Court compensation for the transfer of a private property that was part of the National Bank's takeover by the State in the mid-1970s was slashed from €1 million to €25,000 following an appeal by the Attorney General. The Constitutional Court also ruled that Bank of Valletta, set up by the government following the takeover, could no longer use the property in question on the basis of two laws, which were found to be in breach of the fundamental right to property. The First Hall of the Civil Court, in its constitutional jurisdiction, last February ordered the Attorney General to pay €1 million in compensation to the heirs of the late Marquis John Scicluna. The compensation was awarded after the first court ruled that the transfer of the property in St George's Square, Valletta had breached the owners' fundamental rights. The late marquis had rented the property to his bank for 10 years in 1958 against an annual rent of £800, which was extended in 1968 to incorporate adjacent properties in Strait Street. Subsequently, Scicluna's Bank was amalgamated with the National Bank of Malta and the lease was renewed annually according to law. When set up, Bank of Valletta took possession of...
from timesofmalta.com http://ift.tt/29dehqP
via
IFTTT
No comments:
Post a Comment