Issue link: https://maltatoday.uberflip.com/i/286290
maltatoday, SUNDAY, 30 MARCH 2014 11 News COURT NOTICE The Registrar of Civil Courts and Tribunals informs that the Civil Court, First Hall ordered the following sales by auction: Date and Time Place Items 7 th April, 2014 11:00am - 20/2013 EM EUROCONCRETE LIMITED, WIED IN�ITA, TRIQ L-IMDINA, ATTARD Truck AEC with the registration number IBC 258, Generator Swan yellow in colour and Forklifter Boss, yellow in colour, Model RH 30D/5A-2. 7 th April, 2014 12:00pm - 22/2013 EGL Fifty eight (58), TRIQ L- G�ASFURA, �EBBU� Television, furniture pieces, frames and various other objects. Further details can be obtained from the website: http://www.justiceservices.gov.mt/courtservices/JudicialSales/search.aspx The bidders taking part in the auction must present their identity card Rudolph Marmara For the Registrar Civil Courts and Tribunals COURT NOTICE The Registrar of Civil Courts and Tribunals informs that the Civil Court, First Hall ordered the following sales by auction: Date and Time Place Items 7 th April, 2014 11:00am - 20/2013 EM EUROCONCRETE LIMITED, WIED IN�ITA, TRIQ L-IMDINA, ATTARD Truck AEC with the registration number IBC 258, Generator Swan yellow in colour and Forklifter Boss, yellow in colour, Model RH 30D/5A-2. 7 th April, 2014 12:00pm - 22/2013 EGL Fifty eight (58), TRIQ L- G�ASFURA, �EBBU� Television, furniture pieces, frames and various other objects. Further details can be obtained from the website: http://www.justiceservices.gov.mt/courtservices/JudicialSales/search.aspx The bidders taking part in the auction must present their identity card Rudolph Marmara For the Registrar Civil Courts and Tribunals Trial by jury for man caught in 2005 record cocaine bust CHRIS MANGION ARNOLD Farrugia, 44, will face a trial by jury on Tuesday 1 April, over the alleged importation of 6.2 kilos of cocaine in 2005. Nine years ago the case had made the headlines as the biggest drug bust by the police. The case dates back to 25 July 2005, when after weeks of observa- tion, officers from the Drug Squad moved in on a container which had arrived from the port of Genoa on board the vessel Maltese Falcon. At around 10:00am the police called at Laboratory Wharf and in- formed Customs officers that the container was under investigation. Moments later a truck belonging to Emmanuel Vella and Sons ar- rived on site to tow the container to the groupage compound in Hal Far. Escorting the container to Hal Far, the police learnt it belonged to Arnold Farrugia. The merchandise inside the container was unloaded at Hal Far and the trailer searched, with negative results. Convinced of their suspicions, police and customs officers attempted to search the cooling unit of the trailer however could not unbolt it and decided to send the container for x-ray scan- ning at the Freeport. The scan showed unjustified shad- ows inside the unit and the refriger- ated container was again returned to Hal Far were physical examina- tion, in the presence of the accused, revealed six tile-shaped black plas- tic packets and one smaller one. In total the packets contained 6.2kg of 85.8% pure cocaine, with a street value of between €434,700 and €639,630. On 27 July, Arnold Farrugia was arraigned and charged with import- ing and being in possession of co- caine, and conspiring to traffic the drug. On the day of the sitting, Mag- istrate Consuelo Scerri Herrera ruled that arraignment under arrest was not justified and Farrugia was released without requesting bail. Lawyers Manuel Mallia, Gianella de Marco and Veronica Galea Debono represented him. However, the Attorney General filed an application requesting the court's ruling be overturned and two days later, Mr Justice David Scicluna ordered that Farrugia is re-arrested. Magistrate Anthony Vella appointed the compilation of evidence to be heard. The prosecution claimed that Farrugia took the refrigerated con- tainer to the Netherlands where drugs were hidden in the cooling unit. The container was brought to Malta onboard the Maltese Falcon. At the same time, Farrugia took a flight to Malta through the United Kingdom. Director who flagged 'abusive' salary hikes, loses court action MAT THEW VELLA A company director in family business Francis Busuttil & Sons failed to get the courts to stop shareholders from removing her as company director, allegedly after flagging what she believed were unjustified remuneration increases. Suzanne Busuttil and her hus- band Brian had asked the courts to order family companies Fran- cis Busuttil & Sons and the direc- tors of related companies Foster Clark Products Ltd and B&S Contractors to stop what they termed was "abusive govern- ance". The Busuttils claimed the company's affairs were being managed unfairly, identifying non-observance of corporate governance principles, a lack of transparency and no respect to minority shareholders. They also claimed there was a lack of communication of in- formation and instances when some board members concealed information from the rest of the directors. But a Court of Appeal con- firmed the first court's judge- ment, accepting the defendants' arguments that the Busuttils were not shareholders of Foster Clark Products, FBS and B&S, and could not invoke any unfair prejudice action against such companies. The court case revealed the rift at the heart of the Francis Busut- til companies after sharehold- ers presented a motion during a company AGM to remove Su- zanne Busuttil from director of the companies. Busuttil claimed the removal was down to her protestations of abuse in the company manage- ment, allegedly after she com- plained over the remuneration of certain directors. She accused the company's main directors of having "an excessive desire for greed and power" for having increased their remuneration without any justifiable reason. "The major- ity of the board members of the FBS and B&S have been on a quest to have me removed from the respective boards ever since my appointment. The objection to my being a director reached astronomical proportions whilst proposals were being 'discussed' regarding the remuneration of certain directors which were being put forward by the unof- ficially appointed remuneration committee." Busuttil accused Franco Busut- til, one of FBS's chief directors, of taking a 350% remuneration increase in 2012 and that he was earning more than FBS had made in average yearly profits. "It is far easier to increase one's income by way of a salary than by way of a dividend. This method is un- ethical, unprofessional and is a clear case of abuse of power." She also claimed directors Har- ry Smith, Chris Degiorgio and Joseph Busuttil took remunera- tion increases ranging from 58% to 260% "without any justifiable reason". She was also emphatic that the figures disclosed by audi- tors PricewaterhouseCoopers in financial statements did "not agree with the declared values for tax purposes" nor with the actual remuneration received by directors. In reply, the defendants plead- ed that since the Busuttils were not shareholders of Foster Clark Products, FBS and B&S, the com- panies should be freed from the proceedings. They also said that it was not clear what remedy the Busut- tils were seeking. They said that the applicants' allegations were unfounded and that the defend- ants' companies were managed according to law, in the interest of all shareholders. The Court of Appeal accepted that there was no appeal from the first court's decision that the Busuttils could not invoke the law against the companies, be- cause they were not shareholders of the companies. Melita in debt refinancing effort TELECOMMUNICATIONS group Melita has denied having been put up for auction, although it confirmed that a refinancing process of its debt is underway. A first round of "bidding" has been completed for the Melita group of companies, which of- fer cable TV, broadband internet, fixed line telephony, and mobile voice and data services. The Melita Group, formed in 1991 and headquartered at the Gasan Group's offices in Mriehel, was said to be valued up to €300 million according to TMTFinance. com. The company has total assets of €96 million, according to its 2012 figures, when it posted a €7.67 mil- lion profit before taxation. It has some €65 million in total debts. No announcements were made identifying participating bidders, but the operator is understood to have attracted interest from private equity firms and telecoms groups. Melita represented 48.6% of the broadband market at the end of 2013, claiming 70,100 subscribers at that date. "The refinancing process is un- derway," Melita said in a statement. "It has involved many international lenders. As part of and in support of the process, a valuation of the business was conducted within which several offers have been re- ceived. "In contrast to what has been reported, no auction sales process for sale of the company has been initiated. The company remains focused on completion of the refi- nancing process to support its on- going success and rapid growth." Melita's main shareholders Joseph Gasan of the Gasan Group, Jeffrey Montgomery and Massimo Prelz of the GMT Communications private equity firm, Robert Savignol and James Wade of the M/C Ventures Partners investment firm. In 2010, GMT, M/C Ventures Partners, Gee Five, and Grand Canal Capital Limited transferred their shares to the Superholdco Lux S.a.r.l. company in Luxem- bourg, which is owned by the four main shareholding interests. Download the MaltaToday App now