Issue link: https://maltatoday.uberflip.com/i/688389
Newspaper post FREE with MaltaToday More high-rise: Corinthia's project includes two towers SUNDAY • 5 JUNE 2016 • ISSUE 865� • PUBLISHED EVERY WEDNESDAY AND SUNDAY SUNDAY • SUNDAY • 5 JUNE 2016 • ISSUE 865� 5 JUNE 2016 • ISSUE 865� • PUBLISHED EVERY WEDNESDAY AND SUNDAY • PUBLISHED EVERY WEDNESDAY AND SUNDAY • PUBLISHED EVERY WEDNESDAY AND SUNDAY • PUBLISHED EVERY WEDNESDAY AND SUNDAY maltatoday Facing up to the reality of poverty in Malta Marlene's orange revolution 14 15 Caritas CEO Leonid Mackay interviewed PAGE 2 €1.40 Fenech fends off Swedish pensions headache PGS 12-13 today today GREATEST OF ALL TIME Muhammad Ali, boxing champion and sporting icon, dies (1942-2016) MALTATODAY SURVEY SPORTS PGS 51-53 Tributes for sporting legend and civil rights activist famed for his strength, speed and charisma. Born Cassius Clay, he later became Muhammad Ali after converting to Islam and famously refused to fight in the Vietnam War, losing him his championship belt >> Who's who inside Farrugia's new Democratic Party? Corruption and Panama Papers 'major concerns' Since January, corruption has become the concern of 18% of respondents, up by fi ve points 16 17 MATTHEW VELLA NATIONALIST MP Tonio Fenech has accused the Swedish pensions agency of having an agenda against the Malta-registered pension fund he is a director of, which is embroiled in an investigation into the way €216 mil- lion in pension savings could have been 'fraudulently' transferred into the fund via rogue sellers. The investigation, which the Swedish pensions agency forwarded to police and the Swedish and Maltese finan- cial regulators, concerns the irregular sales tactics of the Konsumentkraft call centre based in Alicante, Spain, which encouraged Swedish savers to transfer their mon- ies from one private fund to Falcon Funds. Konsumentkraft encouraged inexperienced clients to transfer their pension savings from Insiderfonda to Op- timus High Yield – possibly using fraudulent sales tac- tics. The big question niggling the Swedish pensions agency, is whether Konsumentkraft was doing this bidding spe- cifically for Optimus, and later for Falcon Funds in 2015, when the two funds merged together, and this at the be- hest of a hired gun named Emil Ingmanson. Ingmanson is registered at several Maltese addresses, having set up companies in Malta, acted as a business introducer for the setting-up of Falcon Funds Sicav in 2013, and now seeking a licence for a new venture, Fal- con Asset Management. He has since denied accusations that he had employed Konsumentkraft to carry out the calls to savers to trans- fer their monies to Optimus. The Swedish pensions agency however claims the sav- ings of some 20,000 clients transferred to Falcon Funds are over-valued, because they cannot establish the real value of some of its investments. Tonio Fenech contests these claims. Swedes claim Malta fund received savings from 'conned' clients, but director and MP Tonio Fenech says Falcon Funds is being victimised by Swedish pensions agency THE International Hotel In- vestments group, the hotels group that owns the Corin- thia brand and the recent- ly acquired Island Hotels group, is planning its own high-rise towers on the site of the Radisson SAS hotel at St George's Bay. ITS six-star luxury hotel project, unveiled in 2015 to- gether with Prime Minister Joseph Muscat but without any hint of high-rise, will comprise a €400 million in- vestment spread over the 76,000 square metres of land occupied by the Raddison and Corinthia hotels. A business source told this newspaper that the two tow- ers, in comparable height with those proposed on a nearby site by hotelier Silvio Debono's Seaport Franchis- ing, will be erected on the site of the Radisson hotel. 3 YOUR FIRST READ AND FIRST CLICK OF THE DAY WWW.MALTATODAY.COM.MT