Issue link: https://maltatoday.uberflip.com/i/954081
maltatoday WEDNESDAY 14 MARCH 2018 News 2 GLOBAL CAPITAL TO BID FOR 49% MAJORITY SHAREHOLDING INSURANCE specialist Global Capital plc has announced a substantial binding offer to ac- quire a 49% shareholding in Lombard Bank Malta plc. The bid by Global Capital – which holds the second largest stake in Lombard Bank (5.54%) through a subsidiary – was sub- mitted in writing to the Special Administrator of Cyprus Popu- lar Bank Public Co. Ltd, which owns 21 million shares in Lom- bard Bank. The offer by Global Capital is financially supported by York Capital, one of the leading pri- vate equity funds with over €25 billion under management, and by other institutional and pri- vate investors. Global Capital Executive Chairman Paolo Catalfamo said: "We believe our offer is very beneficial to the sharehold- ers of Lombard Bank and those of Global Capital. We are also in a position to create many syn- ergies with Lombard and Mal- tapost plc, in which the bank holds a 70% shareholding, since Global Capital is today primarily an insurance business. It's a win- win for all entities." Global Capital plc's offer is not only binding, but also waives the requirement for a due diligence process to speed up the sale of the Cypriot shareholding which was authorised by the Special Administrator in 2016. Global Capital also said its of- fer facilitates a European Union recommendation for the crea- tion of a competitive environ- ment in the sale of stakes in public companies like Lombard Bank Malta plc. The National Development and Social Fund, the Malta gov- ernment posterity fund that re- ceives revenue from the sale of Maltese citizenship, this week said it would soon sign a prom- ise of sale for the Cyprus Popu- lar Bank shareholding in Lom- bard Bank. The Cyprus bank has been un- der increasing pressure by the authority set up to administer its affairs to sell its 49% sharehold- ing by summer 2018 – a dead- line imposed by the European Central Bank and the European Banking Authority so it can set- tle its dues with both depositors and shareholders. However, the share sale, set in motion in March 2016, was held up after the bidders shortlisted from the original 20 were not given access to the bank's con- fidential financial information, meaning they could not confirm their non-binding offers. SEE ALSO PAGE 11 - Report on Lombard Bank Malta p.l.c. 2017 Financial Statement Cyprus bank was under pressure to sell shareholding by summer MATTHEW AGIUS A 19-year-old man from Paola who appeared in front of a magistrate to face charges of driving a stolen car was baffled by the immediacy of the court's decision to impose a curfew as part of bail conditions. The young man, whose name cannot be published by court or- der, looked at Magistrate Josette Demicoli and asked her whether the curfew would come into ef- fect immediately since he had plans to go out for a drink that night. The question earned him a stern warning from the mag- istrate. Demicoli explained in no uncertain terms the conse- quences of him breaching bail conditions. The young man was accused of driving a Ford Escort which did not belong to him and without the permission of its owner in Tarxien, at around 2.30am on Monday. He was also charged with han- dling stolen goods and with fail- ing to inform the police when the vehicle, which had been lost or stolen, ended up in his posses- sion. The youth was further accused of operating a car without insur- ance cover and driving in a reck- less manner. His lawyer, Leontine Calleja, requested a ban on the publica- tion of the name of the accused due to his age and the fact that he was currently seeking employ- ment. The prosecution did not object, noting that there were ongoing investigations which could be prejudiced by the pub- lication of the name. The court upheld the prosecution's request for the ban. The accused pleaded not guilty to the charges and requested bail. The defence also asked the court to impose a provisional su- pervision order on the accused. After considering the matter for some time, the magistrate released the accused on bail against a €5,000 personal guar- antee, ordering him to observe a curfew. The court also placed the man under the supervision of a proba- tion officer to help him stay on the straight and narrow. Youth baffled as Court curfew disrupts his drinking plans MASSIMO COSTA THERE was a total of 310 di- vorce requests in Malta and 15 in Gozo which were upheld last year, considerably less than the high of 450 in 2012. The total of divorces, since the enacting of divorce legislation in late 2011, stands at 2328. Figures tabled by justice minister Owen Bonnici, in response to a parliamentary question by Nationalist MP Ivan Bartolo, show that there have been 69 divorce requests that were confirmed so far this year; 68 in Malta and one in Gozo. The figures indicate that seven annulments in Malta and one in Gozo have been granted since the start of this legislature in June last year, to the beginning of March this year. Separation remains, howev- er, far more common than di- vorce, with there having been 877 separation requests lead- ing to a mediation process since this legislature started – 833 in Malta and 44 in Gozo. Of these, 49 ended in recon- ciliation, 548 were amicable separations and 263 went to court after the mediation pro- cess did not lead to an agree- ment. 325 divorces last year, down from 450 in 2012 2,328 divorce cases filed since it was introduced in late 2011 JAMES DEBONO THE Planning Authority is consider- ing a second application for an ODZ petrol station in Burmarrad 1.2 km away from the one approved last year. The proposal made by Bonnici Stores Limited which dates back to 2007 proposes the relocation of the existing kerb-side fuel service station in Burmarrad to a site to the south of the hamlet. The aim of the project is to alleviate the traffic congestion caused by the existing kerb-side fuel service station in Burmarrad, particularly during re- fuelling by road tankers. An Environmental Impact Assess- ment presented last week, reveals that the project will entail the re- moval of approximately 3,600sq.m of soil. Whist the majority of the site is fal- low, the southernmost part has been recently cultivated and consists of irrigated land. According to the EIA the whole site could potentially be cultivated. The impact on the landscape char- acter of the area is considered to be of major negative significance as the proposal introduces an element which is out of character with the ru- ral environment. The site is located along Triq Burmarrad, approximately 113 me- tres to the south of the Burmarrad Development Zone. The petrol station will be covered by a large five-metre canopy struc- ture and will include seven fuel dis- pensing points, one LPG dispens- ing point; two charging stations for electric vehicles; a car wash, a garage for vehicle maintenance and testing; a retail unit selling car parts and ac- cessories and an office. The Government is currently con- sidering a revision of the policy fa- cilitating the development of ODZ petrol stations, prompted by concern expressed by Environment Minister Jose Herrera. 3600sq.m of agricultural land earmarked for Burmarrad petrol station