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11.07.19 4 NEWS THE Opposition has disagreed with the €8.1 million valuation proposed by the government to lift a condition on land owned by the Fortina Group in Sliema. e proposal was discussed this morning in Parliament's National Au- dit Committee. Opposition MPs Beppe Fenech Adami and Ryan Callus voted against the proposed sum Fortina will be expected to pay, which means that the resolution will now go to the ple- nary for a debate and a vote. Part of the land on the Sliema sea- front, which Fortina had acquired from the government in the 1990s had a condition imposed on it to be used for tourism purposes. e company is redeveloping the site where the old hotel stood into an offi ce block with commercial and residential units. e company asked for the condition to be lifted and a valuation carried out by the Lands Authority set a price of €8.1 million. Fortina disagreed with the price, in- sisting the valuation does not refl ect the market value of the landlocked piece of land but nonetheless accepted it. During the parliamentary committee, Fenech Adami said the valuation was based on the lifting of one condition when in eff ect other obligations were being removed. He said the Opposition also had res- ervations on the terms imposed for the payment, which allowed Fortina to pay the amount over a 10-year period. Callus said the Opposition disagreed with the valuation and would oppose the agreement. Opposition disagrees with Fortina land valuation Fortina will pay €8.1 million to the government to have a condition on land it owns in Sliema li ed THE Central Bank of Malta has established a foundation which will be responsible for the ad- ministration of funding for na- tional projects. e public benefi t foundation, to be known as e Central Bank of Malta Foundation, was established on 5 July following a resolution of the bank's board of directors. It is constituted under the Voluntary Organisations Act, Chapter 492 of the Laws of Malta, and as provided for in the Second Schedule to the Civil Code, Chapter 16 of the Laws of Malta. e new foundation has an autonomous Board of Ad- ministrators and will be ad- ministering funds intended to support projects of a national stature with lasting visibility relating to education, culture, scientifi c research, preserva- tion of Maltese national herit- age, and social causes. e foundation's chairperson is Reverend Marius J Zerafa, former Curator of Malta Fine Arts and Director of Museums. e other administrators are: Professor Yosanne Vella; Pro- fessor Marvin Formosa; Narcy Calamatta and Pauline Lanzon, Head Legal Department, Cen- tral Bank of Malta. e foundation treasurer is Raymond Filletti. Central Bank sets up foundation to administer national project funds

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