Issue link: https://maltatoday.uberflip.com/i/1429136
8 ANALYSIS maltatoday | WEDNESDAY • 17 NOVEMBER 2021 ALTADA Technology Solutions, a global artificial intelligence (AI) platform solution provider, an- nounced that they will be expand- ing to Malta and plan on adding 30 new jobs at their recently ac- quired offices in Smart City. Altada announced its expansion plans during an unveiling event at the European Tech Hub in Smart City, followed by a networking gathering at the Sheer Bastion, held on the 13th of October. The company has over 70 employees across the U.S. and Europe and has also recently announced a USD $11.5 million funding round led by Rocktop Partners alongside Elkstone Partners and Enterprise Ireland. The company's mission is to deliver business results by com- bining ground-breaking technol- ogy and the brilliance of human endeavour. Altada are known for solving the unsolvable by bring- ing AI to life through innovative solutions that will help businesses reach their true potential. Company CEO Allan F. Beech- inor claims, 'We are thrilled to have opened our European tech hub in Malta. We have already carved out meaningful business partnerships and the talent com- ing through is very promising.' Martin O'Brien, Altada's CFO lies in full agreement with Beech- inor about Malta's prospects, and he went on to say that 'Malta is a core focus for Altada's expansion into Europe. We are hiring across all departments.' Julia Aquilina, Policy Executive at The Malta Chamber of Com- merce, Enterprise and Industry was present at the unveiling, and she claims that "the Malta Cham- ber is delighted to see innovative and dynamic international com- panies partnering up with busi- nesses in Malta and providing more employment opportunities to technology niches such as AI. The Malta Chamber is proud that one of its members, Inbound- Muse, has been selected by Alta- da." Altada Technology Solutions are currently on the hunt for data sci- entists and blockchain engineers to join their team in Malta in their new offices in Smart City. Altada Technology Solutions create 30 new jobs in Malta NICOLE MEILAK THE MFSA has appointed Mi- chael Spiteri Bailey as the com- petent person for Nemea Bank to wind up and liquidate the company. He will be replacing Price Wa- terhouse Coopers (PwC) as the competent authority. The bank was placed under the control of PwC in April 2016 after the European Central Bank flagged serious regulatory concerns inside the bank. Almost a year later, the MF- SA asked the ECB to withdraw the banking license granted to Nemea Bank. Former prime minister Law- rence Gonzi was a director of the bank when PwC took over. When placed under the audit firm's watch, the bank held €62 million worth of client deposits. By 2020, the bank still owed its customers €13.2 million in de- posits. Despite having its license withdrawn in 2017, the liquida- tion process has been slow due to pending appeals against the decision to shutter the bank. Independent candidate Ar- nold Cassola filed a complaint with the Ombudsman over the trapped funds. Eventually, Om- budsman Anthony Mifsud or- dered the MFSA to make sure PwC regularly updates its de- positors or interested parties on the bank's financial situation. Nemea specialised in provid- ing banking and investment ser- vices to individuals, businesses, institutions and high net worth individuals across the European economic area. As an online-only bank, Nemea operated with lower costs and overheads compared to traditional banks, while earn- ing income by generating inter- est, fees and commissions, and financial income. Clients' deposits were invested by the bank in loans, deposits, and other fixed income instru- ments and other low risk secu- rities. Nemea Bank is in turn owned by Nemea PLC, itself owned by Nevestor SA of Belgium (40%) and Ninovan Ltd and Shilmore Ltd of Cyprus (30% each). The bank is ultimately jointly owned by its founders Heikki Niemelä and Mika Lehto. There are several banks cur- rently under the control of an MFSA-appointed administra- tor. Last May, PwC was appoint- ed as the competent person to oversee the affairs of shuttered Pilatus Bank. Shortly after, the bank was hit with a €5 million penalty by the FIAU and later charged with money laundering. Satabank was also placed under the control of Ernst & Young after millions of crim- inal proceeds were suspected of having passed through the St Julian's bank. The FIAU initially fined Satabank a re- ported €3.5 million for various regulatory breaches, but this was eventually shaved down to €851,000. New controller appointed to Nemea Bank for liquidation