Issue link: https://maltatoday.uberflip.com/i/959046
WWW.MALTATODAY.COM.MT WEDNESDAY EDITION €1.00 Newspaper post WEDNESDAY • 28 MARCH 2018 • ISSUE 580 • PUBLISHED EVERY WEDNESDAY AND SUNDAY WEDNESDAY THE OFFICIAL JOURNAL OF THE KAMRA TALPERITI NEWSPAPER POST ISSUE NO. 78 | MARCH 2018 FREE GAFFARENA ORDERED TO RETURN OLD MINT EXPROPRIATION LANDS MATTHEW VELLA & YANNICK PACE BANK of Valletta will appeal an Italian court's order for a precau- tionary warrant requesting €363 million to be hived off, as a pro- vision for damages requested by bondholders of a shipping com- pany that went bankrupt. The Italian court in Torre d'Annunziata, a province of Na- ples, upheld the claim brought by liquidators of the Deiulemar group and representatives of the company's 13,000 Italian bond- holders. BOV chairman Deo Scerri sounded a confident tone in a press conference held following the news, that the bank had a solid case. "We have taken legal advice, and we feel we have a strong case both on the merits and in appealing the precautionary warrant. We are firmly rebutting the claims insti- tuted," Scerri said. He also said the bank was keep- ing regulators and the European Central Bank continuously up- dated on develop- ments relating to this case. MEPs raise concerns on 'atrocities' in Libyan migrant slave trade PAGE 5 PAGE 3 Bank of Valletta to challenge Italian warrant for €363 million MATTHEW VELLA THE controversial Lands Department deal that gave entrepreneur Marco Gaf- farena several parcels of government land in compensation deal for a govern- ment requisition, has been rescinded in part. The Maltese court declared null two public contracts granting government land to Gaffarena as compensation for land it expropriated from him, because the property was not in line with the Disposal of Government Land Act. It also ordered that Gaffarena return the lands and the money he was paid by the Lands Department for the expropri- ation of his property. The revocation came on the strength of a court case filed by the Prime Minister against Marco Gaffarena and his wife Josielle to recoup the lands transferred in the expropriation of his quarter-share of a palazzo in Old Mint Street, Valletta. In 2015, government paid €1.65 mil- lion for part ownership of the Valletta property that Gaffarena had bought for a fraction of the price just weeks earlier. The court was also asked to issue a warrant of seizure equivalent to the funds already paid to the Gaffarenas and a warrant to stop the Gaffarenas from transferring prop- erties handed to them by the government. All loans are subject to normal bank lending criteria and final approval from your BOV branch. The term of the loan must not go beyond retirement age. Bank of Valletta p.l.c. is a public limited company licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap. 370 of the Laws of Malta). Terms and conditions apply. Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130 2131 2020 I bov.com free life cover on all personal loans BOV CONSUMER FINANCE Court revokes Old Mint Street expropriation deal that paid Marco Gaffarena €1.65 million in cash and public lands PAGE 4