Monday, 10 April 2017

Majority shareholder in Marsa Race Track consortium comes from Henley & Partners

The majority shareholder of the consortium that is investing 18 million euros in Marsa racetrack is a partner and a Henley & Partners Holdings Ltd group manager based in Jersey.

Henley and partners are the distributors of the Malta Capital Sales Program - Individual Investment Program (IPP) - which was controversial at the local level and to some extent at EU level. In October 2016, Justice Minister Owen Bonnici revealed that the controversial PII had generated 310.3 million euros. The PN had mentioned a number of allegations about the program in the past, including the one used to buy votes.

Hugh Morshead owns 72 000 shares (100 000) issued shares in the company registered in Malta, called Marsa Race Track Ltd., the consortium that will receive the runway concession.

On March 22 of this year, the government signed an agreement with Marsa Race Track Ltd for a concession on the Marsa track. The company, Marsa Race Track Ltd, has also been included on the same day. The consortium said it will develop a facility at the forefront of horse racing technology, which would include a family park. The prime minister said it was the largest private investment in the sports sector and that the project attracts thousands of tourists each year. The memorandum of understanding was signed in Castilla.

So far, only lawyer Pio Valletta was a member of the consortium, but this newsroom can now reveal another. In addition to Dr. Valetta and M. Morshead, British citizens, Kusam Sharma and Irish nationals, Aldred Kenneth Alexander, also have shares in Marsa Race Track Ltd. In addition, two companies: F. Schembri Holdings Ltd (a Maltese company- Company Owns 5,000 shares), owned by Frank Schembri and true to its type Ltd (Ireland-based company with 10 000 shares).

According to Henley and Associates website, Hugh Morshead is also a qualified accountant and an Associate of the Chartered Institute of Management Accountants, and relied on Jersey for many years. He has also registered as Henley Maltese company director and partners.

He addressed the international press of the Malta IIP program. For example, the EU Observer reported that M. Morshead said: "We have many advised the government regarding the creation of legal, promotion and implementation of our own malta office."

During the signing of the Memorandum of Understanding, architect Edwin Mintoff said that once the necessary permits from the Planning Authority had been obtained, the project would require approximately 18 months to complete.

When asked if he would or would not publish the MOU, Dr. Valetta told the newsroom that they are not willing to publish it for the time being because there is a confidentiality clause. "This should be an agreed version. At this point, I do not think this is the scope for now. I do not think that's going to be a problem later." He said that once negotiations on the concession contract begin, which will be soon, this will probably be the time of its publication.

When asked if he had a problem of delivery of the MOU if the government had no objection, he said: "We would have no problem. There is no reason why anyone has a problem, if both parties agree."

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