Issue link: https://maltatoday.uberflip.com/i/1496582
3 NEWS 6.4.2023 EUROPEAN investment firm Von der Heyden Group headquartered in Mal- ta has acquired a prominent location on the waterfront of the Mahón Ma- rina in Menorca. e Group has been established in Balearic Island with a two-decade history in its Travel and Yachting subsidiaries as well as its two hospitality brands Cugó Gran and IBB Hotel Collection. e Malta inspired Hammett's Mesti- zo concept with a 35-strong team, will mark the Group's fifth establishment in its catering division, but its first, over- seas in Menorca with Hammett's Col- lection. e Group has also established itself in Malta with the award winning Cugó Gran Macina, a revival of Senglea's 16th century fortification in 2018. e group has ambitious plans to grow the Cugó Gran Hotel Brand in Malta, Italy and Costa Rica to complement its storied and landmark hotel portfolio. Chairman and Founder Sven von der Heyden said 'It is an honour to expand our Malta born concept of Hammett's Mestizo in Menorca. Even though I no longer live in Menorca for nearly a dec- ade, my heart is close to this wonderful island, and I am proud, that our group creates jobs and can again contribute to the ever-growing quality in hospitality in Menorca". Around mid-May, Hammett's Mes- tizo Mahón will be inaugurated after a first light renovation on a terraced, three levelled waterside property with views of the island of Illa del Rey and one of the prettiest natural harbours In the world. e Restaurant is accessibly located directly beside the iconic Club Marítimo and the public elevator reach- ing the port. In Winter 2023/2024 fur- ther enhancement and embellishment works are planned. The Von der Heyden Group recent- ly announced the full subscription of their new ten year €35 million 5% unsecured bond last January. With growth, diversification and quality at the forefront of its investment strat- egy, the Group's flagship commercial 40.000s.qm real estate building An- dersia Silver in Poznań, Poland de- signed with intelligent-solutions and sustainable operations, continues to rise in construction to be the highest building. is project will be completing its 27-year successful public private part- nership with the City of Poznań. With Assets over €140 million, the Von der Heyden Group is present currently in 8 countries in Europe and plans to ex- pand to Costa Rica. To date, and in its 33-year history, the Investor has record- ed investments programs, representa- tions and developments of more than €650 million. Von der Heyden Group acquires sought after property in Menorca VdHG expands its catering arm, Hammett's Collection, overseas FROM PAGE 1 e tax will start from a minimum rate of 0% in 2023, gradually increasing by a yearly 10% to reach 100% over a period of 10 years. Sustainable Aviation Fuels (SAFs) would benefit from a zero-tax rate to promote their uptake in the first 10 years. e taxation of fuel for cargo flights is optional and member states within the context of air service agree- ments could extend the taxation to non- EU flights. e proposal requires unanimous ap- proval of all member states since it con- cerns taxation and talks at European Council level are expected to ramp up in view of the January 2023 target for entry into force of the directive. Agius explained how the new rules, if adopted, impose excise duties on avia- tion fuel impacting up to 90% of exports and 85% of imports flown by air. "Malta is expected to pay the highest price among EU member states with the proposed rules, given that these include an exemption for 'all cargo' air move- ments but not for 'mixed' cargo and pas- senger aircraft," Agius said. e MEP candidate said Malta will be "disproportionately affected". He said islands like Malta need a "sys- temic and permanent" safeguard mech- anism if the Green deal is to succeed. "Fighting climate change is in all our in- terest, but it cannot come at a dispropor- tionate cost for islands' competitiveness, further compounding their insularity." He called on the Maltese government to work for an alliance among European islands. "A temporary derogation is not enough. We need a systemic and per- manent mechanism that recognises the particular challenges of islands when it comes to road and air transport. EU rules to advance the fight against climate change should not lead to the perverse result of smaller island economies pay- ing a double price when compared to other Member States," he said. He criticised the government for not yet declaring its position publicly on the ongoing negotiations, saying it should use its veto leverage in the council "to secure a systemic and permanent guar- antee for the Union to include an in- sularity test in its ambitious green deal agenda." "23,000 jobs in manufacture alone are on the line in Malta if we do not act to protect our manufacturing industry. We must be vigilant to protect these jobs by ensuring that Malta retains its compet- itive advantage in a highly competitive open market," Peter Agius said. Nationalist MEP insists climate change at EU level should not put Malta at disadvantage BOV confirms resignation of chief risk officer, says succession plan is in place THE Bank of Valletta (BOV) has con- firmed the resignation of its chief risk officer after media reports began to sug- gest that he will be stepping down over claims about the bank's €36 million loan to Steward Health Care. In a company announcement on the stock exchange, BOV said that Miguel Borg has resigned from his positions as chief risk officer and executive director of the bank with effect from 5 April. e bank is putting in place a succes- sion plan for the two positions. In its statement, BOV insisted that there have been no known instances, or suspicion of fraud or corruption involv- ing the Group's management or employ- ees who have significant roles in internal control. "Furthermore, there have been no known instances of non-compliance or suspected non-compliance with laws and regulations." e Shift News first reported that Miguel Borg stepped down after telling staff at a meeting that he will no longer be in charge of vetting multi-million loan facilities. is came on the back of a blog post by author Mark Camilleri, who said Borg was pressured into approving the €36 million loan to Steward Health Care. Steward acquired the 30-year con- cession to run three state hospitals as a private concern in December 2017 from Vitals Global Healthcare, an unknown consortium of medical entrepreneurs granted the concession in 2015. But VGH racked up millions in debt with nothing to show for it, negotiating a buy- out of some €15 million from Steward. Later in 2018, Bank of Valletta grant- ed Steward a €5 million overdraft facil- ity and a €3 million loan; but in August 2019, BOV also consented to a loan of €22 million and another of €5.9 million to two Steward subsidiaries. Politician Arnold Cassola called into question the due diligence performed by BOV and raised concerns about the fate of the €36 million that was loaned to Steward.