Issue link: https://maltatoday.uberflip.com/i/1017392
maltatoday | WEDNESDAY • 22 AUGUST 2018 3 NEWS CONTINUED FROM PAGE 1 The bank will ask that the Connell's appointment be re- voked and that Pilatus Hold- ing Ltd be allowed to exercise its voting power and decide whether it is in the best inter- ests of the Bank as a whole to dissolve the bank in accord- ance with the provisions of the Companies Act. In an application filed last July before the Financial Ser- vices Tribunal – where Pila- tus Holding is contest-ing the MFSA decision in a separate court case – Lawrence Con- nell, the MFSA-appointed Competent Person for the bank, insisted on his right to be exempted from testimony where he would be asked to reveal information subject to professional secrecy. Connell argued that he is bound by professional secre- cy under the Criminal Code, the Professional Se-crecy Act and the Banking Act not to answer questions intended at revealing information about com-munications he had with the MFSA, or the functions of the bank before and after the suspension of its licence and information which he ac- quired during his task as com- petent person. Pilatus Holding Limited and the directors of Pilatus Bank plc have argued that as a wit- ness, Connell is not entitled to legal assistance or advice under the Code of Organi- sation and Civil Procedure, said the company, rather they were expressly forbidden. The company has accused the MFSA of hiding behind the veil of professional se- crecy to avoid answer-ing questions made in the best in- terests of justice. It said that it is unacceptable that a wit- ness attempt to wriggle out of testifying when the testimony is necessary for justice to be done. Moreover, Connell, as a pro- fessional lawyer with decades of experience "certainly does not require any help or assis- tance to testify," argued law- yer Jonathan Thompson for Pilatus Holding. Connell's role is to assume all powers of the bank to pre- serve the assets of the bank in the interest of depositors and investors. Pilatus said he is being remunerated by the bank at $350 per hour, up to $50,000 monthly, aside from hourly rates for additional staff he may appoint. Pilatus has argued that the appointment of Connell cre- ated a "significant financial burden on the bank with an exposure to a potential $600,000 per annum in re- muneration fees to the Com- petent Person alone, without taking into account the remu- neration due to any other ad- ditional staff." Pilatus has protested its shutdown by the MFSA, say- ing the indictment against its chairman and owner Ali Sadr Hasheminejad in the United States was yet to be proven and he was, as yet, presumed inno-cent. "The MFSA had instead opted to base its deci- sion merely on the allegations about the ultimate beneficial owner of the bank," Thomp- son argued. KURT SANSONE AIR Malta will be selling several of its routes on the popular Ryanair booking website in a joint venture with the low cost Irish air- line. The agreement will allow Air Malta to broaden its market reach through Ry- anair's website, ensuring a more effective online pres- ence. The national airline will be able to sell 21 of its routes on the website. The partnership kicked off today and was announced at a press conference at Air Malta's headquarters. David O'Brien, chief com- mercial officer at Ryanair, said his company's website was the largest in Europe, receiving 50 million visits per month. The website is available in 17 languages, in- cluding Chinese. O'Brien said Air Malta's presence on its website will help enrich its offering. "It helps us grow from a single distribution channel for Ry- anair to a more comprehen- sive airline web-site offering customers a wider choice," O'Brien said, when asked what would Ryanair get from the deal. Air Malta chairperson Charles Mangion said the partnership with Ryanair be- came possible after the air- line invested heavily in IT. He said the agreement helps address Air Malta's online weakness. Tourism Minister Konrad Mizzi said the airlines will be looking into further col- laboration in the future. "We will be looking at op- tions that will see Air Malta being a link for Ryanair pas- sengers to African airports as we strive to become the airline of the Mediterrane- an," Mizzi said. The minister said Air Mal- ta's growth strategy was pay- ing dividends. With more than 20 new routes added to its network, the airline grew its passengers by 40%. Air Malta to piggyback on Ryanair website Pilatus Bank will ask court to allow it to decide its own future The Pilatus Bank headquarters at Whitehall Mansions in Ta' Xbiex From left: David O'Brien, chief commercial officer at Ryanair, with Tourism Minister Konrad Mizzi and Air Malta chairman Charles Mangion TWO young joyriders have pleaded guilty to stealing and crashing a car last July. 21-year-old Tristan Tedesco from Birkirkara and 22-year- old Rosmar Bugeja of Zejtun ap-peared before magistrate Donatella Frendo Dimech this morning after stealing a Peuge- ot in Birkirkara on 28 July, driving and then crashing it. Inspector Elton Taliana charged the duo with attempt- ed aggravated theft, driving a stolen car and carrying knives in public without a police per- mit. Tedesco was also sepa- rately charged with damaging the Peugeot, driving it without insurance, driving dangerously and failing to stop after a traf- fic accident. Tedesco was fur- ther accused of committing the crimes whilst under a num- ber of suspended sentences, breaching a probation order and relapsing. The men pleaded guilty to the charges. Lawyer, Mark Vassal- lo, requested a pre-sentencing report be drawn up. The court acceded to the request. Young joyriders plead guilty