Issue link: https://maltatoday.uberflip.com/i/463339
maltatoday, SUNDAY, 15 FEBRUARY 2015 6 News MATTHEW VELLA LIBYA'S state-owned institutions have continued to relocate their businesses to Malta, as a mass exo- dus of private and public sector busi- ness leaves the conflict-ridden state to operate from its stable neighbour. Faisel Gergab, boss of the Libyan Post, Telecommunications and In- formation Technology Company (LPTIC), set up a new subsidiary, LPTIC Services in Malta earlier this month. According to Africa Intelligence, LPTIC controls Libya's telecoms op- erators LTT, Libyana, and Al Madar – at least on paper – and monitors all contracts to install optic fibre and wireless networks. The company set up its offices at Oilinvest House on Triq il-Falkun, in San Gwann, where the Tamoil Africa Holdings and Chempetrol opera- tions are already housed. They are both subsidiaries of the Libyan In- vestment Authority (LIA) on whose board Gergab sits. Oilinvest emerged in the 1980s after Libya's acquisition of the two formerly Lebanese-controlled com- panies, Tamoil and Gatoil. Tamoil was considered the biggest unit in the group, handling most of the crude oil Oilinvest lifts from Libya for processing in Europe. Described as the National Oil Cor- poration's international arm, Oilin- vest (Netherlands) B.V. and Oilin- vest (Curacao) were founded to take a majority interest in Tamoil, the successor to Amoco and Texaco's loss-making Italian operations – namely some 2,000 service stations, 600 miles of pipeline and the Cre- mona refinery. The Dutch and Maltese operations allowed the NOC to avoid sanctions imposed upon the Gaddafi regime in the 1980s and 1990s. Gergab also set up the Libyan In- vestment Authority's sovereign fund LIA Advisory in Malta, back in De- cember last year. The other direc- tors are Osama Siala, the new chair- man of LIA appointed by the inter- nationally-recognised government in Tobruk, Hassan Ahmed Bouhadi, and managing director Ahmed Ali Attiga, a former World Bank official. Pace blames 'envious' critics for MaltaToday report NURSES' union boss Paul Pace has taken exception to MaltaToday's re- port on the employment of his son on a 'person of trust' basis by the Labour government, to act as a pro- curement officer at the St Vincent de Paul state home for the elderly. Pace's son, Nicholas, 20, was em- ployed on a Scale 7 salary without any call for applications to take up the post vetting tenders and pro- curement orders for the hospital. In a notice which the MUMN president issued to all members of his union, Pace said his son had been "targeted" to the exception of "all the persons of trust employed by all gov- ernments". In his missive, Pace reaffirmed his role as defender of nurses' interests and promised members that nothing would deter him from safeguarding their working conditions. Pace claimed that his role in de- fending nurses and midwives had made people "envious" enough to hit out at him. "I have nothing to be ashamed of… Rest assured [of] my continuous commitment not to you as members of MUMN only, but also to the good of our professions." Pace's son was employed on a 'per- son of trust' basis to take up the post of procurement officer at St Vincent de Paul home for the elderly, but the ministry has not explained what qualifications justified Pace's ap- pointment. The departmental job could have been filled by an internal or external call for applications, but Pace was engaged at SVPR on a €21,000 sal- ary on the strength of a political ap- pointment. Secure Investment Secure Investment Issue of Issue of €120,000,000 120,000,000 in in Fixed Rate Malta Fixed Rate Malta Government Stocks Government Stocks (subject to the over (subject to the over-allotment option of allotment option of an additional sum of an additional sum of €60,000,000 60,000,000) MALTA GOVERNMENT MALTA GOVERNMENT STOCKS STOCKS _______ _______ (i) (i) 2% 2% Malta Government Stock Malta Government Stock (Fifth Issue) (Fifth Issue) Fungibility Fungibility Issue Issue maturing aturing in in 2020, 2020, and and _______ (ii) (ii) 3% % Malta Malta Government Stock Government Stock (First (First Issue) Issue) maturing in 2040 maturing in 2040, , or or (iii) Any combination of the above two Stocks which in the (iii) Any combination of the above two Stocks which in the aggregate shall be aggregate shall be €120,000,000 120,000,000 Fixed Rate Malta Government Stocks Applications Applications open open on on Monday Monday 23 23 rd rd February, February, 2015 2015 at at 8.30 30 a.m. and and close close on on the the time time and and dates dates The Treasury announces the issue of €120,000,000 Malta Government Stocks subject to an over-allotment option of an additional sum of €60,000,000 as follows: MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP TO THE DAY OF RE TO THE DAY OF RE-SALE OF SALE OF STOCK STOCK SECURITY SECURITY CONTINUOUS LIQUIDITY CONTINUOUS LIQUIDITY INTEREST EVERY SIX MONTHS INTEREST EVERY SIX MONTHS (The value of the investment may go up or down during the tenor of the Stock.) Treasury Department, The Mall Building, The Mall Treasury Department, The Mall Building, The Mall - Floriana Floriana, , Malta Malta The The Price Price for for each each Stock Stock at at (i) and and (ii) (ii) above, above, offered offered for for subscription subscription by by members members of of the the public public shall shall be be established established on on Thursday Thursday 19 19 th th February February 2015 2015, based based indicatively indicatively on on the the prevailing prevailing secondary secondary market market prices, prices, and and shall shall be be announced announced through through a Press Press Release Release issued issued by by the the Department Department of of Information Information (DOI) (DOI). Applications Applications open open on on Monday Monday 23 23 rd rd February, February, 2015 2015 at at 8.30 30 a.m. and and close close on on the the time time and and dates dates as as hereunder, hereunder, or or earlier earlier at at the the discretion discretion of of the the Accountant Accountant General General: •at at 5.00 00 p.m. on on Wednesday Wednesday 25 25 th th February, February, 2015 2015 for for applications applications by by any any single single and/or and/or joint joint applicants applicants which which in in the the aggregate aggregate do do not not exceed exceed €100 100,000 000 per per person, person, and and •at at 12 12.00 00 (noon) (noon) on on Monday Monday 2 nd nd March, March, 2015 2015 for for applications applications in in the the form form of of sealed sealed bids bids (auction) (auction). Application Application forms forms may may be be obtained obtained from, from, and and lodged lodged at, at, all all Members Members of of the the Malta Malta Stock Stock Exchange Exchange and and other other authorized authorized Investment Investment Service Service Providers Providers on on the the indicated indicated dates dates. Application Application forms forms may may also also be be downloaded downloaded from from the the Treasury's Treasury's website website at at www www.treasury treasury.gov gov.mt mt with with effect effect from from Friday Friday 20 20 th th February, February, 2015 2015. Bids Bids on on the the prescribed prescribed forms forms are are to to be be deposited deposited in in the the Treasury Treasury Tender Tender Box Box or or transmitted transmitted by by fax fax on on 2596 2596 7210 7210 or or by by e-mail mail at at the the e-mail mail addresses addresses indicated indicated on on the the application application forms forms. Libyan Post subsidiary takes refuge at Oilinvest headquarters in San Gwann Libyan Post boss brings operation to Malta