MDA cries foul as Govt seeks more apartments instead of offices in Smart City
The Malta Development Association said that the government violated contractual terms and potentially even legal regulations by endorsing recent masterplan adjustments, which will allocate more Smartcity land in Ricasoli for residential and retail purposes rather than office use. The association clarified that Smart City was initially designed as an innovative ‘internet city,’ but it is now being transformed into a speculative mix of residential and commercial ventures. In 2007, it recollected, the government provided approximately 316,000 square meters of land at a rate below €5 per square meter to construct the promised internet city by foreign investors. Stringent penalties were supposed to be enforced on the acquiring entity in case of non-compliance with its obligations, including substantial fines and the potential termination of the contract, leading to the reclaiming of the land. (The Malta Independent)
Romanian prince arrested on corruption charges
A Romanian prince who was convicted of corruption has been apprehended in Malta after being arrested during his visit to the country for an event hosted by the Knights of Malta. Prince Paul-Philippe fled Romania in 2020 following his conviction and nearly 3.5-year prison sentence for corruption linked to the illicit transfer of real estate near Bucharest, which he falsely asserted ownership of. The 75-year-old was taken into custody in Malta on Sunday under a European Arrest Warrant and appeared in court on Monday, where bail was denied due to the gravity of the charges against him. Accompanied by his wife Lia, he identified himself as a “member of royal family” and stated that he resides in Paris. (Maltatoday)
Households saving more – CBM
Households seemed to be saving more in the first two months of this year, according to data from the Central Bank of Malta. In its latest Economic Update, the bank noted that residents’ deposits held with monetary financial institutions saw a 2.5% growth over the 12 months leading up to February. This marked the third consecutive month of year-on-year increases, following a period of declines in late 2023. The recent surge was primarily driven by household balances, while deposits from financial intermediaries and non-financial corporations declined. Additionally, the bank highlighted that time deposits with a maturity of up to two years, the second-largest deposit category, continued to experience robust growth at the beginning of the year. They increased by 24.2% compared to the previous year up to February, although slightly lower than the 31.7% growth recorded up to January. (Times of Malta)
