News • November 30 2003

BICAL Controller fronts Lm30,000 needed for Excelsior re-trial

Matthew Vella
The BICAL Controller, Robert Gatt, has accepted to front Lm30,000 in pre-emptive legal expenses as a guarantee to commence legal proceedings for a re-trial in the Excelsior ownership case.
MaltaToday’s extensive coverage of the BICAL saga arrived at a head two weeks ago following the ongoing case regarding the ownership of the Excelsior hotel, which is being contested by Cecil Pace and an Italian national, Massimiliano Martone, son of Michele, through his nominee Herbert Baldacchino.
Cecil Pace first commenced legal procedures against the controller in 1989 to have the Excelsior shares registered in his name following the decision by former controller Emanuel Bonello to have the Excelsior shares registered in Michele Martone’s name. In 1993, after Michele Martone transferred his assets to son Massimiliano, his nominee Herbert Baldacchino commenced legal action against Cecil Pace and the Controller.
In late 2000, the Court ruled in favour of Martone and was subsequently confirmed by the Court of Appeal. But in 2003, fresh new evidence was presented in the case of the Excelsior when the former owner of the hotel, the Italian Nada delle Piane Ghidoli, signed a declaration saying that she had sold the shares of the Malta & Europe Hotels (the Excelsior’s holding company) to Cecil Pace.
The declaration was presented in the Courts to start a re-trial, but Cecil Pace was asked to pay Lm30,000 as a guarantee should he lose the case. Despite being financially unable to provide the money and although having a good chance to win the case following the Ghidoli declaration, Pace was a refused a benefit of guarantee, which would have allowed him to pay legal expenses after the case finished and not before as a pre-emptive measure in case of loss.
As the sole person sanctioned by the law to safeguard all BICAL associated companies and their assets, Cecil Pace held the Controller responsible to provide the money needed to commence a re-trial to recuperate the Excelsior hotel. Earlier this week, Robert Gatt acquiesced to demands to front the money needed for a re-trial.
matthew@maltamag.com