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School has €1.6 million in debts written off
The government of Malta has forgiven €1.6 million indebts for a school serving the Muslim community, as revealed by a report from the auditor general.The decision to write off the debt was made during a June 2022 cabinet meeting, following thegeneral election. The Mariam Albatool school, operated by volunteer trustees, had previously receiveda €400,000 debt write-off in 2017. The government had also provided annual loans to the school,totalling €1.6 million, to address financial challenges. The education ministry justified the decision,emphasising the importance of investing in the education sector for high-quality education. The debtwrite-off was not publicly announced. (Times of Malta)
‘Crucial’ audited passport fund accounts are still missing
The publication of audited accounts for theNational Development and Social Fund (NDSF), a sovereign wealth fund supported by passport sales,has been significantly delayed, with the latest available audit report dating back to 2020. The auditorgeneral emphasised the importance of timely reporting for good governance, noting that auditedfinancial statements are crucial for an unbiased assessment of the agency’s accounts. The NDSF citeda change in auditors and technical accounting issues as reasons for the delay in releasing the 2021accounts. The auditor general also pointed out the absence of documented policies and procedures forselecting projects to receive funding from the NDSF. (Maltatoday)
BOV ‘not getting involved in property sector’ following Attard branch outcry
The Bank of Valletta(BOV) has submitted a planning application to replace its Attard branch with a five-storey residentialcomplex. Contrary to speculation about the bank entering the property sector, a BOV spokespersonclarified that the application is a means to refurbish its branch and optimise existing assets, asallowed by its banking license. The application was submitted directly by BOV due to its ownership ofthe property, and the bank emphasised its commitment to meeting customer needs through branchrefurbishments. The successful bidder, selected after a request for proposals, plans to purchase anddevelop the property, including a revamped BOV branch on the ground floor.
Malta News Dispatch
Morning Briefing
Suspect handed in himself in connection with Rabat murder
The individual apprehended by law enforcement in connection with the Rabat New Year’s Day homicide is currently undergoing questioning. Identified as Noel Azzopardi, aged 40, he resides in the vicinity of the location where the murder occurred. Eric Borg, a 27-year-old taxi driver, was tragically killed on Monday afternoon in the Nigret area, within the boundaries of Rabat. After the incident, the individual voluntarily surrendered himself at the Rabat police station, prompting further investigation by authorities. (Maltatoday)
Police investigate Paceville beating
The police is currently conducting an investigation into a video depicting a man being pursued, kicked, and assaulted by a group of bouncers from a Paceville nightclub. The video, made public by Lovin Malta, reportedly captures the incident occurring on New Year’s Eve, as per accounts from eyewitnesses. In the footage, five security personnel are observed attacking the individual, with actions including stomping on his face and employing what seems to be retractable batons to strike him. The victim is seen lying still on the ground, cradling his head, while the bouncers persist in kicking him repeatedly. Onlookers, visibly shocked, remain frozen in place, witnessing the distressing altercation. (Times of Malta)
€4.6 bn worth of promise of sale agreements signed in 2023 – MDA
The Malta Development Association has reported that Promise of Sale agreements totaling €4.6 billion were signed in 2023, nearing a record-breaking year for the industry. Throughout 2023, a total of 16,636 promises of sale were executed, accumulating to the overall value of €4.6 billion. This marked a 3% rise from the €4.2 billion in promise of sale agreements recorded in the preceding year, approaching the record high of €4.8 billion set in 2021, marking it as the second-best year in the property market’s history. In a statement, the MDA said that “this data validates the property market’s resilience, reaffirming its status as the preferred investment avenue for Maltese families. It also underscores the sector’s significance in representing the interests of numerous investors, both large and small.” (The Malta Independent)
