alarming voice messages from him after leaving their residence, including a threat that he would throw acid on her face and chest. Azzopardi was granted bail. (TVM)
