Contents
In this issue: FOREWORD page 5
· Chamber 2015 Economic impact study
NEWS FEATURES page 6
· B2B chats to Hon. Albert Isola – Minister for Finance and Gaming
page 12
· Sir Peter Caruana KCMG QC talks to B2B about life after politics (Part 2)
CHAMBER NEWS page 17
· Chamber publishes 2015 update of the 2009 Economic impact study
page 18
· Annual General Meeting of the Gibraltar Chamber of Commerce
page 21
· Chamber welcomes new board member
page 22
· OBE for John Bassadone in Queen’s birthday honours
page 23
· Residential property: On the cusp of a boom?
BUSINESS BRIEFS page 25
· Lady Luck is resident in Gibraltar!
page 26 · Hassans announces a new legal precedent for setting Gibraltar trusts aside on the grounds of a mistake · Hassans recruits ex-Linklaters partner as a Consultant page 28
· Bonita Trust to be named Parasol Foundation Trust
page 30
· 2nd annual Global Lottery Messenger Forum a resounding success
page 31
· Seminar for Gibraltar insurers to explain important tax changes in UK
page 32
· EY launches ‘A’ Level student scheme · Keep your details safe: Do’s and don’ts of safety online
page 34
· NatWest one of the first banks to offer Apple Pay to customers
page 35
· Argus Insurance celebrates staff support
page 36
· Gibraltar Joins International Information Exchange Agreement
· EY staff promote the value of a work and life balance to mark Sustainability Week
page 37
· Hassans hosts Annual Golf Day at Alcaidesa Links Course · Dell on the Rock
page 38
· Gibtelecom celebrates Apprenticeship Scheme success
page 40
· What next for business software? Welcome to Enterprise Resource Planning
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PEOPLE ON THE MOVE page 41
· Reshma Bhambhwani appointed new Deloitte Gibraltar partner
page 42
· KPMG announces appointment of new MD
page 43
· RBSI appoints a new CEO
page 43
· Tanya Wilkinson joins EFPG
publication may be reproduced without the permission of the Gibraltar Chamber of Commerce or the publishers
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News Features
B2B chats to Hon. Albert Isola – Minister for Finance and Gaming Financial Services Insurance Answering a question about where future growth in the insurance sector will come from, Minister Isola said that having identified at the start of his Governments election that there was a very successful motor insurance sector, Gibraltar has since become an even more significant player in the UK motor insurance market with approximately 17% of UK motor insurance premiums being written by Gibraltar-based insurance companies. “We now have the challenge of Solvency 2, the deadline for which is 1st January 2016, and we are fully subscribed to this European initiative and committed to complying with the Directive and of course EU standards,” he stated.
Almost two years since he took up his role as Minister for Financial Services and Gaming, Albert Isola says that it has been challenging and an enormous responsibility but that overall he is enjoying it. “It is an exciting position to hold and although there is a huge amount of work involved in each of the areas that I am looking after, it is a rewarding job in the sense that when I came in I set out how we wanted to achieve our objectives and an awful lot of that has been done, although as in every job there is an awful lot more that can be done.”
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Going forward the Minister said that Government is now seeking to diversify on the back of the success of the motor market by focusing on other areas of insurance. “A consultation document was published recently on our plans for strengthening the regulations of the personal pensions sector because we see that as a growth area and I expect to see changes and improvements to our regulatory environment in the coming months that will strengthen this market.” One of the aspects of this is that operators will take more responsibility for who they work with, how they work, if they are licensed or not licensed. The Minister explained: “There is no Government is now question in my mind that the pensions sector is a seeking to diversify growing sector but it is also a risk sector if it is not on the back of the managed properly and we are potentially exposing success of the motor ourselves to what is, in my view, unnecessary risk.” market by focusing on
Having worked in different areas of financial services Having introduced QROPS and gaming for other areas of insurance and QNOPS to the most of his life, Gibraltar pensions market, the Minister said the Minister confirmed that he always that a year after announcing ambitions to had his own ideas of how things could be establish itself as a new insurance linked done. “To have the ability to be able to do securities (ILS) jurisdiction he was delighted those things has been a welcome change, so to say that they have been successful in I am delighted to be doing what the bringing this to market within 12 months, previous administration should have done with the first ILS transaction having been before us and, to a very small extent, did.” completed in April 2015.
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and I think, most importantly, we have invested hugely in the financial services commission particularly in the area of insurance.”
We have a critical mass and a reputation as a good insurance jurisdiction...
Gibraltar has also received confirmation from HM Treasury that Part VII transfers can now take place between the UK and Gibraltarbased insurers and this will open the door to a wealth of opportunity for the insurance sector. “We are now working with HMT, the PRA and our FSC in working out how the mechanics of that can work in compliance with Part VII of the FMSA to ensure that Gibraltar benefits from that, the opportunities are enormous” the Minister said. In an attempt to further strengthen the insurance base, Minister Isola was heading up a Gibraltar Finance team at the Bermuda International Captive Conference recently where they were meeting with Bermuda based firms interested in considering Gibraltar as a potential jurisdiction for their European business. “There was a criticism in the past that our regulator had limited resources to deal with the issues that insurance companies faced, and so we have invested very heavily within the regulatory environment to ensure that they do now have that.” “What I get back from the insurance companies that are here, and those that are looking to come here, is that there is nothing more important to them than having a pragmatic and approachable regulator and that is one of the areas that we have identified as a key differential between us and other jurisdictions,” he noted. Confirming that they are in touch with a number of large insurance companies that are considering Gibraltar as a base, the Minister said: “We have a critical mass and a reputation as a good insurance jurisdiction
In addition to a fast track system for insurance companies wanting to be licensed in Gibraltar, the government and the FSC have embarked on a legal reform programme to rationalise over 80 different pieces of current legislation and multiple FSC guidance notes into one act and a single accompanying regulatory handbook. “Although this will involve a huge amount of work that will take a considerable period of time it will ultimately make it an awful lot easier for both the operators and for the regulators. It is the best way forward.” Motor Insurance VAT B2B asked Minister Isola about insurer frustration in the UK around the differing VAT rates incurred by UK and Gibraltar-based firms that has led to calls for an industry working party to lobby government to level the playing field. The Minister replied: “I think one of the fundamental issues with VAT is that the UK motor market thinks that Gibraltar has chosen not to pay VAT but the truth is very different,” he said. “When the UK signed the Treaty of Accession into the European Union in 1973 and Gibraltar went with it, we were specifically by that Treaty of Accession excluded from VAT, so it is not as if we have ever had a choice.” The Minister went on to say that the government announced a year ago that they will be revisiting VAT and considering all options as to whether Gibraltar should have VAT or any part of it. “VAT offers many different aspects; you could have VAT on goods and not on services, you could have it on services and not on goods or you could have it on both or on nothing.” Concluding his comments about the insurance sector, the Minister said that he was excited about the work that they were doing focusing on the legal and regulatory environment to ensure that the private sector has what they need to enable them to work. “Apart from that we are investing heavily in the marketing of the jurisdiction – so we are focusing on different aspects of the insurance business in different ways and I am very happy with how that is coming along.”
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News Features
Sir Peter Caruana KCMG QC talks to B2B about life after politics (Part 2) Sir Peter Caruana admits that he is currently resisting the temptation to write anything down about his years in office as Chief Minister. “If I do so it will be only so that the lessons of history are known and don’t have to be repeated by future leaders, and so that future generations of Gibraltarians can know and understand the huge challenges and changes that occurred at different times in our collective journey as a people ” told B2B.
“Not just the notional transfer of sovereignty without our consent, which is the actual preamble to the Constitution,” he explained, “but what is now referred to as the double lock which means that the UK will not even enter into negotiations or discussions about sovereignty unless the people of Gibraltar, through their government, is content with that.” That, he said, is a huge step forward in our political security and our ability to protect our rights, wishes and aspirations as a people. Elucidating on this Sir Peter said: “This means that Gibraltar is protected from political initiatives hatched between London and Madrid which prejudice us. I think that is a very valuable thing as it places Gibraltar in a much more secure political position than before and I am not talking about our security of being handed over to Spain, I think we were always secure in that respect, but secure from political initiatives and dialogue between Britain and
Responding to a question about whether he had any regrets or whether there was anything that he had left unfinished during his term, Sir Peter acknowledged that there were things he wished he had done differently. “Some things would have been better if they had been done in a different order. I wish that I had done some things before others”, he said. Asked what he thought the legacy was that he had left from his term as Chief Minister, Sir Peter seemed humble in his reply. “It is a question which I am often asked and which I try to avoid answering,” he said.
Sir Peter Caruana
“I think Gibraltar as a whole can be proud of a lot of things and if you have had the privilege of leading the community for 16 years as I did, you get the opportunity to have a real impact on the direction of travel and on the things that have been achieved.” “There is no doubt that I have been given that opportunity but it is for others to judge whether on balance my passage through office was positive. However the macroeconomic and social indicators appear to suggest that Gibraltar enjoyed a sustained period of success, as I hope it will continue to enjoy under any government.” Enlarging on what he sees as his greatest achievements, those that he is most proud of in terms of what they mean to Gibraltar going forward, Sir Peter mentioned the area
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With maximised levels of self-governance come
of external affairs and the new constitution. “With maximised levels of self-governance come maximum control over economic affairs and prospects,” he stated.
maximum control over economic affairs and prospects
“I think future Gibraltar governments are well set to continue to have a Gibraltarian set of hands on the tillers of Gibraltarian destiny.” The other item which Sir Peter confirmed he was justly proud of, which was perhaps even more important than the constitutional reform, was the obtaining of the double lock - persuading the UK government to extend its historical, traditional sovereignty commitment to Gibraltar.
Spain about us which, whilst not resulting in our handover to Spain, nevertheless does huge damage to our political rights and aspirations as a people.” However, it was the work done on repositioning Gibraltar’s reputation in the first term of Sir Peter’s office of administration which he says made
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everything else possible. He cites as Gibraltar’s reputation as being its most valuable economic resource. “We don’t have the usual factors of production, labour, capital, land resources - they are not available to us, any of them, in huge quantities,” he stated. “What we do have is the wit of the people and our reputation, in other words our abilities to attract people to come to Gibraltar on the basis that they think they are going to be safe here and they are not going to be tarnished by association.”
and its public facilities and housing,” Sir Peter continued, “and these were capital projects that required a huge amount of investment.”
Clarifying what he sees as another of his legacies, the economy, Sir Peter highlighted that economy does not exist as an end to itself but that it is the means to an end which is to raise living standards and personal opportunity, providing jobs for citizens of the highest possible calibre, because with the highest possible calibre jobs comes higher earning potential.
“Thirdly, and this is the one I was wanting to come to because it has meant a lot to people at an individual level, we
Gibraltar has for many years enjoyed structural full employment levels, so the object of economic policy wasn’t so much as it is in other countries, simply to create revenue for the government or jobs for people, because the government already had budget surpluses and most people already had a job. “The focus of economic policy was firstly to improve the quality of jobs, improving the sustainability and quality of economic activity, and through that means to improve people’s personal wealth and therefore their personal living standards and, at the same time, to have a process for the redistribution of the wealth that this prosperous economy was creating.” “To that end we devised a three string bow (if such things exist). First, to spend money investing in infrastructure; in other words in the physical appearance of Gibraltar, its buildings, amenities, public appearance
Sir Peter said that the second string was using some of the government’s surplus revenue to improve public services generally, including schools, hospitals and leisure facilities, but also importantly, by broadening and extending our social and care services to provide support to the most vulnerable in our community.
redistributed wealth simply by massively reducing the burden of personal (and corporate) taxation.” Sir Peter said that because it happened over a period of 16 years, people haven’t done the sums but that actually the burden of personal taxation fell by more than 50% during that time. “A prosperous economy leads to increased government revenue which represents the fruits of the public wealth and then the government has to choose how it redistributes that wealth. We spent a lot of money and energy in making Gibraltar look and feel like a modern, vibrant city because that itself would guarantee future economic prosperity, not just for its people, but for inward investors.” Gibraltar had to be seen as a go-ahead place, a place that was differentiated from other small places and that is why Sir Peter says his government invested so much in Gibraltar physically, some of which they were criticised for at the time, such as the controversy about the new air terminal. “I think there are very few people that use the new air terminal who don’t think it is an important contribution to Gibraltar’s modernisation, so I am very proud of the new airport and I like to think of that as one of my legacies too.” When questioned if there was anything which he had left unfinished during his time in office, Sir Peter cited the one that he most regretted not having had the opportunity to finish was the completion of the tunnel under the runway. “I am glad to see that the new government appears to be sticking with it because I think it is very important for the future of a modern Gibraltar, especially as the airport becomes busier.” He continued: “The idea that the traffic snarls up is just not acceptable.”
A prosperous economy leads to increased government revenue
Commenting on the new University and the Gibraltar International Bank, Sir Peter said that these were both excellent projects that had been considered during his administration. “We had the new bank in our manifesto but I am delighted that the government have done their own version of it,” he noted. “Although I will say publically to the people who have always asked my view on that privately, – it is a great project which Gibraltar really needs so long as ministers of all governments of Gibraltar in the future do not interfere
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News Features
politically with it and it is allowed it to be run along normal banking lines by professionals and experts.” Sir Peter continued by saying that future governments of Gibraltar, of whatever political parties, would be making a very big mistake and potentially saddling the future generations of Gibraltar tax payers with existence- threatening millstones around their necks if banking decisions began being taken by a reference to political or electoral criteria rather than sound banking criteria. “That is my only reservation about the project and it is hypothetical,” he stated. Speaking about his hopes for the future of Gibraltar outside those surrounding the economy, Sir Peter referred to a policy of constructive engagement with Spain. “During the trilateral, for years the Spanish government never made any concession to me on sovereignty,” he said. “The socialist government at the time in Spain was as committed to their sovereignty claim as any government before or after them, but in parallel to that they invested with me in a commitment to inject as much normality, relationship building and mutually beneficial engagement,” he said before continuing, “and there are many areas of which that statement of mutually beneficial engagement is true, as was consistent with the fact that we disagree on the question of sovereignty.”
“My wish would be that a Spanish government, of whatever political colour as is elected in Spain at the next election, should return to that and acknowledge that it is possible to have a positive and constructive relationship with Gibraltar, without prejudicing the Spanish position and without seeking to demean Gibraltar by pretending we are not valid interlocutors or by pretending that our government does not exist.” Sir Peter was vehement about what he sees as the absurd posturing politics that resulted in the current Chief Minister not being recognised as such, but that resulted in Spain inventing a euphemism - ‘the local representative of the local authorities’. “My greatest hope for the future would be that we can return to the much more enlightened trilateral period where more light than heat was being generated.” With the news that he is stepping down entirely from politics in the near future, does this mean that Sir Peter will have more free time to devote to hobbies? “Hobbies, no,” he replied. “I have been known to play some golf but I haven’t dedicated much time to that of late. In any case, I have to work for a living now!”
from for some time and which he clearly enjoys. “At the moment my hobbies are weekends with family and as much leisure travel as we can fit in. During the week I am hard at work in my new legal practice.” “One of the things that happens when you do an all-consuming job like that of Chief Minister, particularly if you do it for an extended period of time, is that you fail to see just how all-consuming it actually is,” he said, before explaining that the life he had been leading at the time was not particularly normal. “When you get released from that and your weekends are your own and your relationships with people, friends and family are suddenly on a more normal basis, the pressures on your relationships become less and then, when your time is your own, you can do things,” he laughed. “It is very releasing and yes, I am enjoying it – much as I miss being Chief Minister. When a chapter closes in life a new one opens that brings different and equally good and rewarding benefits.” Photos by Rani Meenagh, Border Crossings Photography
Returning to legal practice after 16 years means that Sir Peter is now back in a profession from which he has been absent
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Chamber News
Annual General Meeting of the Gibraltar Chamber of Commerce The President welcomed those present and thanked them for taking the time to attend. He said that 2014 had been a busy year for the Chamber on a number of fronts. He gave his apologies for the delay in publishing the update of the Economic Impact Study but the translation into Spanish was taking longer than anticipated. Nevertheless it would be published very shortly. Another important piece of work undertaken by the Chamber was that done by the Cross Frontier Group. The President asked Mr John Isola who represents the Chamber on this group to give the members a brief summary of the Group’s activities during the year. Mr Isola reminded those present that the Chamber was instrumental in setting up the CFG. A detailed dossier had been published by the group in 2014. This dossier set out the extent and impact of the controls imposed by Spanish authorities on EU citizens and businesses on both sides of the frontier. The dossier had been sent to MEPs in Brussels and delegations of the CFG had also travelled to Brussels to present the dossier’s findings to the office of the EU Commission responsible for border issues. Other delegations of the CFG also presented the dossier to MPs of the Junta de Andalucia in Seville and also to members of the All Party Parliamentary Gibraltar Group at the House of Commons in the UK. Mr Isola ended by saying that the Group is currently trying to constitute itself formally and also obtain recognised status by the European Commission. The President thanked Mr Isola for the update and continued with his address. The President said he thought it important to emphasise once more that much of the Chamber’s work was done behind the scenes and it was not always obvious how the Chamber was acting on behalf of its members. The Chamber is represented on many committees which interact formally with various government departments. These included Tourism, the Port, EU funding, the environment, trade licensing and the Cross Frontier Group among others. Interacting with these committees takes up a lot of the board’s time which they all give voluntarily. The President urged members to interact with the Chamber if they have any issues which are affecting their businesses
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and the Chamber would take up any issues on their behalf. The President said that one of the main pieces of work undertaken by the Chamber during the year was to publish the Agenda for Change in Employment legislation. The President said that much of Gibraltar’s employment legislation was out of date. Over the years the unions had cherry picked elements of UK labour laws which benefitted employees but not usually the employers. The Chamber decided to commission a review of all local employment legislation and making recommendations to government about the changes it would like to see. The Chamber continues to press the government to adopt the recommendations made in its Agenda for Change document. As 2015 list an election year the President urged members to engage with the Chamber to help draft a wish list for the business community. The President said that after the formal business of the meeting was complete he would open up the meeting to a more general discussion on what a wish list might contain.
asked if all those members present had a voting card. The President asked that the members write the names of the four candidates they wished to elect to the board. The cards were completed and Mr Roy Clinton was asked to count the votes for each candidate. Mr Clinton presented the tally of votes to the President. The results were that Mr Franco Cassar, Mr Mike Nicholls, Mr Nicholas Russo and Mrs Naomi Quigley were duly elected to the board. The President thanked all the candidates and welcomed Mrs Quigley as a new board director. Election of Office Bearers The four positions of President, Vice President, Honorary Treasurer and Honorary Secretary are posts which are renewed annually. The incumbents, Mr Christian Hernandez, Mr John Isola, Mr Mike Nicholls and Mr Marvin Cartwright respectively had each agreed to serve for a further year. The President asked for someone to propose a motion that the four be re-elected as office bearers. Mr Steve Larkinson proposed the motion and Mr Manolo Veneroni seconded the motion. The motion was passed.
Election of Board Directors General Discussion The President said that Mr Franco Cassar, Mr Mike Nicholls and Mr Nicholas Russo were due to retire from the board and all three were standing for re-election to the board. The President said the Mr Jose Luis Bonavia who had served on the board for the last six years had retired and would not be seeking re-election to the board. The President said that on behalf of the board he wished to thank Mr Bonavia for the valuable contributions which he had made during his time as a board director. The President said that the Chamber had received two other nominations from individual members to stand for the board. The two other candidates putting themselves forward were Mr Eran Shay and Mrs Naomi Quigley. The President asked each of the candidates to explain their motives for standing and in particular what they could bring to the board of the Chamber. Each candidate gave a brief appraisal of their experience and the reasons why they thought they would be able to contribute to the development of the Chamber. Once the individual candidates had presented their credentials the President
The President then opened the meeting up to the floor and said that as there was likely to be a general election in 2015 he encouraged members to make suggestions for a wish list which would help the business community. Mr Alwani asked about the possibility of introducing a two tier system of import duty, one for personal imports and another, lower one for local traders. The President said that the previous administration had been against this idea and the current government also were against this idea. Instead the President said the Chamber would push for greater enforcement in the collection of duty for all personal imports at the land frontier and at the parcel post. The President had held meetings with the Collector of Customs and with Minister Costa and discussed this issue. The main difficulty with enforcing this is the lack of manpower. However, with the recent recruitment of additional personnel the Chamber will continue to push for this. The President also raised the possibility of introducing a
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Chamber News
handling fee at the parcel post for personal imports. This would help to offset the costs of running the post office which is currently loss-making. With regards to the difficulties faced by Gibraltar’s retail and wholesale sectors Mr Mifsud said that the UK’s retail sector was experiencing many of the problems which Gibraltar was facing and that shops on Main Street needed to diversify their offering. Mr Cartwright said that it was refreshing that the government had formed a committee to lay out a strategic plan for the long term future of Gibraltar’s economy, noting that this had never been done by previous administrations. Mr Cartwright hoped that the Chamber would be involved in part of this process and that the future of Main Street would form a part of this. A comment about the City Taxi service highlighted that the reliability and availability of taxis left a lot to be desired. It was noted that no new licences had been issued since the border opened fully in 1985 even though the number of visitors had increased substantially. The Chamber will continue to lobby the government for an improved City Taxi Service including the manifesto commitment to introduce London style black cabs for a City Service.
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The President made a general point about the government’s draft Traffic & Transport plan saying that the Chamber had made representations to government about some of the concerns the Chamber had but had not received any news of revisions to the plan. Mr Shay said that Gibraltar was quite behind other jurisdictions in the use of basic technologies to serve the public better. He cited the used of real-time signage on bus stops to inform passengers the waiting times for the next bus. The Chamber will also push for more educational tourism to inform pupils from local schools and from visiting schools about Gibraltar’s history and current affairs. In time it was hoped that this would help to update and change perceptions about Gibraltar, particularly among Spanish schoolchildren. Mr Sergeev said that he had frequently seen unlicensed Spanish tour operators giving private tours on the Upper Rock. He said that there are no Tourist Board officials to challenge these illegal and unauthorised operators and so Gibraltar loses out on the revenue on the one hand and also has no way of ensuring the quality or accuracy of the information being disseminated to visitors on the other. Mr Bassadone commented on the point about means testing people if they were
given low cost housing or other benefits. He said that the government should look at the recipient’s worldwide assets and income and not just what they declare in Gibraltar. He had heard of cases where people lived in rent protected flats or had low cost housing but had a second undeclared property in Spain or the UK. He said it was important that the government helped the needy but if the need is not there then people should have their entitlement withdrawn. The President said that overall the Chamber would continue to lobby government for wider consultation on all issues which affect or are likely to affect the private sector. Mr Larkinson said that he wished to congratulate the board on the quality of the Chamber’s 2014 annual report. He said that it is a very useful and interesting publication and a credit to the Chamber as an institution. The President asked if there were any further questions. None were forthcoming. The President said that he would like to bring the meeting to a close and thanked the members for their ongoing support. He also said that he wished to thank his fellow directors for their efforts and support during the year.
Chamber News
OBE for John Bassadone in Queen’s birthday honours The Chamber congratulates John Bassadone on being awarded the Order of the British Empire for his services to Gibraltar’s economy and in particular to the contribution his company, Gibunco has made to the development of the Port and the related shipping services sector over the years. It is heartening that his dedication, drive and hard work have received recognition. Local businessman John Bassadone was appointed an Officer of the Most Excellent Order of the British Empire [OBE] in the 2015 Queen’s Birthday Honours for services to business in Gibraltar. Mr Bassadone left school at age 15 in 1965 to join his father’s newly established company Gibraltar Underwater Contractors Ltd (GIBUNCO ) which undertook the underwater hull cleaning of ships calling at the Port of Gibraltar. Over the years he has developed the company into a major international conglomerate, which has been of significant benefit to the Gibraltar economy.
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Chamber News
Residential property: On the cusp of a boom? In my opinion we are on the cusp of a building boom in Gibraltar as supply tries to catch up with property demand.
Spain, some out of choice, but many because they cannot afford to buy what is currently available in the housing market or that what is on offer is not suitable.
In 2002 there were some 14,000 jobs in Gibraltar. Today, the number of jobs is some 24,000, an increase of 9,000 (71%). Compare this to a population growth from 28,500 to 32,500 in the same period, an increase of just 5,000 (17%). Many of those 10,000 additional jobs have been filled by employees living in
In July 2015, some 90 apartments at West One, Eurotowers were sold in a matter of days. The market response to the launch was truly amazing, strong sales were expected, however, no one truly expected every studio apartment to sell within 48 hours and every one bedroom apartment in 72
hours. It may have set a new Gibraltar (open market property) record for the speed with which the apartments sold. There remains pent up demand in the market place for properties priced such that the swathes of employees in Gibraltar who do not qualify for the local market due to the three year residency rule can purchase or rent them. Gibraltar needs more “West One’s” if it wishes to attract and retain employers who want their staff to live in Gibraltar not Spain, and at rents the employees can afford. Developers clearly see the opportunity, two further blocks of accommodation have gained planning consent next to King’s Wharf. Imperial Ocean Plaza sold out last September in six days. Ocean Spa Plaza is next up at DPC. Some forty apartments in Marina Bay gained consent in June 2015. Midtown, Villa Plata, Tarik Views and The Arches are now all under construction. Then there’s the Eastside and the Government’s own schemes for the local market. According to the Chamber’s recent study, some 9,200 workers commute in from Spain each day. Say 25% would rather live in Gibraltar if they could afford to do so. That’s 2,300 employees of Gibraltar companies who need somewhere to live, initially in the open market. There might appear to be a construction bubble, but the statistics and evidence suggest that the demand is there The addition of so much concrete to Gibraltar’s skyline is not attractive to everyone. However, what is the alternative? If the supply of housing does not increase, especially at the lower price levels, prices will continue to rise and only the 3 year residents in Government backed housing and the wealthy will be able to live here. The non-local employees, will be forced to live in Spain, as many are now. That is a potential disincentive to attracting new employers to Gibraltar when considering the well-being of their workforce. To maintain economic growth, there must be more residential property built, which is exactly what is happening. But let’s look on the bright side. Currently 9,000 Gibraltar salaries are being spent in Spain. Bringing just some of these employees into Gibraltar will be a boost to our economy, as expenditure will switch to Gibraltar. A further boost is on the horizon. Mike Nicholls.
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Business Briefs
Hassans announces a new legal precedent for setting Gibraltar trusts aside on the grounds of a mistake Hassans International Law Firm has announced that a judgment from the Supreme Court of Gibraltar has established a legal precedent for setting Gibraltar trusts aside on the grounds of mistake.
trust for its clients without first carrying out the relevant discussions with either the clients themselves or their advisors.
The Claimants sought to persuade the Court that their Gibraltar Trust should be set aside on the basis that they entered into the Deed of Settlement on the 26th September 2003, following a mistake relying on statements made by the First Defendant, and that this had resulted in an unnecessary tax liability being incurred. The First Defendant was a financial institution in Gibraltar and the Channel Islands which offer private banking, wealth management and professional trustee services and had been trustees of the Trust. Whilst the First Defendant admitted that the Claimants had entered into the Deed of Settlement with a mistaken understanding of the relevant tax implications, the Defendants denied that they had acted in any advisory capacity in matters of United Kingdom inheritance tax or matters of taxation generally.
be unjust to leave the mistake uncorrected and that the appropriate relief would be for the Deed of Settlement to be set aside. It explained that the circumstances of this case were such that if the Trust was not set aside its underlying assets would effectively be taxed twice. The Court went on to note that the Trust had been a legitimate way to mitigate tax given the Claimant’s circumstances rather than being an artificial tax avoidance arrangement. The Court also ordered that the First Defendant pay all of the Claimants’ legal costs. Daniel Feetham, Partner at Hassans and a specialist in commercial and trust litigation, acted on behalf of the Claimants (the Settlors of the Gibraltar Trust). Angela White, Tax Consultant at Hassans, who also provided evidence on behalf of the Claimants, commented on the precedent stating:
Daniel Feetham
The Court, upon hearing all of the evidence, determined that it found it hard to believe that professional trustees could establish a
Furthermore, the Court was persuaded that a significant tax liability had been incurred as a result of a discretionary trust being settled rather than an interest in possession trust. The judgment of the court was that it would
“In light of the judgment, Hassans’ wishes to take this opportunity to impress on its clients the importance of obtaining suitable tax advice before entering into a Deed of Settlement, and that should they have any concerns in respect of any existing trusts or settlements, they should contact a member of Hassans’ highly experienced Tax & Overseas Property Team.”
Hassans recruits ex-Linklaters partner as a Consultant Hassans International Law Firm is delighted to announce that David Weber, a resident of Gibraltar, has joined the firm as a Consultant. David was previously in-house counsel to a consortium of major oil & gas companies and before that was a senior partner at Linklaters and a co-founder of their Projects & Energy Group.
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David has vast experience in corporate and finance work (including acquisitions and disposals) and has been involved in the development and financing of several landmark projects in the oil & gas, power generation, transportation and infrastructure sectors. His services have been engaged to deal with a number of international clients and transactions in which the firm is presently
advising. David’s expertise will be extremely valuable to the firm. Javier Chincotta, Managing Partner, commented: “We are delighted to welcome David to the firm. His vast experience will be of great help to our clients and we look forward to a lengthy professional relationship with him.”
TRIAY STAGNETTO NEISH Barristers & Solicitors
Burns House, 19 Town Range, Gibraltar Tel: (+350) 200 79423 / 200 73530 Fax: (+350) 200 71405 Email: tsn@tsnlaw.com www.tsnlaw.com
Business Briefs
2nd annual Global Lottery Messenger Forum a resounding success 100 delegates, representing 35 Lottery Messenger brands including the industry’s largest, travelled from 18 countries to participate in the industry’s second annual global conference, GLMF2015. Organised and hosted for the second consecutive year by Counting House, and this year supported by 6 sponsors, the industry made a loud and clear statement that the GLMF is here to stay
“Less than 12 months ago, the Lottery Messenger industry had never sat in the same room,” commented Stuart Ballan, Head of Sales, Middle East, at Counting House. “As a direct result of GLMF2014, which took place in Tel-Aviv, Israel, in May 2014, many new collaborations emerged. Consequently, by GLMF2015, many people knew each other in the industry, resulting in delegates arriving with clear agendas of who they wanted to meet, and why, leading to new and strengthened business and personal relationships.” A packed pre-event networking evening, kindly sponsored by Lottoland Solutions, set a professional but enjoyable tone for the event. The main conference was supported by the Platinum sponsor, LOTTOTECH, and gold sponsors Lottoyard, Kootac, Isle of Man eGaming, and the Isle of Man Post Office. It offered a diverse and unique combination of keynote speakers and industry panels, which kept the audience’s attention from start to end.
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Paul Davis, (MD, Counting House) formally opened the proceedings, followed by Stuart Ballan who presented on how the industry had changed since GLMF2014 as well as some of the hot and controversial issues for the year ahead. Peter Greenhill, (CEO of e-Gaming, IoM) moderated a fascinating panel on regulation that included Steve Brennan, (CEO – Gambling Supervision Commission, IoM), Ofri Noier, (LOTTOTECH) and Sascha Badelt (CEO, Digidis). Stimulating out-of-the-box thinking, Bruce Cran, (CEO of Direct Focus Online), mesmerised the audience with a marketing approach that educated the majority. Steve Hickson, (Director, SidePlay Entertainment) offered his perspective of how sidegames can complement Betting On Lotteries, significantly increasing revenues. Following lunch, Stuart Ballan moderated the insurance panel, composed of Matt Butcher (Sales Director, PIMS-SCA), Mark Robinson (Director, Bluefin) and Tom Mitchell (Director, Lottorisq), discussing the pros and cons of the insurance model, including related risks. Keynote speaker, Egidio Messito, (MD, MyLotto24), representing the largest operator at the conference, presented “Secondary Lotteries As An Asset Class”, including explaining Insurance Linked Security (ILS) and Mylotto24’s achievements in this segment. Paul Davis, (MD, Counting House), shared his many years of payment processing industry experience with a global tour of issues affecting the more complex countries. With many industry players immersed in “everything online”, Niall Carey, (Commercial Manager, IoM Post Office), presented the value of using postal services as a marketing tool; unquestionably giving some new food for thought. David von Rosen, (Advisor to Lottoland Solutions), confirmed Lottolands’ entry into the use of Insurance Linked Securities, whilst explaining the intricacies of insuring jackpots that had probably never before
been publicly discussed. To wrap up, three B2B platforms; LOTTOTECH (Ofri Noier), LottoYard (Yuval Ganot) and Kootac (Marek Mahdal), each shared diverse experiences with the audience that should help many; especially the newer operators, to steer away from a number of avoidable potholes. The experience was completed at Le Bateau restaurant, where in addition to enjoying the food, drink and networking, everyone waited with baited breath for the announcement of the winner of the Apple Watch quiz. It’s perhaps a measure of the people attending the event that the winner, instead of choosing to accept the most sought after gadget on the planet, chose to donate the cost to the Nepal Earthquake fund. Over the last six months, the Lottery Messenger industry, which enables the global public to participate online in non-local National Lotteries, has undergone significant growth. Following the path of many other industries it has moved towards a B2B model as it has matured, with four platforms launched in as many months. Three of the world’s four B2B platforms were sponsors at GLMF2015. “The locations for GLMF2014 and GLMF2015, Israel and Gibraltar, respectively, were chosen because of their strong connection to the Lottery Messenger industry,” said Ballan. “Consistent with this theme, Counting House is pleased to announce that GLMF2016 will take place in Sofia, Bulgaria, another Lottery Messenger industry nerve centre, on 11th April 2016, at a venue to be confirmed.”
Business Briefs
Seminar for Gibraltar insurers to explain important tax changes in UK The Gibraltar Insurance Association (GIA), with the assistance of EY recently held a semniar with the objective of clarifying recent changes to international tax regulation and its impact for commercial, financial and operational aspects of insurers. Specifically the seminar will address the new Diverted Profits Tax (“DPT”), introduced by the UK Government, and which was effective from 1st April 2015. Chris Johnson, Chairman of GIA, said “EY is one of the most important firms of accountants and consultants in Gibraltar and lead the Association’s activities in the tax arena. I am very grateful to them for presenting this seminar, which I think will be of considerable interest to all our members. Death and taxes are two of life’s certainties, so I’m delighted EY will help us walk into the light!”
The seminar was led by Jenny Coletta, Insurance Tax Partner, EY UK. Over the last 15 years Jenny has worked exclusively with insurers in providing international insurance tax services. She is a member of the EY Insurance Tax Network, a team of specialists focusing on the insurance sector across 13 jurisdictions (including Gibraltar). In addition she has led discussions with HMRC on Base Erosion and Profits Shifting (BEPS) and on Diverted Profits Tax and the impact of these on the insurance industry. Neil Rumford, Tax Partner at EY in Gibraltar told B2B: “Global insurance groups are facing a period of unprecedented change in the tax landscape. Diverted Profits Tax has been introduced in the midst of much publicity around perceived tax avoidance by multinational corporations. Although not aimed specifically at the insurance industry, this new tax can be highly relevant to insurers based outside the UK who have UK customers, or who are otherwise
receiving premiums or other income from the UK. Jenny Coletta has been at the heart of addressing this and other tax issues from the perspective of the insurance industry. Being fully informed of the implications of these changes will be key to successfully navigating the new tax landscape.”
Jenny Coletta
Focusing on detail Understanding your needs Deloitte provides a full range of professional services, including audit, tax and financial advisory. As a member firm of Deloitte Touche Tohmatsu our service values are guided by global common principle to ensure our services are consistently of the highest quality. Our philosophy focuses on strong partner involvement and an understanding of your business needs. We listen and work with you. We communicate regularly and provide information in a manner you can use to make effective business decisions. For more information, call Stephen Reyes or Joe Montovio on: Tel: +350 200 41200, Fax: +350 200 41201, info@deloitte.gi
www.deloitte.gi Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar © 2015 Deloitte Limited. A member of Deloitte Touche Tohmatsu Limited
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Business Briefs
EY launches ‘A’ Level student scheme
Following on from the successful launch of this year’s Summer Internship Programme for graduates in Gibraltar, EY is extending the work opportunities with them to ‘A’ Level students. A new, streamlined, summer programme will offer school students in year 12 a week’s experience of working with a global accountancy firm. Beginning in July these younger students will combine audit and accounting work experience with soft skills development as they shadow and learn from the firm’s professionals. Arianne Britto, Associate said: ‘Our graduate programme has attracted a very high calibre
of applicants who we are confident represent the next generation of our team. We are fortunate to be able to offer the ‘Big Four’ experience of working for a globally recognised firm locally and so it seemed a natural progression to extend this to year 12 students. Our objective is to provide the students with a real feel for what working at EY is like before they embark on their final year at school. EY is a diverse firm, offering a broad range of services which can often be a surprise to students who may have preconceived ideas of Accountancy and our day to day roles. At the same time, we get to meet students who may well prove to be the future of our firm.’
In addition to these students and graduate schemes EY this year also initiated plans to provide a grant to support one student each year through their university career. In addition to the grant, the successful applicant would be able to undertake the Summer Internship Programme, along with any placements their degree course may require at our local EY office. The successful student should be studying an Accountancy related degree course. For more information students should contact Arianne Britto at Arianne.Britto@gi.ey.com
Keep your details safe: Do’s and don’ts of safety online The use of digital banking services by customers everywhere is accelerating dramatically. On average there are more than 200,000 log- ins by our customers every day*, testifying to the huge demand for banking whilst ‘on the go’. With the transformation of our banking habits comes a new set of security considerations both for banks and for customers. With all technological developments, security remains a priority for us and we follow an ongoing cycle of enhancement and testing in this regard to ensure banking online remains secure. You can download our free Rapport software to give you an extra layer of security when you bank online.
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There are also a number of dos and don’ts for customers when it comes to banking online and some of them are practical steps which are easy to follow.
Vigilance is key , please review your account activity regularly and if you notice anything unusual, alert us immediately. Some other simple rules will also help:
For instance, when you use online or mobile banking in public, do check that no one’s looking over your shoulder or watching you key in codes. Nor would we advise customers to use public wi-fi spots to undertake banking or payments online. They are not always secure so try to use safer networks.
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A common scam involves the fraudster making contact and asking the customer to transfer money to a different account purportedly to protect the customer from fraud. We would never ask you to do this so ignore any approach and let us know.
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Don’t give your full PIN and password to anyone at any time – including your bank Never tell anyone your card reader codes or use them while logging in online Never click on a link to another website where indicated nor call an unknown number
We’ve more details on the threat of fraud and the precautions you can take to help keep your banking secure online at www. natwestinternational.com
A more direct approach to optimal cash management If the pinnacle is optimum efficiency, we recommend taking the direct route. Equipped with a range of leading integrated cash management solutions fitted to your unique specifications, we can facilitate the control of money throughout your organisation. To keep on top, simply call us on 0207 574 3246 or speak to your Relationship Manager. Alternatively, you can find out more by visiting us at barclays.com/wealth/cash
Wealth and Investment Management
Barclays offers banking, wealth and investment management products and services to its clients through Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is registered in England and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Gibraltar Financial Services Commission to conduct banking and investment business in Gibraltar. IBIM4714 Gib April 2015
Business Briefs
Gibraltar Joins International Information Exchange Agreement Felix Hufeld, Chair of the Executive Committee of the International Association of Insurance Supervisors (IAIS), recently announced that the insurance supervisor of Gibraltar has joined an international supervisory cooperation and information exchange agreement. Since the first jurisdiction was admitted in June 2009, membership in the IAIS Multilateral Memorandum of Understanding (MMoU) has grown significantly to now include 52 signatories representing more than 63% of worldwide premium volume. “The Gibraltar Financial Services Commission (FSC) is delighted to have been accepted as a signatory to the IAIS MMoU,” said FSC Chief Executive Officer Samantha Barrass. “The FSC is committed to working together with other
jurisdictions to exchange information and strengthen the approach to supervision of insurance companies globally.” The MMoU is a global framework for cooperation and information exchange among insurance supervisors. It sets minimum standards to which signatories must adhere, and all applicants are subject to review and approval by an independent team of IAIS Members. Through membership in the MMoU, supervisors are able to exchange relevant information with and provide assistance to other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers. “We are glad to welcome Gibraltar as a signatory to the MMoU,” said Mr Hufeld. “In order to achieve our ultimate goal of
policyholder protection within the global insurance marketplace, an insurance supervisor needs the ability to cooperate quickly and effectively. The MMoU is an essential regulatory tool – not only in crisis situations, but on a day-to-day basis – for supervisors to foster safer and more stable insurance markets, and the IAIS encourages each of its Members to become a MMoU signatory.” Current MMoU signatories include, among others, Australia, Austria, Bermuda, Canada, Chile, California (USA), Connecticut (USA), Chinese Taipei, France, Germany, Hong Kong, Japan, Michigan (USA), Nebraska (USA), the Netherlands, Pennsylvania (USA), Qatar, Singapore, Switzerland, the United Kingdom, Virginia (USA) and Washington (USA). A complete list of signatories and a copy of the MMoU can be found on the IAIS website (www. iaisweb.org).
EY staff promote the value of a work and life balance to mark Sustainability Week
Promoting the value of balancing work and life was demonstrated by EY’s staff as part of this year’s Sustainability Week. The Week is a globally recognised project throughout the EY network that highlights the importance of living sustainably as individuals and as businesses. During the week, the EY Gibraltar team organised a range of activities and initiatives focusing on this year’s theme. Commencing 29th June, fresh fruit was delivered each day for staff to encourage awareness of the importance of healthy eating habits. A competition was held for the most kilometers tracked by a staff member during Sustainability Week. Using Smartphones with a versions of a “Health” app installed participants were able to automatically track their steps by day or by week. Staff were
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encouraged to walk to work, take a walk on their lunch break, hit the gym or go for a run to boost their chances of winning. The prize for the most kilometres was sourced from Kiva, a not for profit organisation that allows people to lend money via the internet to low-income or impoverished entrepreneurs in developing countries. Arianne Britto, Associate at EY, and one of the week’s organisers said: ‘We were keen to use this week to highlight the small changes we can all make to our working experience that can enhance our lives. An important element of this was showing how those small changes, set in the context of achieving a good work/life balance, can have a positive impact for everyone.’ On Sustainability Day itself webinars were held on sustainability in the Insurance, Banking and
Wealth and Asset Management sectors. The finale was an activity to take staff members outside and into the open environment of Gibraltar. On Friday 3 July, setting off from the EY offices at 11am, staff taking part headed for a walk through the ‘old town’, culminating at the Great Siege Tunnels. At the end of the challenge, they stopped for a healthy picnic lunch at the top before returning. JJ Pisharello, Managing Partner at EY, welcomed the second year of involvement in the Week by the Gibraltar office: ‘Sustainability and education are cornerstones of our values as a professional firm. In supporting this annual week EY is able to offer staff a wide range of learning opportunities and activities in which to participate. Congratulations to Arianne and her team for an excellent initiative.’
Business Briefs
Hassans hosts Annual Golf Day at Alcaidesa Links Course Hassans International Law Firm held their annual golf day recently at the Alcaidesa Links Course. A beautifully clear day with some wind allowed the golfers spectacular views of the levanter cloud over Gibraltar following a shotgun start. The winning team, comprising host Emerson Apap (Line Group), Francis Caruana (Valmar Pharmacy), Ian Dallas (Pacific Coast Ltd) and Seamus Hayes (Lloyds Bank), finished in an impressive time of just over 4 hours. Runners-up in second place were Duncan Quigley (Colorworks), Johann Olivera (EY) and Matthew
Robinson (Lottoland), hosted by Francis Muscat (Hassans). In third place, the team, hosted by Craig Alan (Hassans), was made up of Mike Nicholls (Chestertons), Benjy Cuby (Finsbury Trust) and Shaun Hart (GibGlobal). Vouchers were also awarded to Francis Caruana for longest drive, Francis Muscat for nearest to the pin on Hole 10 and Emerson Apap for nearest the pin on Hole 17. Vikram Nagrani, Partner and event host commented: “The Hassans’ Golf Day is always popular and, feedback from guests was that this was a particularly good competitive yet sociable and enjoyable day. We look forward to welcoming our guests and clients next year.”
Dell on the Rock For the second time in three months, Dell invited customers and business partners to The Sunborn Flotel to discuss The Dell Advantage. Following the launch in March of Dell’s Same Business Day support service for Gibraltar, the team from Dell hosted an informal introduction and overview of their Enterprise Solutions…data storage, networking and server systems…and how they are driving superior value for their customers. Paul Harrison, UK Storage Sales Director, is adamant that Dell will have a positive impact on the Gibraltar technology space. “Today has all been about what our customers believe constitute a future-ready datacenter. This hasn’t been a tech-fest! We have instead engaged in conversations on how Dell innovation can be transformed into business outcomes. These include productivity gains, environmental
efficiencies, extended IT asset write-down periods and reduced time to value for new applications and services. This is what we mean by The Dell Advantage” Dell’s increased visibility in Gibraltar data centers is the result of a dedicated account
team focused on Gibraltar and most critically the opening of a secure spares hub at the airport. This allows for spares to be onsite within 4-hours and treats the GX postcode no differently from mainland UK. A local service partner provide Dell accredited engineers for onsite parts replacement.
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Business Briefs
Gibtelecom celebrates Apprenticeship Scheme success
The Company celebrated the successful completion of the third intake of its communications apprenticeship scheme, launched in 2008, with a graduation reception at the
Rock Hotel recently. Three apprentices graduated with the BTEC (Business and Technology Education Council) Diploma in Professional Competence for IT & Telecoms Professionals. The Hon Joe Bossano, Minister for Economic Development, Telecommunications and the Gibraltar Savings Bank and The Hon Neil Costa, Minister for Business and Employment,
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attended the ceremony. Mr Bossano presented the graduating apprentices with their certificates marking the successful completion of their four years apprenticeship scheme with Gibtelecom, as well as their BTEC awards.
Commenting on the success of the programme Mr Bossano spoke about how “when it comes to technical knowledge there is a need to acquire the necessary skills to meet new challenges, and that this is essential to ensure the continuing success of Gibraltar’s economy”. He added that the Company “has been a key foundation of that economy as communications in today’s world plays such an important role”. Tim Bristow, Gibtelecom’s CEO, also expressed
words of encouragement to the apprentices at the awards ceremony saying that “the four year programme which some started in 2008, others in 2009 and the remainder in 2010, was designed to give young people valuable communications, IT and related skills throughout the various stages of the scheme”. He congratulated the graduating apprentices and added that “their skills will go a long way to serve not only Gibtelecom’s requirements but those of the wider community”. He also thanked GibDock for their part in the initial induction programme, and the Gibraltar College for their general guidance and training of Gibtelecom’s BTEC assessors, previously NVQ (National Vocational Qualification). The apprentices at the outset completed a three month NVQ Level 1 in basic hand skills at GibDock, followed by “on the job” structured training with Gibtelecom over four years, which included a short street works and health and safety course with British Telecom in the UK. All the graduating apprentices have taken up jobs with Gibtelecom. The apprentices who graduated were Michael Benitez; Kairon Morillo; and Craig Lima. They represented the third intake of apprentices, the previous two intakes graduated in 2012 and 2014 respectively, bringing to a total of sixteen apprentices that have graduated since the scheme’s inception.
Business Briefs
What next for business software? Welcome to Enterprise Resource Planning In the early 1990s, the business software market opened up for companies offering Enterprise Resource Planning (ERP) systems that integrated previously disparate and disjointed business processes. ERP enabled companies of varying sizes to gain an all-encompassing and real-time view of these processes. As a result, finance teams were able to make more informed decisions by pairing accounts and customer information. The ambition to link the various arms of a business together into a management information tool was sound, but failed to meet expectations as companies struggled with cumbersome technologies and business re-engineering projects. That perception has been hard to shift, but the underlying need that ERP sought to address is still there. Recent technology developments have revived the possibilities by moving into “the cloud”, where many of the system management and administration headaches are handled over the web by the software provider. What is ERP and why it is more relevant today? By supporting all these different processes within a single system, ERP can generate savings and efficiencies by uniting different departments and giving managers a coherent overview of the business. Sales, cost, stock, service and accounts data can be pulled into business intelligence programmes to provide insights on how the organisation is performing across all departments. It is also about keeping a business agile, and mobile. Today businesses need to be accessible and online at all times. Accelerating technological change and globalisation are creating highly mobile workers who have come to expect the same usability and convenience with their work tools that they enjoy with their consumer technology and software.
Cloud technology brings ERP to a wider market Now web-based software delivery has had a direct and profound effect on modern ERP systems. Cloud computing allows companies to move their data and applications onto the internet. With storage and housekeeping taken care of remotely,
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businesses no longer have to pay for the expensive overheads of buying and maintaining their own servers. Cloud technology also means ERP users don’t need as much support from external consultants. Instead of worrying about network installations and software licensing mechanics, they can devote more time to configuring the software to work the way they want. The pay-as-you-go cloud model is a more practical and affordable way for growing organisations to bring new departments, international subsidiaries or trading partners on stream. During lean years, many businesses may have pushed their existing systems to the limit, but have stuck with them through economic necessity. But the costs of maintaining outmoded legacy systems are
a financial drain. In many situations, missing elements of the software equation will be available as cloud solutions, and most good service providers should be able to accommodate a company’s needs with applications that can link to or match the functionality of existing systems. There is no need to disrupt the organisation by ripping out and replacing an entire system; cloud-based ERP makes it possible to tackle enhancements in incremental steps. In a world where time is money, technology can save time, and a modern ERP setup can save both. With the potential benefits now within reach of organisations of all sizes, more and more businesses are looking to adopt truly integrated business software to help their business be more efficient and make better decisions.
People on the Move
Reshma Bhambhwani appointed new Deloitte Gibraltar partner Deloitte Gibraltar has announced the appointment of Reshma Bhambhwani to the board. Reshma is now the second woman to join the board of the local accountants Deloitte, giving them an impressive 33% to 66% ratio of women to men on the board.
engagements for many of the firm’s leading financial services clients including banks, motor insurers and captive insurers. Other clients served include a range of other financial services audits such as investment funds and trust and company managers.
“We are very happy to welcome Reshma onto the board. After 11 years of exceptional work, Reshma is a deserved appointee, and the current partners unanimously congratulate her on her achievement” commented Pepe Caruana to B2B.
Reshma also has experience in the areas of tax and corporate finance and has taken significant roles in investigations into insurance companies and other regulated companies for the Gibraltar Financial Services Commission.
Reshma joined Deloitte Gibraltar in 2003 through the firm’s graduate recruitment programme, where she trained and qualified as a Chartered and Certified Accountant in September 2006. As Partner, Reshma leads audit
Reshma is an active member of the Gibraltar Society of Accountants currently sitting on the audit faculty of the society.
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People on the Move
KPMG announces appointment of new MD Local audit and advisory firm KPMG Gibraltar has announced the appointment of Jon Tricker as its new Managing Director. The firm has grown substantially over the last few years to take a leading position in the Gibraltar marketplace, particularly in the gaming industry. During its early years it was managed remotely, but rapid growth led to the appointment of Micky Swindale to a part-time leadership role in 2013 and has now further led to the appointment of a full time MD. Jon started his new role today, bringing to it a wealth of audit experience. He began his career with Deloitte in Cambridge in 2001 before moving to their Gibraltar office in 2005 where he was made an audit partner in 2010. Jon has particular expertise in the funds and investment sector, being an elected member of the Gibraltar funds’ panel and the auditors’ panel, both industry liaison bodies with the Financial Services Commission. Jon served until recently as
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an elected executive on the Gibraltar Funds and Investments Association and was recently appointed as an executive on the Gibraltar Society of Accountants. He commented: “Whilst I am obviously sad to leave behind great friends and colleagues built up over a long period at Deloitte, the move to KPMG is a great opportunity. It is a chance to lead an
ambitious, growing and dynamic company that already has an extremely strong and distinct presence in Gibraltar. KPMG, like any professional services firm, is a people business and I am really looking forward to getting to know the people and clients better over the coming months.” Jon will be taking over from Micky Swindale, who will revert to a full-time focus on her other key responsibility as Head of Advisory for the Isle of Man and Gibraltar offices of KPMG. She commented: “The transition to a full-time leadership position is a natural progression in the growth of the company, and I am delighted we have secured someone as experienced and well regarded as Jon to take it on. It is wonderful to know that the Gibraltar office is in such safe hands, but nevertheless I am also pleased to say that my new role will not diminish my commitment to Gibraltar and I will continue to visit regularly.”
People on the Move
RBSI appoints a new CEO RBS International is pleased to announce the appointment of Andrew McLaughlin as its new Chief Executive Officer replacing Adrian Gill who is returning to the UK with the RBS Group.
economic forecasts at client events and seminars. He told B2B: “I am delighted to be moving to Jersey to take on the CEO role during an exciting time in the development of the bank across its four locations and I look forward to meeting clients and getting to know my colleagues throughout the operation over the coming months. It will be business as usual and Adrian and I will be working together closely to ensure an efficient handover.”
Andrew, who has worked for the RBS Group for nearly 20 years, has most recently been the bank’s Chief Economist and Head of Communications. He has had a range of senior roles within RBS and he also spent several years working outside the bank in the corporate sector. In his role as CEO (which is subject to regulatory approval), he will have responsibility for the RBS International, NatWest and IoM Bank operations in Jersey, Guernsey, the Isle of Man and Gibraltar. He will report directly to RBS Corporate and Private Banking (CPB) in the UK and will sit on its executive committee. Alison Rose, CEO of RBS CPB, in congratulating Andrew on his appointment, told B2B that investment in RBS International was central to the bank’s plans.
Andrew is known to many clients and other leading business people locally as a result of his role as Chief Economist as he visited on several occasions to present the bank’s
Adrian Gill, who will be talking up a new senior role with RBS in the UK, added: “Its been an incredible eight years and I feel very privileged to have been part of a business with so many dedicated and talented employees determined to deliver for our customers during a period of significant change in the banking sector. I believe Andrew’s experience, seniority and new reporting line into the UK bank sends a strong signal of the importance of RBS International’s business to the Group and its key role within the new structure .”
Tanya Wilkinson joins EFPG Tanya Wilkinson moved to Gibraltar in 2005 having spent 20 years working in UK and European business development and client relationship. She joined EFPG as Pensions Coordinator, attracted by their solid reputation as a leading provider of pension schemes to both personal and corporate clients. At EFPG Tanya realised that she had a real passion for helping women in particular provide for their financial security. With this in mind Tanya instigated a campaign aimed at young ladies and women to raise awareness of the importance of investing for the future and ensuring an independent financial safety net. Tanya is actively involved in supporting the charity Women in Need and is now studying to be a fully qualified financial adviser.
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