Transport boss in old people’s home development

Transport Malta boss James Piscopo is spreading his wings further with an investment in a home for the elderly in Marsascala.

The investment is being made through a company of which he is the sole shareholder — Undecim Five Investments Ltd. That company, in turn, is a shareholder in BBF Ltd, which is developing the home.

Following BBF Ltd’s acquisition of the Etvan Hotel in Marsascala, the Planning Authority approved its conversion into a home for the elderly at the end of May, 11 months after an application had been lodged.

Piscopo, through Undecim Five Investments, holds a 14 per cent stake in BBF Ltd. In addition to Piscopo’s company, BBF Ltd is also owned by Analytic Investments Ltd (24 per cent), SAP Holdings Ltd (43 per cent) and Marie Claire Chircop (19 per cent).

Of note is the involvement of members of the Fortel Group, which owns the Fortina Hotel, through subsidiary companies.

Sources say the venture will run into the seven-figure region, and rumour has it that there is an agreement with the government to fill all the beds once the conversion is complete.

Piscopo’s company, set up in February 2016, was once run out of an office at the A3 Towers in Paola, which also houses Transport Malta’s vehicle and licensing units. The company’s registered address has since been changed to that of Piscopo’s private residence.

While Piscopo is a private individual, his position at the helm of the country’s largest public authority, together with his private business interests, has raised eyebrows in the past.

When the fact that he had opened up his own firm came to light last year, thenTransport Minister Joe Mizzi saw no problem with Piscopo owning a private firm.

Mizzi told MaltaToday at the time: “James Piscopo has set up a private, locally incorporated company in a completely transparent manner, with all the information publicly available. I am informed and assured that this company will not be doing any business related to Transport Malta, so I see no conflict of interest and no reason why Mr Piscopo should be precluded [from opening up his own business].”

Mizzi, who is now the Energy Minister had added: “There has never been an issue with chairpersons and/or CEOs having a parallel, unrelated line of business or professional set-up as long as they can demonstrate that there is no conflict of interest. I cannot understand why James Piscopo is being singled out.”

The application approved by the PA for the home shows the property as being within the development zone, with a change of use from Hotel Class 3B to Old People’s Home Class 2A, including internal alterations for accessibility and improvements to landscaping. The proposal included the sanctioning of a tunnel between the two blocks and the sanctioning of minor changes to the structure. There were no changes to the elevation of the structure requested.