Issue link: https://maltatoday.uberflip.com/i/1435356
maltatoday | SUNDAY • 5 DECEMBER 2021 19 LAW CLASSIFIEDS HOLIDAY ACCOMMODATION MARSALFORN, Gozo - holiday apartments for short or long lets with magnificent sea- views. Call 21556021, 27556021, 79426883 PROPERTY TO LET XLENDI - catering premises in prime site to let. Can be used for other commercial purposes. Phone 79493021, 79426883, 77481592 or 77484029 PROPERTY FOR SALE SAN GWANN - Close to all amenities and located in the commercial district is this 3 storey OFFICE BUILDING. Presently arranged in open plan layout on each floor, complimenting this there are a number meeting rooms. Each floor has a balcony and toilet facilities, with the 3rd floor hav- ing a front terrace overlooking the main street and the back balcony with country views. Although the property is currently being used as offices, there is the possibility of converting to two apartments and a pent- house with terrace. The property is being offered freehold. Asking price: €760,000. Call on:79899838. SAN GWANN- Open plan 190sqm, ready to move into designer finished second floor apartment in a central quiet street forming part of a block of 5 apartments. Two double A/C bedrooms and 1 single A/C bedroom, two bathrooms, lift, double glazing doors and windows. Direct from owner €350k inquire on 79402244. TARXIEN - Larger than usual first floor duplex maisonette. Three bedrooms; dou- ble glazed windows; inverter air condition- ers including solar water heater. Being sold furnished. Own airspace with possibility of further development. Contact owner on 99912005/99450639. SERVICES NEWSPAPER adverts - Book & pay on-line on www.perfecta.com.mt - no extra charges. Call on 21322452 SPARKLE SERVICES LTD for domestic and commercial cleaning services Call 79707734 SITUATIONS VACANT SHOP / SALE ASSISTANT - 2 VS Mini Market, has job position for Shop / Sale Assistant. Applicants must have experience, fluently speak English and other languages. Hourly rate Eur4.70. Interested applicants may send e-mail to: secretary@a-plusplus.eu HOTEL RECEPTIONIST - required for a busy boutique & spa in Naxxar. Full time must speak fluent English and have experi- ence in a similar role. Call 99885352 to apply. HR PLUS - we require labourers, cleaners, waiters, kitchen hands, drivers, plasterers, shop assistants, steel fixers, securities and carers. All vacancies are for full-time basis, job entails being competent and responsi- ble. Lower secondary level of education is required and availability to work on week- ends and public holidays. Interested parties are to apply by sending their CV to email: info@hrplusmalta.com KITCHEN ASSISTANT (Asian) - The Edge Take Away Ltd are seeking a KITCHEN ASSISTANT, for immediate full-time employment in their Qormi outlet. The ide- al candidate must have a minimum of one year experience working in a similar envi- ronment. Duties include helping in identi- fying products of suitable standard for the restaurant's kitchen, helping the Chef in food preparation, helping out in actual cooking and serving of dishes, and playing an active role in ensuring cleanliness and hygiene in the kitchen at all times. Training will be pro- vided, if considered necessary. Salary offered to the right applicants 785 Euro per month. Interested candidates are to send their cv to bartolostephen@hotmail.com by not later than Friday 19th December 2021 specifying 'Kitchen Assistant (Asian)'. RIMUS RILEY LTD - we are recruiting full time factory operatives. A number of people are urgently required to work on the biscuit and snack production lines. Applicants need to be over 20 years old and be able to read instructions in English. Gross wage €975 per month. Please send your CV to adminrrl@ rimus.com.mt ROOM ATTENDANT - required to work in a luxury boutique hotel in Naxxar. Full- time, flexible hours on a roster system. Must be fluent in English. Call: 99885352 for more info. SIGNAL 8 - Signal 8 Security Malta Ltd. requires filling positions as Customer Care Clerks, Security Guards, security for places of entertainment and cleaners. Applicants should be customer care orientated, smart and flexible for shift work. Email your CV to hr@signal8securitymalta.com.mt WANTED COLLECTIBLE items such panini albums and loose stickers, old postcards and post- ed envelopes, medals, militaria, coins and paper money, books, toys, stamps, badges, paintings, gold & silver items etc. Call on 21310238, 99246632. FUND administrators and trus- tees of pensions funds must carry administer the investments in a diligent manner and not depend solely of what third party advisers recommend. This was held in a Court of Appeal judgement deliv- ered on 26 November 2021 in Jane Coleman -v- STM Malta Trust Company Management Limited. The Court of Appeal was presided by Mr Justice Lawrence Mintoff. The defendant company, STM Malta Trust Company Manage- ment Limited (STM) appealed from a decision delivered by the Financial Services Arbiter follow- ing a complaint lodged by Jane Coleman. The Arbiter upheld the complaint and described it as be- ing fair, equitable and reasonable. The responsibility was shared with other players in the case. The Ar- biter was ordered to reimburse the losses of investments Coleman in- curred. STM appealed this decision on the ground that the Arbiter should have allowed that the investment adviser should have been called in- to suit. The appellant argued that the investment portfolio was not according to law and it also con- tested the quantum of the damages ordered to pay. The case concerned a complaint against STM which was the trustee of a pension fund. The complain- ant was of the opinion that STM acted irresponsibly and therefore she suffered damages. STM de- fended itself by saying that it acted on advice of the investment advis- er, Continental Wealth Manage- ment. Furthermore, Coleman left signed forms in blank for the ad- viser to make use of. As to whether Continental Wealth Management and General Worldwide Insurance Company Limited should have been called into suit and the Arbiter refused the request, the Appellant held it was the complainant that had in- dicated both companies as being negligent with regard to advising her on her investments. This is al- lowed in Article 2 of the Arbiter for Financial Services Act. The complainant argued that her complaint was directed at STM and therefore, the Court of Appeal agreed with Arbiter that the other two companies should not have been included in the complain proceedings. Furthermore Arti- cle 19 of the Arbiter for Financial Services Act allows complaints for financial services providers. The two companies are not such pro- viders. The Court of Appeal agreed with the Arbiter because the Arbiter had objected to the request to in- clude the two companies took place at a late stage, when the com- plainant had finalised her evidence and therefore, it was not correct for two new replies be included when Coleman's evidence was closed. Furthermore, the complaint was directed to STM as the Trustee and administrator of the pension fund. Other reasons included were that the two companies do not of- fer services in Malta and therefore, not licenced in Malta. As to the second ground of ap- peal that STM were not to be held responsible for Coleman's losses, STM held that it was Continen- tal Wealth Management (CWM) which gave her the investment advice and STM acted on that ad- vice. All instruction received were signed by the complainant. This was rebutted by Coleman. Who held that she is not a profession- al investor and she expected that STM use more diligence when in- vesting her money, as outlined in the Trusts and Trustees Act and the guidelines issued by the Malta Financial Services Authority? The Arbiter held that there are invest- ments reserved only for profes- sional investors and this was one of them. The Court also agreed with the Arbiter in this aspect. The Arbiter did correctly analyse the complain- ant's application to join the fund. STM was licenced in Malta to administer the pension fund. The Arbiter did also analyse the invest- ments made in collective invest- ment schemes, then described in detail STM's obligations, functions and responsibilities as administra- tor of the pension fund and as a trustee, which are also regulated by the Retirement Pensions Act. The Arbiter held that STM had a legal obligation to supervise and protect the investments and make use of the principles of diversifications and prudence. The main scope of the fund was to "provide for pension benefits for its members and beneficiaries". The Appellant company did not provide advice to the complainant, since this was done by CWM. The fact that this company was not regulated in Malta, meant that STM should have provided a greater protec- tion to Coleman. STM should not have offer the basic administration services. The Appellant should have used more prudence when the investments made should af- fect the fund. The company failed in giving additional information on the investment made. Further- more, STM is not contesting that Coleman made losses. The Arbiter in his research found that the in- vestments gave high interest and therefore, as a fact were high risk investment and should only be made by professional investors. The Appellant company criticised the Arbiter for carrying out an in- vestigation on his own accord. The Court held that there was nothing wrong with this and carried out his duties in terms of Article 25 of the Arbiter for Financial Services Act. The Arbiter's role is to investigate complaints in terms of the Act and he should not limit himself to the documents presented by the par- ties. It was not aimed at helping one of the parties, however, to as- sure that justice is done. The Court then concluded that although an investment portfolio case make a loss, the risk may be decreased is there is a proper di- versification and prudent invest- ments. The case in hand showed that there was a lack of diligence in administering the fund and in carrying out their obligations as a trustee. It did not reach the level of a reasonable and legitimate expec- tations. The Court then moved to turn down the appeal and confirm the Arbiter's decision. Fund administrators and trustees cannot depend on advice given by other professionals LAW REPORT MALCOLM MIFSUD Mifsud & Mifsud Advocates CLASSIFIEDS INFO @MEDIATODAY.COM.MT