‘Justice has prevailed’ – victim’s mother says, as driver is convicted
The mother of Johanna Boni, who was killed in a horrific accident in 2016, said her faith in justice has been restored after the truck driver involved in the crash was convicted of the crime on appeal.
A judge overturned the acquittal of Carmel Cauchi, then 53, the driver of a heavily loaded lefthand-drive truck, declaring him responsible for the accident that claimed Boni’s life on January 5, 2016, in Labour Avenue, Naxxar.
Madam Justice Edwina Grima ruled that the evidence was diametrically contrary to the first court’s conclusion.
Cauchi was found guilty of criminal negligence in causing Boni’s death and failing to keep a proper lookout. He was handed a six-month suspended jail term and disqualified from obtaining a driving licence for three months. He was also ordered to pay just over €2,100, representing half the court expenses.
The judgment was welcomed by Boni’s parents, Josephine and
Pippo, who said that justice had prevailed.
“Justice prevailed! For once I can say I’m proud to be Maltese! I had lost faith in the Maltese justice but I was proved wrong!,” she told Times of Malta in a first reaction.
She said the appeals court saw the evidence and drew its conclusions on the evidence presented in court, which showed that her daughter had no fault in the accident since she was the most careful driver.
“The driver was given 100 per cent of the fault for claiming Johanna’s life, like it should have been in the first place,” she added.
It was not enough that they killed her but they tried shifting the blame onto her
“We are happy that the truth has emerged. It was not enough that they killed her but they tried shifting the blame onto her. And she wasn’t here to defend her name so we did it for her. We were never after the pound of flesh. All we wanted was for the truth to emerge and it did,” she said.
The first court, presided over by Magistrate Nadine Lia, had ruled that it was a miscalculated manoeuvre by the motorcyclist when she tried to overtake the heavy vehicle that had contributed to the fatal impact.
However, the appeals court ruled that the first court could have never reached that conclusion based on the evidence presented in court.
“Based on the evidence produced, the court believes that contrary to what was stated by the first court. [Cauchi] did not maintain the attention required by every driver… especially since he was driving a left-hand-drive truck and therefore had to maintain a higher level of attention and diligence,” Madam Justice Grima ruled in her judgment.
This accident could have been completely avoided or had less serious consequences had Cauchi seen Boni had he looked into the side mirror rather than focusing on the road ahead, the court ruled.
An eyewitness recounted seeing the heavy truck moving slowly in the opposite direction, a motorcycle stuck to its front.
“I don’t think he [truck driver] realised he had run over the bike and rider,” recalled the witness, who was also an architect.
The victim’s body ended up some 28 metres away from the spot where the truck came to a standstill after dragging the motorcycle along with it.
Scratch marks along the road surface were caused by the bike as it was dragged along.
Madam Justice Grima concluded that Cauchi was to blame for the fatal accident. Although there was contributory negligence on the part of the victim, the driver should have kept a proper lookout.
Lawyers Michael Scriha, Herman Mula, Roberto Spiteri and Michele Cardinali appeared parte civile.
Lawyers Arthur Azzopardi, Jacob Magri and Alessia Zammit McKeon were defence counsel.
AI usage at work has nearly doubled in the last six months with three out of four people already using AI at work according to the
published this week by Microsoft and LinkedIn.
The findings of this year’s were shared this week during an event hosted by Microsoft for industry players and business stakeholders to present the latest advancements around CoPilot 365 and all the GenAI features enabling developers to shape the future.
The survey across 31,000 employees and leaders across industries across 31 countries, analysed trillions of Microsoft 365 productivity signals and conducted research with Fortune 500 customers.
It found that 90 per cent of users say AI helps them save time, 85 per cent say that AI helps them focus on their most important work, 84 per cent feel more creative and 83 per cent enjoy their work more.
The Index also revealed how most leaders would not hire someone without AI skills. In fact, LinkedIn also saw a 142 per cent increase in professionals adding AI skills to their profiles and the use of LinkedIn Learning courses designed to build AI aptitude has spiked in the past 6 months.
“We are finally witnessing the transformative potential of AI at work. The
shows how, in just one year, AI is already bringing a profound influence on the way people work, lead and hire around the world,” said Kyle Anastasi from Microsoft Malta.
The Work Trend Index also revealed that 78 per cent of AI users are bringing their own AI tools to work, and this trend is more common among small and medium-sized companies (80 per cent) and not just limited to Gen Z, but across all generations.
Recent PWC findings revealed that while almost half of the economic benefits expected by 2030 will result from improving products and encouraging consumer interest, by 2030, AI has the potential to contribute up to 11.5 per cent of the GDP across South Europe, which is equivalent to an additional $700 billion.
Malta’s next assessment on its preparedness to combat financial crime is expected between the years 2027 and 2028, FIAU director Alfred Zammit has confirmed. This follows the global AML watchdog’s decision to introduce shorter cycles to evaluate jurisdictions and is in line with MONEYVAL’s planned calendar of evaluations. Malta was last assessed by MONEYVAL in November 2018.
This will be the first major test to Malta’s technical readiness and effectiveness in combating money-laundering after successfully exiting the Financial Action Task Force (FATF)’s enhanced monitoring procedure, commonly known as grey-listing, back in 2022.
Malta was removed from this procedure after one year, having acted quickly to address deficiencies associated with tax evasion and the identification of ultimate beneficial owners of companies operating from the island.
According to Zammit, as a jurisdiction we need to view this next assessment as an opportunity for growth. “A lot of work has been done to improve compliance across both the public and private sectors, and the way forward is to continue on this path. It is important to avoid becoming complacent and continue working on improved AML/CFT compliance, focusing on CDD measures on a riskbased approach, the reporting of suspicion, and effective supervision and enforcement,” he explained.
The next evaluation cycle is expected to place greater emphasis on major risks which jurisdictions face.
Asked to identify the biggest struggle countries will face in preparing for the upcoming assessments, Zammit notes that contrary to the previous cycle, the financial and non-financial sector will be assessed separately for preparedness and supervisory effectiveness.
“While the financial sector has upped its game remarkably in the fight against financial crime, there is ground for improvement in the non-financial sector”.
Zammit explains that the FIAU is focusing on sector specific guidance and outreach and is also open to discussions with subject persons if they have difficulties. Furthermore, when updates to procedures are required, these are made in consultation with subject persons. In fact, during the final quarter of 2023, the FIAU published a consultation document for this purpose.
“As a result of the National Risk Assessment, both the national competent authorities and the subject persons are better placed to know which risk areas need addressing and to target actions accordingly. This is complemented by investments in compliance tools and mitigation measures by subject persons. These efforts need to be ongoing and collaboration between all stakeholders, which is a cornerstone in the AML/CFT field, needs to continue to grow,” the FIAU director remarked.
The NRA found that risks from money laundering in Malta have decreased compared to 2018, reflecting the effectiveness of mitigating measures implemented by authorities and the private sector. However, it also pointed out that the abuse of cash and cash-based businesses, the use of Maltese registered companies lacking sufficient links to Malta, complex corporate structures, and the acquisition of high-value movable and immovable property present a higher level of risk.
Some years back we had CSR. This term is now almost defunct, having been replaced with the more overarching values of ESG. More recently, we started reading more about ‘sustainability’. But what these terms all seem to have in common is the fact that these usually provide an easy way for companies and organizations to trumpet their good deeds.
Let’s look at the ‘G’ of ESG – governance. More precisely, and in line with the very nature of these pages, let’s talk of corporate governance.
Corporate governance is a widely used term and has been mentioned, discussed and roped into many fora and discussions.
In his recently published book The Law of Companies, David Fabri says it best: “Corporate governance has proved excellent business with hundreds of conferences but that unfortunately, it has produced loads of hollow talk, repetition and platitudes.”
Dr Fabri continues by saying: “People felt good about themselves discussing corporate governance, but mostly they then did absolutely nothing about it.”
The book’s sixth chapter, ‘Re-thinking corporate governance’ defines good corporate governance as follows: “Good corporate governance implies the proper distribution of responsibilities and efficient inter-play between the major players within a company: the chairman, directors, secretary, senior management, auditors, regulators and other relevant players, in a manner which is directly or indirectly beneficial to all relevant parties within and outside the company and to the community at large.”
Why is corporate governance important? The answer is obvious. But judging from what we have been seeing these past weeks, ‘doing things right and properly’ does not seem too obvious.
There is no denying that most of the current political issues we are dealing with as a country, all stem from the fact that at some point in time, someone could have done the right thing and chose not to. There are many who could have done things properly and instead, chose to stray.
Regulatory bodies play an important role in ensuring proper corporate governance within the Maltese business community. But how does this play in an environment where we are witnessing gross misconduct from the very top?
Events of this magnitude are happening at a political level but that does not mean that the private sector is not immune. These events are bound to leave a huge impact on the business sector, on the financial services sector and on all those whose success depends on Malta’s reputation.
But even though the turmoil is at a political level, this does not exonerate the business community from its duty to demand better standards. It can start by collectively ask some very pertinent questions.
How can institutions contribute to foster good corporate governance?
How far should the law be expected to intervene to correct poor governance practices in the corporate sector?
How can corporate leaders foster a culture of transparency, accountability, and ethical behaviour within their organizations in a more tangible manner?
How can we, through our operations, set a better example?
More than just answering these questions, it is high time we start putting good corporate governance in practice. cent of respondents reported working more than 40 hours a week, a slight increase from the 49 per cent reported in the previous year.
For further information about the latest Well-Being At The Workplace Report 2024, and details on how to implement a Well-Being assessment at your company, contact Nadine Cilia at ncilia@miscomalta.com
What initiatives were implemented over the past years that contributed to the remarkable revenue growth reported in your latest financial results?
AC: Over the past years, we continued to invest relentlessly in our product, our people, our structure and our customer experience. We worked on our long-term goals, prioritising them over short-term gains. It is the group’s dedication and commitment towards reaching our goals that ultimately led to the results we are enjoying today. Another decisive factor is the fact that the diversification we invested in two decades ago has brought stable revenue streams such as Fund Administration which has grown consistently by an average of 20 per cent for the past five years.
Moneybase was pivotal in sustaining the group’s strategy. Can you share insights into the platform’s evolution and its role in driving revenue?
AC: When we entered the fintech space in 2005, we set out to innovate through the development of our proprietary system. We first launched CCTrader which pioneered local online trading in Malta and more recently, Moneybase, Malta’s first ‘Neobank’, offering investments and payments. Today we are proud that this award-winning financial institution is servicing a diverse customer base, from high-net-worth wealth management to digital-first customers on its platform. We have the best overall platform locally, but also one which can compete internationally.
More recently you opened Moneybase to business clients. How successful has this been? What could be the remaining obstacles and how are you addressing them?
AC: This move was triggered by popular demand and in fact, it was very well received. The rate of takeup has been steady, and we are fast approaching 1,000 business customers on Moneybase. Apart from the functionality, one of our strengths is that we are enabling local businesses to open an account in a matter of hours and giving them the peace of mind of being supported by an established, locally regulated, and ISO9001 certified firm.
You mentioned positive revenue indicators for the first months of 2024. Can you provide more insights?
NC: The first quarter of the year was a continuation of the momentum of 2023. We achieved double-digit revenue growth over the previous year across the board thanks to buoyant international equity trading, several local corporates and government bond issues, an increase in pension transactions and an increase in subscription-based corporate accounts. This overall growth can also be attributed to client acquisition and an increased momentum of net flows that has been our focus from a business development perspective.
If you exclude retail and institutional offers by the Government of Malta, 28 companies issued private or unlisted debt and out of 28 such issues, practically half of them, 13, trusted CC to carry out this activity, with the company handling just over €200m of €496.34m in terms of deal value. Our fund management business, CC Fund Services also achieved a record revenue of €2.87m during 2023, an increase of 10 per cent over the previous year, which reflects the growing trust in us as a financial services organisation.
The company has a good market share in capital markets and was the first to issue a green bond. What was its success and do you see potential for more sustainable finance?
NC: Clearflowplus was Malta’s first green bond and an important step which saw Malta joining the growing industry present throughout Europe for several years. The success achieved by Clearflowplus hinges on the fact that it is a subsidiary of the government’s Water Services Corporation. It also reflects the investing public’s growing interest in sustainable bonds. This, however, is just the start. Hopefully, more fiscal incentives will lead to broader participation in this market from the private sector.
What plans do you have to continue on this successful trajectory?
NC: Over the years, the local capital markets grew exponentially, with corporate bonds taking centre stage over the last five years. This corporate bond market has helped bridge the funding gap for local corporates and supported economic growth together with bank funding and other government initiatives. We are expecting this growth to speed up and this is why we have continued to invest resources in our capital markets team and the wider business to remain poised to service larger transactions and more investors.
Regulatory changes in finance, new EU regulations and the upcoming Digital Operational Resilience Act (DORA) will mandate significant shifts in the Maltese financial services sector. How do you see Malta reacting to these realities?
AC: I believe DORA is a much needed milestone for financial services across Europe. However, there is more that companies need to be doing to ensure they strengthen their financial resilience. Ultimately more resources need to be allocated by businesses to ensure they maintain their reputation and integrity. Digital resilience is an area we have consistently invested in, and I am confident the Maltese market will continue to demonstrate its ability to reinvent itself. This new reality can be seen as an opportunity for innovation and to stay ahead. DORA will continue to evolve over time and provided that the regulation remains reasonable and focused on what really matters, I believe it is very positive for the industry. It is therefore important for stakeholders and regulators to continue to work closely to ensure standards are raised sustainably and logically.
With access to finance remaining a significant challenge to business growth, capital markets are increasingly being seen as a vital pathway to secure funding for their growth and operations.
This is particularly true for smaller and medium enterprises, considered in many economies, including Malta, as the driving force behind innovation and job creation. These businesses need funding at various stages of their growth journey, starting from initial capital during startup and continuing with investment for expansion during their development phase.
Due to their limited scale, SMEs traditionally depend on bank loans. Nonetheless, since the global financial crisis, this funding avenue has become more costly and challenging to attain. This poses a risk which could stifle SME growth and hinder economic progress. To overcome this, SMEs can opt for alternative funding routes such as issuing equity and debt securities in the capital markets. This gives space for growth, and opens up increased options, including for mergers and acquisition.
“There are many benefits that an acquisition can bring to a company that has the ambition to grow and diversify and M&A activity can be a catalyst in fuelling SME growth and the right opportunity could enable geographical expansion, provide access to new customers and product lines and tap into new team expertise,” said Archie Bethel, CBE, chairman of Hili Ventures. “On the cost side, benefiting from wider supply chain options and increased trading activity can also contribute to maintaining competitiveness,” he added.
Bethel was one of the high-profile speakers at Calamatta Cuschieri Moneybase’s Capital Markets seminar hosted earlier this month. In his address, Bethel warned that although M&As are generally an option to consider, SMEs must be sure that they plan strategically for this move.
“In my view, there are three elements which underpin a successful M&A transaction. First and foremost, an acquisition needs to be a strong strategic fit, such as a similar product or service in a new market with an untapped customer base; or a compatible product or service which would enhance an existing product line or service portfolio.”
“The second key factor is cultural fit and shared values are important and will be crucial in bringing the two businesses together, effectively. Finally, a great deal of due diligence needs to be carried out, to be sure that the business is creating value in a way that can be fully understood and realized.”
Ultimately, an acquisition is only successful when paying the right price and without these three elements, the danger of overpaying for the business or the risk of not delivering the assumed return on investment, in terms of financial and operational benefits, will soon become a stark reality,” he added.
Nick Calamatta, Co-CEO of Calamatta Cuschieri Moneybase, explained how public participation enhances a firm’s visibility and credibility in the market, attracting more attention from potential customers and partners.
“Public participation strengthens a company’s corporate governance and transparency, leading to greater investor confidence and creates a potential for increased valuation and growth opportunities due to improved access to capital and market recognition.”
Calamatta argued that a listed presence is a key tool in successful succession planning, thus providing a tool for increased survival of family firms. This would provide significant value added to the Maltese economy given the current situation where only a third of familyowned businesses are successfully transited to a second generation.
“Capital markets can therefore assist a company in its succession by providing access to funding for transitions such as ownership changes, mergers, acquisitions, or generational shifts. This access to capital enables smooth transitions, supports strategic initiatives, and facilitates the company’s growth and continuity during succession planning.
During the discussion, industry leaders agreed that participation in capital markets enhances a company’s visibility and being publicly listed attracts a broader investor base, including institutional investors, who may be more inclined to invest in a company with a transparent, regulated presence in the capital markets.
Calamatta emphasized the importance of firms investing in public relations to increase transparency and inform existing and potential investors, as well as the general public. This can boost enthusiasm for participating in these companies through the purchase of bonds and shares in both primary and secondary markets.
This article briefly but critically reviews the Court of Appeal (CA) decision of 11 April 2024 (Rik. Nru. 1015/09/1 JRM) in the names J Scicluna et v G Ronsivalle et. .
In this case, a lender sued his borrower for settlement of loans remaining unpaid. The lender had affected various loans to the same borrower at the request of the latter who had been facing health and financial difficulties, over a period of four years.
Among other pleas, defendants claimed that the loans were invalid as the lender did not have a licence from the MFSA in terms of the Financial Institutions Act of 1994 (FIA).
They claimed that as a result, the loans had been based on an illicit cause (“imsejjsa fuq causa illeċita”). This is the issue which is of interest here. The court rejected the plaintiff ’s claim to recover the loans as these were vitiated by the lack of the required licence.
The basics and the evidence
One should perhaps start with basics. Loans are lawful. There is nothing wrong with giving a loan. A loan is a normal and valid contract which is specifically recognized and protected by the Civil Code. Loans are not in themselves sinister or controversial transactions and they serve a socially useful purpose.
Evidence showed that the loans had actually been made and that sums had passed to the lender as claimed by plaintiffs. It was the borrower who had initiated the approach to the lender for financial assistance. There was no evidence, in this case, of usury or of abuse or exploitation of the borrower. Nor was there evidence that interests had been agreed upon.
The court decreed that it may refrain from establishing whether interests had been charged or not, seeing it had already decided that the loans were null and void. I believe that this was wrong and that the payment of interests or otherwise
The idea that we are all unique and there is room for everyone to be successful gives me hope for a better future in the workplace because an environment that celebrates individuality where employees feel valued, helps organisations explore high levels of creativity and collaboration. The current workplace looks different from what it was just a few years ago and it feels different too.
But what is the role of HR in shaping all of this?
Reflecting on the past, we often hear about “the good old days” when employees were more respectful and engaged and we recall a time when strong work ethics were the norm. Employees took pride in their constitutes a vital criterion for any finding whether the loans had been made in furtherance of a business.
The licence requirement
The CA quoted favourably from a Criminal Appeal decision of 5 November 2004 (Police v Raymond Bajada) which had established that for the statutory licence applies “to a person who lends money in the manner and with such frequency that when you look at the transactions, you think ‘this looks like a bank’ (“dan qisu bank”). Moreover, the court required that the loans had to be made in the course of business (“bħala kummerċ”).
The court argued that as there was no evidence that two parties had enjoyed a relationship based on family or friendship (“xi rabta familjari jew ħbiberija”), then the loans must have been made in the course of a business.
Article 3 (3) of the FIA provides that:
“In the event of reasonable doubt as to whether an activity constitutes the business of a financial institution, or whether the business of a financial institution is being transacted or otherwise in or from Malta by any person, the matter shall be conclusively determined by the competent authority.”
work, demonstrated dedication, and upheld a sense of responsibility and integrity.
Today’s cultural shift in human resources management is placing the importance of the overall employee experience and engagement at the forefront of business needs. At the same time, however, there seems to be a shift in attitudes toward work, with varying perceptions about job commitment and professionalism.
What are we doing wrong?
Perhaps it is high time that as HR managers and leaders in organisations, we adapt to this new way by accepting that a suit or a title do not define a leader and that true leadership is about character, behaviour, and impact.
Leadership styles are evolving into more inclusive, empathetic, and adaptable managerial roles to inspire, motivate and empower their teams to foster a culture of innovation and collaboration. True humanity is reflected in how we treat others at work.
The core of HR today is crucial in establishing and maintaining a workplace where employees feel secure and content. There is no room for office gossip and people no longer want to work in toxic environments.
Now, the court and the MFSA might well disagree on when lending becomes a licensable activity. Licensing is a very complex and expensive process. Today the FIA is a very complicated law and its provisions are complex, detailed and very strict. It does not seem that the opinion of the MFSA, for what it was worth, had been obtained.
Decided cases had so far more or less taken the line that loans granted limitedly to one borrower would not, by itself, pass the test of habitual and regular lending required by law. The Court itself quoted favourably that the lending activity and frequence should resemble a bank: so a bank with just one individual customer?
Many decided cases to date have dealt with usurious loans. There was no evidence of usury in this case, although the Court of Appeal stated it was inclined to suppose that there probably had been chargeable interests.
Public law versus private law?
Here we try to navigate the complex subject of the private law consequences of public law provisions; or, stated differently, the effect of applying public law rules to private transactions.
Public law concerns might not also be private law concerns. The Financial Institutions Act 1994 which is administered by the
Do we know how change?
The workplace model has changed but the values of respect and collaboration remain valid and principles such as teamwork and respect still hold immense value.
And while this has become a basic need, HR is not always addressing it, perhaps because we are too focused on adapting to the new work arrangements, too focused on managing flexible working hours, on working from home policies and other HR initiatives.
If we take a step back and slow down, we can perhaps realise that healthy work environments are defined by how we manage relationships at work. By looking back, we can re-examine the characteristics that defined workplaces of the past and learn how to foster a better culture of respect and teamwork in today’s modern work environments.
If anyone still wonders if HR is purely a support or an administrative function within their organisation, then we still have a lot of work to do!
HR has become pivotal in bridging the gap between past and present work ethics, creating an environment where both traditional values and modern needs are respected and balanced.
to manage
this
MFSA, does not say that any loans are legally void and unenforceable; or that an otherwise valid loan becomes null and void depending on whether the lender required a licence or not.
Whether a lender requires a licence has to be tested on a case by case basis and the outcome is not always obvious. Relevant factors include the number of borrowers, the period of time during which habitual business was carried out, the number of transactions, their regularity, interests charged etc. The outcome of this test is often uncertain.
Unforeseen consequences?
This decision may now open the way for other borrowers to try to slip out of their obligations by claiming that their lender should have acquired a licence. If this is the case, then the court decision may have inadvertently rewarded immoral conduct, whereby borrowers obtain moneys by way of loan, only to later conjure up legalistic excuses (of dubious validity) to knowingly not pay back their debts. Lenders beware.
David Fabri LL.D., Ph.D. has written extensively on company and financial services law. These articles scrutinize corporate and regulatory developments and are meant for information and educational purposes.
By cultivating a positive culture, investing in training and development, enhancing employee engagement, and balancing flexibility with clear expectations, HR can help reestablish a work environment where strong ethics are the foundation of success.
HR’s role is crucial in this transformation, guiding organisations to embrace both the strengths of the past and the potential of the future. With ethical leadership, innovation, inclusivity, and a focus on well-being, the future is indeed hopeful and bright. Let’s not wait for the referee to blow the whistle, it is still not game over and if we’re in it, let’s play our part in shaping a better future at the workplace.
Ritienne Xerri, HR director at misco
In 2018, Express Trailers kicked off its digitalisation with Project CarLo with the primary aim of simplifying and bringing new efficiencies in the processing of client documentation, bookings and improving internal communication.
According to Etienne Attard, the company’s CEO, the project is already redefining the company’s customer experience.
“I think that this project is teaching us how crucial digitalisation is in our competitive environment. I am convinced that today if you don’t digitalize, you will miss the boat.”
Attard explained how Express Trailers set out on this project with three main targets.
“First of all, we wanted to optimise the operating procedure to achieve new efficiencies. We also wanted to broaden and deepen our business intelligence capabilities to understand our operations better and we also wanted to be able to engage more intimately with our customers.”
“We also believe that by digitalizing most processes, by linking various departments together and by delivering new efficiencies, we will have all the credentials to re-confirm Express Trailers as one of the top logistics companies in Malta,” he added.
Attard noted that the company had a pressing question that needed to be answered.
“We had been asking ourselves ‘What does the future of logistics look like?’ The answer was clear: logistics companies are increasingly being expected to operate more sustainably. Therefore, investing in a digitalisation project that would help us operate more sustainably was our natural way forward. which is also our strategy ”
“Put simply, we are aiming to facilitate the transition from manual work processes to digitalisation, therefore simplifying both internal and external documentation,” added Charles Arapa, Head of Analytics, BI and Automation at Express Trailers who has been heading the implementation of this project since the start.
Arapa explained how the system was chosen following a thorough procurement process which saw over 30 submissions.
“Eventually we opted for a solution provided by a leading international company in AI and digitalisation. Their solution not only offered us all the major functionalities we were seeking but they also presented themselves as a crisis-proof partner because they were ready to accompany us in every step of the implementation,” explained Arapa.
This software was a natural choice for us not only because it is a market leading one in transport management systems but also because like Express Trailers, the company is a family business who understood our specific requirements for a digitalisation platform that would support our commitment to more sustainable operations,” he added.
Arapa explains how implementation was planned across three main phases and work started in September 2018 followed up immediately with the first in-house training the following month.
“Phase 1 saw the compilation of all the Master Data on the system with roll-out on our full trailer operations. The second phase saw the implementation of the software across our Air freight, Sea freight, Road Operations and Local distribution modules whereas the third phase involved Customs
Clearance, the linking with other information modules, Sign-on-Glass, Track & Trace, CRM, enhancements and further automation.”
Arapa noted that besides the challenging task of implementing such a mammoth project across such a large organisation like Express Trailers, the other challenge was making employees understand the benefits and potential outcomes of this investment.
“Luckily, improvements immediately started being noticed because in some areas of operation such as the processing of documentation where the processing time of requests and orders already had improved by a staggering 50 per cent,” recalls Mr Arapa.
“And of course, the training that we continue to deliver on this system, with the support of Soloplan’s trainers helped employees familiarize themselves with all modules, the configuration and the update of workflows to automate work as much as possible.”
Etienne Attard noted how the fact that digitalisation projects such as the one being implemented by Express Trailers, take place behind the scenes, the benefits of such an investment are not always very visible to the end customer.
“Customers usually think of benefits in terms of better pricing. But a digitalisation project such as ours requires a level of maturity that invites our customers to look beyond the prospect of financial gains and to consider the added peace of mind, brought by a system that gives them more access and direct visibility of their shipments, Customs Clearance declaration modules, paperless documentation and enhanced efficiencies whenever they want to communicate with us.”
“Most importantly, this investment brought all employees even closer as we all worked on a common goal. There is a shared understanding of how vital it was for Express Trailers to deliver new levels of efficiencies, improved Business Intelligence, and a more meaningful customer experience,” concluded Attard.
Trident Trust was one of the main sponsors, alongside FinanceMalta, of the recent 0100 Conference in Prague. “The CEE region has been growing steadily in recent years, In 2022, the region’s investment volume reached €2.77 billion. Working with FinanceMalta allows us to leverage each other’s strengths and enhance visibility to tap into this potential,” explains director Keith Zammit, director of Trident Trust’s Fund Services.
The 0100 Conference was attended by professionals and stakeholders from the private equity and venture capital industries namely institutional and individual investors, private equity and venture capital fund managers, entrepreneurs, consultants, lawyers and accountants.
Besides a platform for networking, knowledge sharing, and collaboration among professionals in the private equity and venture capital ecosystem, the event focused on Investment Trends, Fundraising Strategies, Deal Flow and Due Diligence, Portfolio Management and Industry Insights and discussed Regulatory and Legal Updates
“We chose to sponsor this event primarily because today, the 0100 Conference is established and very sought after by the industry from where we gained valuable market intelligence and insights into the trends, the regulatory changes, and best practices within the private equity and venture capital industry in this emerging market,” explains Zammit.
Founded in 1978, Trident Trust is a leading independent provider of corporate, trust and fund administration services to the financial services sector worldwide, employing over 1,000 staff across a global footprint that spans
Africa, the Americas, Asia, the Caribbean, Europe and the Middle East.
Zammit outlines how private equity and venture capital investment activity in the CEE region has been growing steadily in recent years.
In 2022, total investment volume in the CEE region reached €2.77 billion driven mainly by private equity and venture capital deals across a wide range of sectors such as technology, healthcare, consumer goods, manufacturing, and financial services with venture capital activity primarily focused on early-stage and growth-stage companies, with a significant portion of investment going into startups and high-growth enterprises.
Sectors such as technology and healthcare, have seen particularly strong investment activity due to their growth potential and attractiveness to investors.
“There is growing interest in our region. €821 million were invested in venture capital, a record value of 13 per cent increase year-on-year while growth capital funding amounted to €1,23 billion, making it the biggest sector for investment. The number of follow-on deals in 2022 also increased to 82 per cent of total investments, up 78 per cent from 2021.
“It is a market that is showing potential, and Malta has all it takes to be part of this success,” says Zammit.
“Obviously, these events not only allow us to engage with a diverse range of industry professionals, including fund managers, investors, lawyers, accountants, and other service providers, but also help us enhance our brand’s visibility and also contribute to Malta’s mission to promote our country’s 20-year reputation as a financial services centre,” he added.
Partnering efforts with Finance Malta
Zammit noted that the 0100 Conference in Prague was also supported by FinanceMalta and noted that such collaborations should be the natural strategy because “showcasing of the respective strengths and offerings comes out stronger”.
“Partnering with FinanceMalta is a big advantage. When the effort is a collective one, everyone enjoys better visibility, the endorsement is stronger and more credible and all efforts remain aligned to those of Malta’s strategy to promote our jurisdiction’s strengths and advantages, such as its regulatory environment, tax incentives, and geographical location.”
Zammit added that working in tandem with FinanceMalta has always allowed Trident Trust to access a broader network of industry professionals, investors, and potential clients.
“As an EU member, Malta benefits from passporting rights, allowing financial services firms established in Malta to operate across the EU single market without the need for additional regulatory approvals.”
“This provides access to a market of over 440 million consumers and enables firms from the CEE region to establish a presence in Malta, a financial services jurisdiction with a well-developed regulatory framework that is overseen by the MFSA, from where they can expand their operations across Europe.
“Partnerships such as these, send a powerful message that our sector is healthy, united and brimming with professional collaboration. Showing unity and cohesion within our financial services sector, especially at this very delicate time, is the best way how to showcase Malta as an ideal jurisdiction for investment and financial transactions,” he added.
While investment activity is spread across the CEE region, certain countries have emerged as key hubs for private equity and venture capital activity.
Countries such as Poland, Hungary, Czech Republic, Romania, and Slovakia attract a significant share of investment due to their large and growing economies, skilled workforce, and favourable business environment.
The Czech Republic was the leading destination with a fifth of the region’s total investment value, and 6 per cent of the companies receiving funding.
Over €50 million have been invested in French businesses operating in Malta over the past years which contributed to a 20 per cent increase in trade over the past year and confirming France as one of Malta’s largest trading partners.
Moreover, to date, over 1800 companies, or 3.7 per cent of the total amount of companies on the Malta Business Registry have French involvement in them and around 100 of these companies also have French shareholding.
These figures emerged recently during the Maltese French Chamber of Commerce’s annual seminar – an annual appointment which is increasingly gaining relevance as an opportunity for French businesses operating in Malta and Maltese companies with French interests to meet and discuss challenges and opportunities with industry regulators and stakeholders.
The seminar themed ‘Malta and France: Aligning Business, Securing The Future’ was addressed by Malta Enterprise, the Malta Business Registry, Bank of Valletta, the French Embassy in Malta and several French businesses operating in Malta and Maltese companies doing business with France.
MFCC President Joseph Bugeja expressed his pride at how the Chamber continues to be instrumental to business growth between Malta and France and how the Chamber continues to be a template for how Malta should position itself to attract more foreign investment.
“This year’s seminar confirmed Malta as a highly organised, tech-based and regularised jurisdiction with French businesses describing Malta as excellently located geographically, very business-friendly, dynamic, and highly regulated, with extremely accessible and very communicative authorities and regulators and very agile responsive counterparts.
“The fact that Malta is already a base for other reputable international companies also seems to encourage companies to consider Malta for their internationalisation plans,” added Bugeja.
In a significant move towards sustainability and renewable energy, Teva Malta announced the installation of two state-of-theart Photovoltaic (PV) systems with a combined peak power of 631kWp at its plant in Bulebel.
This initiative, which is part of Teva Pharmaceuticals’ global strategy to shift away from fossil fuels and embrace renewable energy sources, was undertaken at local level in partnership with Alternative Technologies Ltd, SunPower premier partners for the Maltese Islands, and Photonika Ltd.
The installation of the PV systems was highlighted at a special visit by the Minister for the Environment, Energy and Regeneration of the Grand Harbour, Miriam Dalli, who toured the facilities, witnessing firsthand the operational capabilities and the impact these installations will have on Teva Malta’s energy profile.
Minister for the Environment, Energy and Regeneration of the Grand Harbour, Miriam Dalli, highlighted that: “The installation of these photovoltaic systems at Teva Malta is a crucial step towards our country’s shift to more renewable energy. This project is a true example of how Maltese industries can lead the way in sustainability. By embracing innovative clean energy solutions, we are not only reducing our carbon footprint but also building a greener and more resilient Malta. Teva Malta’s commitment to renewable energy aligns perfectly with our national vision to achieve a sustainable future for all.”
Patrick Cachia, managing director of Teva Malta, stated: “The completion of these photovoltaic systems installations marks a significant milestone in our journey towards sustainability. Teva Malta’s commitment to environmental responsibility is deeply integrated into our mission to improve health. As a leader in the global pharmaceutical industry, Teva Pharmaceuticals leverages innovative technologies and sustainable practices to minimize its environmental footprint.”
The onsite visit was guided by Maurizio Cappello, director of engineering at Teva Malta, who together with Marouska Bartolo, Energy and Compliance Senior Engineer, oversaw the design and implementation of the project. Cappello delved into the various technical aspects of the PV systems, providing insights into their design, functionality, and integration into the overall operations, while highlighting the significant benefits.
To date, the PV systems have already generated 1.42GWh, equivalent to 554 tonnes of CO2 emissions saved. In real terms,
the Teva Malta site in Bulebel is already producing eight per cent of its total energy consumption through renewables.
Since the start of the energy management programme, Teva Malta has contributed to a reduction of nearly 18,000 tonnes of CO2, and a cumulative energy saving equivalent to the consumption of 9,000 Maltese homes.
The installations represent another significant step by Teva Malta towards achieving the ambitious global sustainability targets set by Teva Pharmaceuticals to achieve net zero emissions across its operations and value chain by 2045.
These last days were particularly turbulent days for certain leaders around the world. There was Slovak Prime Minister Robert Fico who survived an assassination attempt, Iranian President Ebrahim Raisi and the country’s foreign minister Hossein Amir-Abdollahian lost their life in a helicopter crash across fog-covered mountains in north-west Iran and hours after, there was the news that the chief prosecutor of the International Criminal Court is seeking arrest warrants for Israeli Prime Minister Benjamin Netanyahu and Hamas’s leader in Gaza, Yahya Sinwar.
President Raisi was a hardliner who formerly led the country’s judiciary. He was viewed as a protege of Iran’s supreme leader, Ayatollah Ali Khamenei, and some analysts had suggested that he could replace the 85-year-old leader.
The President of Iran only plays second fiddle to the Supreme Leader of Iran.
While President Raisi’s death quickly aroused suspicions, Iranian authorities swiftly dismissed any notion of a hidden hand behind the incident, and Israel also denied any connection with the crash.
On the other hand, the slightest whisper from a reliable source that the crash was no accident would unleash a greater hell in the region and maybe beyond.
Raisi’s death paves way for Khamenei’s son to be Iran’s next Ayatollah. Mojtaba has long been rumoured to be a potential successor to his father and the untimely death of President Raisi only makes his path easier.
Ayatollah Khamenei,85-years-old, has led the country for 30 years, and many believed President Raisi was in line to succeed him, but his sudden death has also made a sudden change to the math.
To assuage some of the suspicions behind the tragic death, the few helicopters Iran possess are in dire conditions due to international sanctions make it difficult to obtain parts for them.
Most of its military air fleet dates to before the 1979 Islamic Revolution. Iranian officials emphasized that initial indications suggested that weather conditions were likely the main cause of the tragedy.
This though did very little to bury certain suspicions behind death. With the sudden death of President Raisi, the Iranian regime unexpectedly finds itself faced with having to hold elections to appoint a successor. Under Iran’s constitution, a new presidential election must be held within 50 days.
Iran’s constitution provides on who will become the interim president of the country if the incumbent dies. Mohammad Mokhber, who holds the position of the First Vice President, will be the country’s temporary president till the election is held… a long 50 days ahead.
Whilst it has become common practise in the Middle East these days that when one’s enemy suffers a misfortune, his enemies people take to the street to celebrate, this time there were reports celebration within Iran itself for the news of the death of a man who they say was responsible for hundreds of deaths in his four-decade political career.
It was during Raisi’s tenure that protests swept the country after the death of the 22-year-old Kurdish woman Mahsa Amini, who died in police custody after being arrested by police under Iran’s harsh hijab laws and with more than 19,000 protesters jailed, and at least 500 were killed.
Hours before Raisi’s death was confirmed by state media, videos circulated on Telegram showing celebratory fireworks, one of them from Amini’s hometown of Saqqez. Iranians from inside and outside the country shared posts reminding the world of Raisi’s brutal presidency and his repression of political dissidents.
All this hot on the heels of the assassination attempt on Slovak Prime Minister Robert Fico. An attempt that underscores the persistent, if relatively rare, threat of political violence against European leaders.
Fico, who was shot and wounded, became the latest in a series of prominent figures targeted by attackers over the past several decades.
Although the shooter, a 71-year-old man, has been apprehended, the motive for the attack remains unclear. This incident adds to a historical continuum of violence against political figures in Europe, reflecting the turbulent undercurrents that sometimes surface in dramatic and violent acts.
On the other hand, just when it seemed Netanyahu’s time in power might finally be ending, the International Criminal Court intervened to potentially prolong his tenure.
The Israeli prime minister’s fragile war cabinet was on the verge of collapse days earlier after retired General Benny Gantz, the Israeli politician most likely to end Netanyahu’s lengthy and turbulent political career, threatened to leave the government if Netanyahu did not present a post-war plan for Gaza’s governance.
Today, the retired general’s rebellion seems to have been sidelined due to an announcement on Monday by the International Criminal Court’s top prosecutor, Karim Khan. Khan declared his intention to seek arrest warrants for Netanyahu and Israel’s defence minister, Yoav Gallant, along with three Hamas leaders, including Yahya Sinwar, the leader of the Islamist group in Gaza.
If Khan and his six-member panel — notably, five of whom are British — intended to prompt a ceasefire by accusing both sides of war crimes and crimes against humanity, their efforts appear to have fallen short.
Almost immediately after the news broke, Israeli opposition leader Yair Lapid, one of Netanyahu’s chief political rivals, was quick to condemn the move and the same did Gantz. And consequently, the recent calls for fresh elections seem more distant than ever.
The debate that recently took centre stage in the local shipping community is one that has, in the past few years, been a slow-burning hot topic in at least two major cities in Europe namely in Brussels which hosts the EU Commission and the EU Parliament, and in London where the UN International Maritime Organization has its seat.
What started as a debate on air pollution caused by maritime transport is now a controversial subject that has grown into a veritable furnace that Hephaestus would be proud of.
I am referring of course to the EU Emissions Trading System (EU ETS) which has been described as ‘the EU’s policy to combat climate change and its key tool for reducing greenhouse gas emissions cost-effectively.’
Since January this year the EU ETS has been extended to cover carbon dioxide (CO₂) emissions from ships having a gross tonnage of 5,000 or more that enter ports within the EU, irrespective of the flags they fly. In a nutshell, the EU ETS now covers: (1) 50 per cent of emissions from voyages carried out by those ships when the voyage involves a port within the EU but starts or ends outside the EU; (2) 100 per cent of emissions from voyages carried out by those ships when the voyage is between two EU ports; and (3) all such ships which happen to be within EU ports.
As from 2026 the EU ETS will also cover methane (CH₄) and nitrous oxide (N₂O) emissions from those same ships.
Put simply, in terms of the EU ETS the owners and, or operators of these ships will be expected to purchase and surrender EU ETS emission allowances for each ton of reported CO₂, or CO₂ equivalent, emissions falling within the scope of the EU ETS system.
The first surrender of EU ETS emission allowances these owners and operators will be asked to make will fall due in September 2025 and will cover the reporting period falling between January 1 and December 31, 2024.
In effect in so far as the first surrender is concerned, owners and operators will be asked to cover 40 per cent of their emissions in the reporting period in question, and there will then be a gradual ramp-up so that in September 2026, owners and operators will be expected to cover 70 per cent of their emissions in the reporting period between the 1 January and December 31, 2025.
In September 2026 and thereafter they will be expected to contribute or surrender EU ETS emission allowances covering 100 per cent of their emissions in the reporting period falling in the immediately preceding calendar year.
In the whirlwind of dust set in motion by these developments, I feel it is instructive to acknowledge that, within the EU, maritime transport represents not more than 3 to 4 per cent of the bloc’s total CO₂ emissions [source: https://climate.ec.europa.eu].
Moreover, international shipping accounted for 10 per cent of carbon dioxide emissions produced by the transportation sector worldwide in 2022 [source: www.statista.com].
For comparative purposes, international and domestic aviation together represented 11 per cent of the total figure, and road transport a whopping 79 per cent of the pie! The latter sector will be covered by ETS2 but that, however only comes into effect in 2027.
Understandably there is a palpable sentiment in and around the global shipping community that, notwithstanding the ‘essential role it plays in the EU economy’ (to use the EU Commission’s own words https://environment.ec.europa.eu/eu-action/transport/reducing-emissions-shipping-sect_en?prefLang=bg.); and again that it is ‘one of the most energy-efficient modes of transport’, (https://environment.ec.europa.eu/eu-action/transport/reducing-emissions-shipping-sect_e n?prefLang=bg) shipping appears to have become one of the world’s preferred whipping boys when it comes to the imposition of burdens, including financial burdens, connected with the protection of the environment!
This is not, of course, to say that efforts to protect the environment, including the marine environment which is the theatre of the shipping world’s activities, should be snubbed, sacrificed or neglected in favour of lightening the costs that ship owners and operators are to be expected to face and which in any event are inevitably passed on to end consumers of goods and products carried by ships affected by these measures.
Nevertheless, it is also true to say that in so far as environmental protection is concerned, shipping is probably the most regulated means of transport globally.
Indeed several international conventions have come into force and have been adopted by countries all over the world covering civil liability for damage caused by oil pollution and, or by hazardous and noxious substances (including the establishment of special funds to provide for compensation for such damage), intervention on the high seas in cases of pollution by oil or other substances, and the prevention of pollution from ships (the 1973 International Convention for the Prevention of Pollution from Ships, better known as “MARPOL”).
The positive impact the latter convention has had over the past half a century is nothing short of dramatic. The volume of oil that ships leaked into the marine environment in 1970 was estimated to be just short of 400,000 metric tons peaking at around 640,000 metric tons in 1979 when MARPOL was still in its infancy.
Between 2004 and 2023 oil pollution from ships averaged around 20,000 metric tons annually with only one spike above the 100,000 metric ton mark that occurred in www.statista.com].
These numbers speak for themselves. And they prove that without resorting to the imposition of direct financial burdens the shipping world is capable of drastically reducing its contribution to the pollution of the environment through appropriate regulation.
Annex VI of MARPOL, first adopted as far back as 1997 which entered into force in May 2005, limits air pollutants contained in ships’ exhaust gas, including sulphur oxides and nitrous oxides, and prohibits the deliberate emissions by ships of ozone-depleting substances.
Perhaps using measures such as those afforded by MARPOL (including through its several annexes), and other kindred instruments, far more may be achieved in the global efforts to thwart environmental pollution than possibly ill-guided measures that only serve to increase the cost of transporting goods and products around the world. [source:
Malta’s first local fauna field guide
What is that Animal? A Guide to Rescuing Wildlife in the Maltese Islands is the name of the new informative book launched by Nature Trust – FEE Malta in collaboration with Bank of Valletta. The book launch took place on Saturday, May 11 at Xrobb l-Għaġin in Marsaxlokk. This was followed by a series of educational tours in the area aimed at promoting awareness and appreciation of the island’s unique biodiversity.
This book is the first of its kind in Malta. In fact it is a comprehensive field guide of local fauna. Designed for both locals and visitors, it offers detailed descriptions, vivid photographs and insightful information on a wide range of species, from the smallest insects to mammals who call our islands home. Authored by local biologists and conservationists, this book is a valuable resource for nature enthusiasts, educators, and students. Speaking at the launch, Vincent Attard, CEO OF Nature Trust – Fee explained, “A lot of research and dedication went into this project which aims to deepened understanding and foster a greater appreciation for Malta’s native fauna, highlighting the importance of conservation efforts in protecting these species and their habitats.”
On the day, Nature Trust also hosted a series of educational tours for BOV employees and their families. Participants were taken on guided excursions on the natural reserve at Xrobb lGħaġin and the coastal area, where they could observe and learn about the local fauna in their natural habitats. Led by experienced naturalists, these tours were designed to be both informative and engaging, providing participants with a hands-on learning experience. They also got to observe the delicate work Nature Trust does with injured animals such as turtles and hedgehogs.
The realization of this project was heavily supported by Bank of Valletta, who has been collaborating with Nature Trust – FEE Malta for several years now. “We are delighted to support Nature
Trust in this pioneering project,” explained Ernest Agius, Chief Operations Officer at the Bank. “Our partnership reflects our commitment to environmental sustainability and education, and we believe this field guide will have a lasting impact on the community.”
For more information about the book as well as to learn more about Nature Trust – FEE Malta, readers are invited to visit their website Nature Trust - FEE Malta (naturetrustmalta.org) to learn more, including about the different ways one can support as volunteer.
The European Union is often perceived as a complex, bureaucratic organisation that is confined to Brussels and detached from the realities of its citizens. However, the benefits and opportunities of EU membership are much closer to us than one might think.
Malta’s membership in the EU 20 years ago posed significant challenges but also brought about numerous opportunities and benefits that have ultimately led to a better quality of life for all. This transformation was largely driven by the significant amounts in EU funds that our Islands have received since 2004. Over the years, EU funds enabled us to achieve various objectives, both as a nation and as part of a Union where Member States progress together towards common goals. These funds have been instrumental in helping us meet targets in environmental protection, climate change mitigation, digitalisation, competitiveness, and the enhancement of standards in social and civil life in our country.
The impact of EU funds is evident wherever we look around us - from large scale infrastructural projects, the restoration of historical and cultural heritage, the health sector, the economy, to the environment, education, and civil society. Although we may not always be aware of it, these funds have a direct impact on our life.
For instance, in education, through EU funds, primary school students have received tablets to enhance their digital skills. Secondary school pupils can choose to pursue vocational subjects and harness practical skills in areas such as engineering and hairdressing, through the InvestLabs. In environmental protection, EU funds were instrumental in turning once abandoned landfills such as Wied Fulija into recreational areas for all to enjoy. In the voluntary sector, these funds have enabled Caritas Malta and Hospice Malta to improve and expand their services for vulnerable people within the community. These are just a few examples that clearly demonstrate how our lives have been positively changed through EU funds.
It is important to note that the way these funds are used locally is not solely determined by the Maltese Government. Rather this is heavily influenced by EU priorities set by the main EU institutions, namely the European Commission, the European Parliament, and the Council of the EU. While it may seem that these institutions are detached from our daily realities, they ultimately represent us in different ways.
As EU citizens, we play a role in shaping the priorities and decisions made within the EU.
This is why the upcoming European Election on June 8 is crucial. Once again, we have an opportunity as Maltese and EU citizens to vote for the Members of the European Parliament representing our interests in one of the main EU institutions.
As the only EU institution directly elected by the citizens, the European Parliament works on behalf of citizens to debate, draft, and enact laws for the EU, together with the Council of the EU. The latter is composed of Member States’ Ministers according to their portfolios. These laws address key issues in our lives, such as strengthening the economy, consumer rights, equality, the fight against poverty, climate change, and security.
In addition, the European Parliament performs several crucial functions such as overseeing the European Commission, approving the EU’s budget, scrutinising EU spending, and approving the European Commissioners and the President of the European Commission.
Our vote on June 8 is crucial. Our vote will not only determine which Members of the European Parliament will represent us but will also have an impact on the future of the EU and our daily lives. Ultimately, the decisions taken in the European Parliament in the next five years affect us all.
Therefore, on June 8 use your vote to decide the future you want. If you do not vote, others will decide for you.
HSBC Life Assurance (Malta) Ltd., recently celebrated the first anniversary of its Key FIVE Critical Illness Cover product, marking the occasion with a special event that highlighted the successful collaboration between the HSBC Life and HSBC Bank Wealth Distribution teams. This milestone event not only recognised the outstanding contributions of key team members but also underscored the strategic advancements made possible through this flagship product.
The celebration served as an ideal platform to reflect on the past year’s achievements and for recognising the hard work and dedication of the team members. Their efforts have been pivotal in establishing the Key FIVE Critical
Illness Cover as a product uniquely tailored to meet the evolving needs of our clients. The event highlighted the synergy among various teams and celebrated the collective success that has characterised the product’s first year in the market.
The Key FIVE Critical Illness Cover is a standalone critical illness insurance policy launched by HSBC Life, designed to support policyholders in the event of a heart attack, stroke, kidney failure, coronary artery bypass grafting and cancer diagnosis.
The policy pays out a lump sum payment, based on the severity of the illness, that can be used in whatever way the policyholder chooses to support them during their recovery, including to clear existing debts or cover treatmentrelated expenses.
The Life Assured also have the option of adding their children to their policy at no additional cost, providing financial cover for the whole family.
Josef Camilleri, Head of Products and Distribution at HSBC Life, shared his vision for the future. “As we celebrate these significant milestones, we are energised to continue our journey of innovation and excellence. Our goal is not just to maintain our market position but to enhance it through continuous improvement and groundbreaking strategies.”
Reflecting on the successful collaboration that has propelled the Key FIVE Critical Illness Cover product forward,
Gregory Inglott, Interim Chief Executive Officer at HSBC Life Malta, added, “This product has thrived due to the extraordinary teamwork and dedication of our colleagues across HSBC Life and HSBC Bank’s Wealth Distribution, Investment & Wealth Solutions, and Marketing teams. Their collective efforts have not only met but exceeded our expectations, setting a new standard in the insurance market. It’s this spirit of cooperation and commitment that will continue to guide us as we move forward.”
This product is manufactured by HSBC Life Assurance (Malta) Ltd, which provides the cover under this policy, and is distributed by HSBC Bank Malta p.l.c.