Issue link: https://maltatoday.uberflip.com/i/1260749
18.06.2020 5 NEWS FROM PAGE 1 Arthur Gauci said a portion of the barracks was demolished in line with the approved permit at that time, in line with approved SCH's terms of ref- erence and method statements from project architects. Gauci said the portion in question was not part of the Grade 2 scheduled area and only an accretion and that works commenced with a formal clear- ance from the SCH and under supervi- sion of an archeological monitor. Gauci said the visual integrity of St George's Barracks had already been compromised considerably by the ac- cretions to fit the former Institute of Tourism Studies. e SCH had already issued a permit to dismantle and re- build the barracks. Notwithstanding this permit, we decided to retain and fully restore them. Excavation plans under the building were also scrapped. Gauci also contested claims by the NGOs that the SCH issued a stop-no- tice related to Harq Hamiem cave or the barracks. "e stop notice related to the opening of a number of trial pits for the purpose of geological and ge- otechnical investigation. In fact, the SCH duly declared that it had no ob- jection to further on-site works to pro- ceed." Gauci said detailed studies and con- clusions by the geologists and geotech- nical engineers Peter Gatt and architect Adrian Mifsud say the project poses no threat because 24m of rock separate it from it. Gauci said only 0.5% of the project buildings overlap the cave and no excavation works will be conduct- ed without the necessary archeological and geotechnical monitoring. Gauci contested claims that the DB development will have a deleterious effect upon the residential amenity of residences, saying the maximum daily increase in shade on Pembroke will be 90 minutes during some weeks in De- cember and on only some residences. "In June, for instance, the shading in- creases by only 30 minutes a day, and again impacting only some residences. A detailed technical sun path study covering all seasons and this is publicly available on the PA stream." Gauci said the DB project is in line with the 2006 Local Plan, the Height Limitation Adjustment Policy for Ho- tels as well as the FAR Policy, both ap- proved in 2014. "e objectors do not seem to under- stand the concept of 'Tall Buildings' as defined in the latter policy. Further- more, no part of the site is within or adjacent to Pembroke Natura 2000 site. Above all, a PA permit is issued or withheld according to law, not opin- ions. at's what the cardinal principle of rule of law dictates." Gauci also contested claims that the SCH objected to a proposed pool. "e SCH found the pool proposal accept- able." Gauci said DB will retain an under- ground Cold War bunker in its totality, preserved and made accessible from the public open space. He said two independent character appraisals were carried out as part of a comprehensive EIA, together with a detailed assessment by Prof. Conrad ake to assess the barracks buildings. A detailed Military Barracks Heritage Report was also carried out by the pro- ject architects. Gauci insisted that a publicly-funded tunnel would serve all the residents, businesses and visitors to the area. "e NGOs are completely twisting facts when they claim that the Planning Authority held the DB Group liable for damages for putting the project on the market. In fact we were the ones who first filed a judicial letter holding the PA responsible for damages sustained as a result of Court of Appeal ruling in July 2019). e Planning Authority subsequently filed a reply to this judi- cial letter as one would expect in such circumstances in order to rebut our claim for damages." 'NGOs are completely twisting facts,' DB Group CEO claims THE MFSA was invited to participate in the European Captive Summit, an international conference which brings together top names from the captive in- surance industry. e Summit, which was held virtu- ally, was organised by Captive Review, which is considered to be an author- ity in the field of captive insurance, in partnership with the European Captive Insurance and Reinsurance Owners As- sociation (ECIROA). Captive insurers are insurance compa- nies purposely set up to insure the risks of its parent Group as a part of a wider risk management strategy. Malta is well recognised as a jurisdiction for onshore captive insurance solutions. e captive insurance industry is re-entering a cy- cle of popularity, amid hardening in the insurance sector, which was accelerated by the coronavirus pandemic and a re- duction in the market capacity. Ray Schembri, the MFSA's Head of In- surance and Pensions Supervision, par- ticipated in the closing session of the conference, held on Wednesday, which included virtual panel discussions, roundtables and interactive workshops. e summit aimed to tackle the most pressing topics now facing the industry, with participants including represent- atives from various multinational cor- porations, such as Airbus, Nestle and Adidas. During the conference, Ray Schembri answered questions sent to the panel by the conference participants – made up mainly of insurance captive owners and their representatives, but also included insurance brokers and consultants. His contribution focused on the increasing interest in Malta's insurance sector and the rise in activity being experienced. He also addressed the mitigation meas- ures put in place by the MFSA to deal with the effects of COVID-19 on the regulator and on the industry, whereby technological tools put in place by the MFSA allowed the regulator to ensure business continuity through the crisis while allowing the industry more flex- ibility. "e MFSA's contingency plans enabled us to continue working unin- terrupted during the coronavirus peri- od. We were also able to remain close to the insurance sector and to provide a degree of flexibility when it came to reporting deadlines, electronic sign-offs and virtual board meetings." In comments to BusinessToday, Ray Schembri highlighted that, in the cur- rent climate, captive insurance was be- coming a sought-after option for large corporations to insure their own risk. "e captive insurance concept tends to go through certain cycles. In recent years, the insurance industry experi- enced relatively soft market conditions which somehow limited the appeal of alternative risk management strategies such as captive insurance solutions. However, now, the rapidly hardening market conditions are making it more attractive for corporations to invest in their own captive insurance company," he said. Joining the MFSA's Head of Insurance and Pensions Supervision in the clos- ing session were Jeremy Quick, Bank- ing and Insurance Division director at Guernsey Financial Services Commis- sion – the financial services superviso- ry authority in Guernsey, and Malcolm Cutts-Watson, founder and managing director of Cutts-Watson Consulting, which specialises in captive insurance consultancy. MFSA participates in global captive insurance summit amid renewed growth in the sector Ray Schembri, MFSA's Head of Insurance and Pensions Supervision