Issue link: https://maltatoday.uberflip.com/i/706995
MATTHEW VELLA BANK of Valletta state- ments presented in a court case filed by the Libyan Attorney General against the heirs of the late son of Libyan dictator Muammar Gaddafi, have revealed that Muatassim Gaddafi held numerous savings and credit card accounts with the Maltese bank. Gaddafi's millions were managed by the former Labour Party treasurer, Joe Sammut, an account- ant who is currently fac- ing proceedings in court for creating companies with false stock to secure residence permits for Libyan businessmen in Malta. SAVIOUR BALZAN A rift on banking policy has reached new levels, as government sources say the Office of the Prime Minister wants Bank of Valletta – in which government holds the largest institutional shareholding – to change tack by relaxing its limits on credit. MaltaToday understands that there is pressure mounting on Bank of Valletta chairman John Cassar White, to move out of his politically-appointed role or change direction as the bank in- sists on applying "archaic rules" when it comes to established busi- ness clients, potential investors and foreign clients. Prime Minister Joseph Muscat has made his discomfort clear in couched terms on Friday: "I am disappointed with the level of engagement of banks in assist- ing start-ups. They shouldn't be glorified safety deposit boxes but should participate in the econo- my. People will not judge banks on their profits but on their ability to stimulate the economy." A government source said the Prime Minister's comments, announced during a lunch Newspaper post PAGE 16 SUNDAY • 24 JULY 2016 • ISSUE 872 • PUBLISHED EVERY WEDNESDAY AND SUNDAY SUNDAY • 24 JULY 2016 • ISSUE 872 • PUBLISHED EVERY WEDNESDAY AND SUNDAY • PUBLISHED EVERY WEDNESDAY AND SUNDAY maltatoday Almost €100 million of Gaddafi's son's wealth held in Maltese bank INTERVIEW EVARIST BARTOLO Pokémon GO... Resist or obey? SUNDAY • 24 JULY 2016 • ISSUE 872 • PUBLISHED EVERY WEDNESDAY AND SUNDAY today today • PUBLISHED EVERY WEDNESDAY AND SUNDAY today • PUBLISHED EVERY WEDNESDAY AND SUNDAY Almost €100 million of AIR MALTA Pokémon GO... Resist or obey? Resist or obey? €1.40 JOSANNE CASSAR Policy rift sets in between Castille and BOV chairman at the Auberge de Castille for a seed investment scheme that will grant €250,000 in tax credits for business angels investing in start-ups, were a clear dig at BOV policy. But a spokesman for the Office of the Prime Minister told Mal- taToday that references also ap- plied to HSBC. "At a time when the economy is booming there is an apparent and real feeling that the banks are not in synch with the demand of the investor. The balance be- tween caution and supporting investment is lopsided," an OPM spokesperson said. Asked if the Prime Minister was angling at Cassar White's resignation, the spokesperson said that the BOV chairman's ap- pointment was a matter that was up to the prime minister. The seed investment scheme will allow tax credits of 35% of a business angel's total investment, capped at €250,000, for who in- vests up to €750,000 in start-ups. The scheme will run until the end of 2018 or until total investments reach €5 million. PAGE 12 Pilots' boss Dominic Azzopardi says union will not order strike after Muscat warns industrial action could cripple airline PAGE 3 Bank of Valletta chairman John Cassar White 14 15 Policy rift sets in Policy rift sets in 7 We asked a writer, a games developer, and a sociologist Why are we trampling on our advantage as a bilingual nation? 23 The late Muatassim Gaddafi held various Bank of Valletta accounts through the company Capital Resources, run by Joe Sammut 'We need to contaminate education with reality' OPINION YOUR FIRST READ AND FIRST CLICK OF THE DAY WWW.MALTATODAY.COM.MT