Issue link: https://maltatoday.uberflip.com/i/1192401
12 maltatoday | SUNDAY • 15 DECEMBER 2019 NEWS EOI - Malta AgriFair 2020 - MFCC The Strategic Communications Unit within the Ministry for the Environment, Sustainable Development and Climate Change would like to invite interested businesses, cooperatives, entities and individuals involved in the agriculture and fisheries sectors to submit an expression of interest, for participation as exhibitors during the Malta AgriFair 2020. The Fair will be held at the Malta Fairs and Conventions Centre (MFCC) in Ta' Qali from the 24 th to the 26 th of April 2020. Interested exhibitors are to submit their proposal by not later than Thursday the 19 th of December 2019 on the following e-mail address: agrifair.mesdc@gov.mt. The Malta AgriFair 2020 aims to provide a platform for local agricultural stakeholders, while informing the public about the developments, modern technologies, products and services available in the agriculture and fisheries sectors. The main theme of the Fair will be the Farm-to-Fork concept. This will be projected in the most innovative manner, through three main sections dedicated to crop & land management, livestock & animal husbandry and fisheries & aquaculture respectively. For more information, interested exhibitors are invited to download the Exhibitor's Information Booklet and the Expression of Interest Form from the following link: https://msdec.gov.mt/en/esdw/Pages/Agrifair/agrifairExhibitors.aspx or to call on (+356) 2292 6209. MASSIMO COSTA A Maltese bunkering company has objected to a decision bar- ring it from being listed on the stock exchange, arguing that the refusal was made on illegal grounds. The case refers to an ap- plication made to the Listing Authority and Malta Stock Exchange (MSE) by Marine Bunkers Malta Limited – rep- resented by financial services firm Calamatta Cuschieri – for it (Marine Bunkers) to be listed on Prospects MTF, the trading facility operated by the Malta Stock Exchange. In October 2019, around two years after submitting the ap- peal, Marine Bunkers were informed by the Authority and the Exchange, through an email, that it had been decided that the company not be al- lowed admission into Prospects MTF. Marine Bunkers were told that the decision had been taken af- ter MSE considered the docu- mentation the company had submitted as well as "further in- formation procured separately by the Exchange." In an appeal filed last month with the Financial Services Tri- bunal, Marine Bunkers insisted the refusal was contrary to the law, because the Authority and MSE had failed to observe the principles of natural justice, and had not given the company the chance to rebut the infor- mation the Exchange "alleg- edly" had procured from third parties. Marine Bunkers is owned by Mid-Med Bunkers, and run by Marcus Tonna, who in 2011 was the owner of the M/V Triva 1 when the ship's crew was held hostage by armed Libyan militias in the seaport town of Khoms. Ship captain Mario Grech was held together with two Britons and a Geor- gian national in a camp for 22 days, while their employers and family were being asked for an undisclosed ransom. The Triva served as a humanitar- ian link with Tripoli, Benghazi and Misurata during the Libyan uprising which ousted Muam- mar Gaddafi. At the height of the uprising in August 2011, the Triva 1 was fired upon by Gaddafi loyalists as it attempted to leave Tripoli harbour with a number of Maltese and foreign evacuees. Marine Bunkers is arguing that the fact that the Exchange's decision was communicated by e-mail did not satisfy the re- quirements of the law since it offered no explanation as to how it was reached, except for a reference to the documents passed on by the company and to the information procured separately by MSE, without specifying what such informa- tion was or how it was relevant. The length of time taken for the decision to be made – two years – was longer than that stipulated by law, Marine Bun- kers is also arguing. Bunkering firm refused MSE listing K ARL AZZOPARDI THE Ombudsman has urged the Malta Financial Services Authority to regularly update depositors and those having an interest in Nemea Bank's ongoing situation. The MEP candidate Arnold Cassola had lodged a com- plaint against the MFSA and P r i c e w a t e r h o u s e C o o p e r s , the firm granted control of Nemea Bank after its licence was suspended by the Euro- pean Central Bank. Cassola, an account holder with Nemea Bank, said that he had not been provided with continuous updates on the actions being taken by the authority according to the Malta Depositor Compensa- tion Scheme. Nemea Bank had its bank- ing licence withdrawn by the European Central Bank on 23 March 2017, over serious reg- ulatory shortcomings. Together with the com- plaint, Cassola also filed a copy of his correspondence with the administrator and the communications unit of the MFSA, with the last cor- respondence being provided on 10 October 2018. Among other things, the last provided update from the MFSA stated that the financial position of the bank remained pre- carious, so much so that as of August 2018, its liabilities ex- ceeded its assets. The authority also said that it was a "prerogative of the banking regulatory supervi- sor to appoint a liquidator for the entity", while confirming that no liquidator had been appointed. "Hence any funds may be eventually distributed as part of the process of the entity's dissolution. As noted previously, the dissolution process has not yet started," the update from PwC had read. In light of this response, Cassola sent an e-mail to the MFSA's Head of Banking Su- pervision on 9 November 2018, seeking an explanation as to why a liquidator had not been appointed, while also requesting an update on the bank's situation. Cassola's e-mail and sub- sequent others were ignored by the authority, leading him to file the complaint with the Ombudsman. On the issue raised in re- gards to the appointment of a liquidator, the MFSA stated that the authority had advised Cassola to seek professional assistance, while maintaining that "subsequent to the with- drawal of the banking licence, the authority could not pro- vide specific indications on specific actions", including the appointment of a liquida- tor. The MFSA also responded to a string of e-mails sent by Cassola, in which he had en- quired on what further regu- latory action was being con- sidered. The authority said that a let- ter was sent stating that as the 'competent person', PwC was still managing the bank's as- sets and "all efforts were be- ing made to realise maximum proceeds from disposal of such assets". On Cassola's insistence that he was still awaiting updates on the refund of the remain- ing balance held with the en- tity, and when a liquidator would be appointed, the MF- SA said that he should have directed his queries to the communications function of the authority rather than the supervisory ones. The Ombudsman disagreed with the statement, stating that the principles of a good administration dictate that public entities should provide "prompt and timely" replies. "The authority seems to contend that once enquires are not directed to the proper section, then these can be dis- regarded. This Office is of the opinion that once the e-mails were received by the Author- ity's Head of Banking Supervi- sion, these should have either been directed to the proper channel or referred the com- plaint to the appropriate av- enue," the Ombudsman de- clared. Ombudsman tells MFSA to step up efforts in updating Nemea depositors