Issue link: https://maltatoday.uberflip.com/i/1137604
7 maltatoday | SUNDAY • 30 JUNE 2019 CONTINUED FROM PAGE 1 Additionally, the €32 million premium will be staggered over the next six years. Shoreline will have the option of making accelerated payments by pay- ing Smart City 30% of the sale price on each apartment. Shoreline will be prohibited from transferring the title of the land without written con- sent from Smart City. But of note in the contract is the following text, which states that Smart City will not with- hold consent for the transfer of the title to "an international investor of integrity and good repute or a consortium of in- vestors… the majority partner of which is an international investor of integrity and good repute." The company is already in the majority owned by South Af- rican businessman Ryan Otto, whose shareholding recently climbed to over 68%. Shoreline will, however, be entitled to freely transfer its sub-lease of the complex as de- veloped, without Smart City's consent. As laid out in the original Smart City deal, Shoreline will be able to convert the title of the temporary emphyteusis to a perpetual one, by paying a premium of as little as €4.07 per square metre of land – once the complex is fully completed. Shoreline Holdings is owned by South African businessman Ryan Otto, through Jade Prop- erty Investments (68.1%); Mid- dletown Investments (28.7%) – jointly owned by lawyers Kevin Deguara and Jean Carl Farrugia – and 3.2% by Ramm Assets, of Roderick Psaila. Kevin Deguara had previous- ly made a public appearance on behalf of Sadeen, the Jor- danian company running the American University of Malta in Bormla. The Maltese government holds a 20% stake in Smart- City Malta, represented by the Prime Minister's chief-of-staff Keith Schembri on the board of directors. The company had already started selling apartments on plan, with prices ranging from €225,000 for a 74sq.m studio apartment (€3,000 per sq.m) to €750,000, for a 199sq.m duplex apartment (€3,768 per sq.m). Redolent of the warnings by then Labour leader Alfred Sant, Smart City was destined to become a real estate project when the project started stall- ing. What made Smart City different to other projects, where public land was sold at a pittance to make way for speculation, is that the agree- ment signed between Tecom and the government set a €920,000 fine for each year in which the developers fail to create the promised jobs. Af- ter abandoning a similar ven- ture in India during the 2009 financial crisis, Tecom reiter- ated its commitment to invest €208 million in the Malta pro- ject, but problems plagued the stalled project and the 5,600- job promise never materialised. The land at Smart City, origi- nally the Ricasoli industrial es- tate that was a vast industrial wasteland the size of 40 football grounds, was offered to Tecom Investments for a ground rent of Lm65,000 (€150,000) a year, increasing by 5% every five years. In 2012, a Labour delega- tion met Tecom executives in Dubai, during which then Smart City CEO Fareed Abdul- raham told Joseph Muscat that the Nationalist government had leveraged the promise of Smart City to their electoral advantage in 2008, and that the promise of over 5,000 jobs would only happen over the course of some 12 years. The island is still waiting. NEWS HealthCare Professions Act, 2003 (Act No. XII of 2003) Elections for the Council for Nurses and Midwives Nominations of Candidates It is hereby notified that, for the purpose of Regulations 5 of the Council for Nurses and Midwives (Elections) Regulations 2004, the nominations of candidates to fill the posts of five registered nurses elected from amongst and by all nurses, one of whom shall be a second level registered nurse and another shall be a nurse whose name is entered in any of the special parts of the Register of Nurses; and two licensed midwifes as members of the Council for Nurses and Midwives, in accordance with the provisions of Section 49 HCPA of the 2003 (Cap. 464) will be received by the Electoral Commission of the Council for Nurses and Midwives, at the Boardroom the Public Health Regulation Department St Luke's Hospital Level 1 Ex OPD G'Mangia Square Pieta, on Friday 5 th July 2019 between 10.00 a.m. and 12.00p.m.(noon) and on Monday 8 th July between 10.00am-12.00pm (noon) The nomination forms for candidates are obtainable from the Council's Registrar Office from Monday 1st July 2019 to Thursday 4th July 2019 between 10,00am and 12,00pm or can be downloaded from https://deputyprimeminister.gov.mt/en/regcounc/cnm/Pages/cnm.aspx Jesmond Sharples Josianne Sultana Jeffrey Ellul Electoral Commissioner Electoral Commissioner Electoral Commissioner On the cusp of success: DF Advocates' Jean Carl Farrugia (left) and Kevin Deguara, with Shoreline CEO Ben Muscat Title can be transferred to 'investor of integrity and good repute'