Issue link: https://maltatoday.uberflip.com/i/771708
3 maltatoday, WEDNESDAY, 11 JANUARY 2017 News MATTHEW VELLA CECIL Pace, owner of the BICAL Bank which was taken under ad- ministration in 1974, has passed away at 89 years. He was at the height of his career, one of Malta's major industrial players, presiding over the BICAL Group (Bank of Industry, Com- merce and Agriculture Ltd) and its myriad interests in hotels, automo- biles, tourism and property among others. But the death of his empire came in November 1972, when he and his brother Henry faced charges of misappropriation of deposi- tors' money after three years dur- ing which the Central Bank had flagged the bank's low levels of liquidity. The putting of his bank un- der government administration, where it remains today, started a cataclysm of egregious and vin- dictive asset sales that decapitated his business – once an employer of 4,000 by Pace's own claim. Karmenu Mifsud Bonnici, later prime minister, was appointed liquidator, and oversaw the whole- sale removal of companies, prop- erties and assets at dirt cheap prices and in some cases, for no price at all. Pace had said, for ex- ample, that Mifsud Bonnici took his Comino Hotel, and returned it for free to its British landowner at the time. After his release from prison, where he spent 14 years in jail and his brother nine, Cecil Pace opened a slew of legal cases against the BICAL controllers, the men who were appointed by the government from time to time to slowly sell off assets in a bid to re- turn depositors their monies. Pace had always insisted that the assets in the entire BICAL group far exceeded the liabilities. He claimed that BICAL and some of its associated 30 companies had together six hotels, seven ships, a shipyard and other immovable property which were valued at €7 million. Pace was always assisted in his legal fights by his lawyer son Mal- colm. After being released from prison, he returned to his life in Ta' Xbiex, at his villa 'Shangri-La'. A lover of cigars, Pace was an amiable story- teller who tried his utmost, when MaltaToday took up his cause in 2003, to convince the public that he had been unfairly treated by the Mintoff administration. "Over the span of 15 years I met Cecil Pace and put together the story of Bical Bank. He was a great storyteller and his memory was simply incredible," Saviour Balzan, MaltaToday managing editor, said. "My interviews with him at his home in Ta' Xbiex led to the serial- isation of the Bical years. It was one of the most important stories in MaltaToday and introduced us to a totally new readership and prob- ably established us as a Sunday newspaper. "Talking to Cecil was a captivating experience which con- firmed the harsh politics of Dom Mintoff. But it also revealed that he was a businessman who took far too many risks when at one point in his life he was probably the top and largest employer in Malta." Pace would speak fondly of his late wife, who in 1973 at the time of his legal troubles had also given birth to his youngest son and en- dured years of his absence while the family's business group was being dismantled. Pace spent his last years recov- ering in a home for the elderly in Attard, where he recounted the major aspects of his career and ordeals to a confidant penning his biography. Cecil Pace Malta pays tribute to TV presenter Rennie Vella, who died battling terminal illness TIM DIACONO WELLKNOWN TV presenter Nazzareno 'Rennie' Vella has died at the age of 56, after years battling a terminal illness. Vella had worked as a presenter on ONE TV since 2003, up until a few months ago when he presented a show with his wife Paulanne. He was also a singer, an actor, and a philanthropist who had organised breast cancer awareness walks and fund-raising telethons for Ethio- pian children. TV personalities paid tribute to Vella, remembering him not only for his talent as an artist but also for his affable character, and how he used to cheer up the people around him. Xarabank had mistakenly re- ported his death on Monday, which forced presenter Peppi Azzopardi into a public apology. TV presenter Rennie Vella has died at the age of 56 Cecil Pace, founder of defunct BICAL bank, dies at 89