Updated 1100
HSBC Bank announces ‘strategic review’ of its Malta shareholding: HSBC Holdings is conducting a “strategic review” of its 70.03% stake in HSBC Bank Malta, potentially signaling changes in its involvement with the Maltese market. This follows years of speculation about HSBC’s exit from smaller European markets, as the bank shifts its focus to Asia. Despite these rumors, HSBC Malta CEO Geoffrey Fichte recently dismissed concerns, highlighting a €30 million investment in new headquarters as proof of long-term commitment. HSBC Bank Malta has reported strong financial performance, with record profits in 2022 and continued growth in 2023. HSBC first entered Malta in 1999 by acquiring the government-owned Mid-Med Bank, becoming a key player in the local banking sector. (Times of Malta)
Hili Ventures poised to acquire full control of Tigné Mall in bold takeover bid: Hili Ventures plans to launch a voluntary public offer to acquire the remaining shares of Tigné Mall p.l.c., aiming for full control of the Sliema shopping center. Currently, Hili Ventures, through its subsidiary Marsamxett Properties, holds a 49.68% stake in Tigné Mall. If successful, this acquisition could significantly reshape Malta’s retail landscape. The specifics of the offer, including the purchase price, are expected to be revealed soon. Hili Ventures, known for its extensive real estate portfolio and McDonald’s franchise operations, has shown interest in Tigné Mall due to its strong performance and high occupancy rates. Achieving 90% ownership would allow Hili Ventures to potentially delist Tigné Mall from the Malta Stock Exchange.
Government proposes importers pay cost of tobacco litter:
The government is proposing new rules to make tobacco companies financially responsible for disposing of cigarette butts, aligning with the EU’s Single-Use Plastics (SUP) Directive. Cigarette butts, mostly made of non-biodegradable plastic, are a significant source of litter, particularly on beaches, where they account for 22% of waste. The new legislation requires tobacco producers to fund waste management, including clean-ups, waste receptacles, and public awareness campaigns, through a Producer Responsibility Organisation (PRO). Until a PRO is established, costs will be allocated by the Environment and Resources Authority based on market share. This initiative follows Malta’s 2021 waste management plan, which also proposed a smoking ban on several beaches, though this has yet to be implemented. (MaltatodaY)
Morning Briefing
Private schools to cap annual fee increases to 12% max per annum
Private schools have agreed to cap annual fee increases at a maximum of 12% for the next five years, as part of a deal announced on Tuesday. The government will contribute €27 million to independent schools from this year until 2029, aimed at improving educators’ salaries and working conditions, while keeping fees for parents manageable. Education Minister Clifton Grima announced the agreement with the Independent Schools Association (ISA) shortly after the financial package was approved by cabinet. “Following the historic agreement for state school educators a few weeks ago, parents of students in independent schools expressed concerns about potential fee hikes to cover similar improvements for educators,” Grima said at a press conference. (TVM)
Court of Appeal confirms conviction against former MGA CEO
The Court of Criminal Appeal has upheld the conviction and sentence given to former MGA boss Heathcliff Farrugia in May for leaking information to Yorgen Fenech about an upcoming anti-money laundering review at a competing casino in 2019. At the time, Fenech was the owner of Portomaso Casino. In May, Magistrate Ian Farrugia found Heathcliff Farrugia guilty of unlawfully sharing confidential information he had accessed through his position, as well as revealing professional secrets. He was given a three-year conditional discharge. Farrugia resigned in October 2020 after being charged in connection with his communications with Fenech, who is awaiting trial for the murder of Daphne Caruana Galizia and was also the owner of Portomaso Casino. (Maltatoday)
No negligence by doctors and nurses in Stephen Mangion’s death, Magistrate finds
A magisterial inquiry has concluded that the doctors and nurses who treated Stephen Mangion acted appropriately and should not face criminal charges for his death. Magistrate Joe Mifsud’s inquiry found no evidence of intent, negligence, or delay by the medical staff involved in Mangion’s care. The report clears the doctors and nurses on duty that night of any criminal liability. The Magistrate’s 500-page report also recommends reintroducing imprisonment for defamation and the intentional spread of misinformation about third parties. Mangion, a 55-year-old Valletta resident and former police officer, died of an aortic dissection after collapsing in the hospital’s emergency waiting room. (Times of Malta)
