Volume 11 Nº4
• 32Red Ed chats to B2B • Albert Poggio reflects • Meet Peter Watts • Chamber votes IN!
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Contents
In this issue: FOREWORD page 5
· Foreword: The Chamber is IN
NEWS FEATURES page 6
· 32Red Ed: Riding the gaming table
page 10
· Albert Poggio OBE GMH – Our Man in London
page 16
· Meet Peter Watts – An Education for Life
page 18 · How to lead in high turbulence - 5 Lessons from the Tunisian revolution
CHAMBER NEWS page 22
· Chamber Director, George Dyke forms part of a trade delegation visiting Singapore
PUBLISHER Copywrite Communications
MANAGING EDITOR Jeremy Nicholls editor@b2bgibraltar.com
JOURNALIST Jo Ward ADVERTISING Jane Pizarro sales@b2bgibraltar.com
BUSINESS BRIEFS page 24 · Launch of the Gibraltar Yachting Business Development Association page 24
· GII at Westside School ‘Alumni Reunion’
page 25
· La Sala Gibraltar: The best place for you to do business
page 26 · Meet the specialist team running Gibraltar International Bank’s new Business Banking page 28
· Gibtelecom launches 4G+ on the Rock
page 29
· Sovereign acquires specialist pension provider
page 29
· Governor of Gibraltar visits the GFSC
page 30
· New Limited Liability Partnership legislation announced
page 32
· Major milestone as moneycorp acquires bank licence
page 32 · “Fund Four” at Triay & Triay co-write Gibraltar chapter of investment fund guide page 33
· Savill’s launches Spotlight Gibraltar
page 34
· KPMG shortlisted for top eGaming industry award
page 35
· Gib Bank offers trade specialist products
PRODUCTION Jorge D. Caballero production@b2bgibraltar.com
DESIGN Copywrite Communications
b2bgibraltar.com 3/1a, Parliament Lane PO Box 935, Gibraltar Tel: 200 41700, Gibraltar Chamber of Commerce PO Box 29, Watergate House Casemates, Gibraltar
Edward Macquisten Chief Executive Tel: 200 78376 Fax: 200 78403 info@gibraltarchamberofcommerce.com B2B is published by Copywrite Publishing for the Gibraltar Chamber of Commerce four times per annum. No part of this publication may be reproduced without the permission of the Gibraltar Chamber
PEOPLE ON THE MOVE page 37
· Newly appointed Director of Legal, Enforcement and Policy
page 37
· GFSC welcomes new board member
page 38
· Isolas announces the arrival of two new lawyers to join the team
page 39
· Gibraltar International Bank appoints new Head of IT
of Commerce or the publishers
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Foreword
Foreword: The Chamber is IN
On June the 23rd resident of the UK and Gibraltar, including all eligible Gibraltarians, will go to the polls.
Territorial Cooperation. The objectives of an EGTC are to facilitate and promote cross-border, transnational and/or interregional cooperation, between its members with the exclusive aim of strengthening economic and social cohesion.
Our future lies in Europe Our membership of the EU is the basis for our economic prosperity and stability; it provides us with a legal framework and security, providing safeguards of our fundamental freedoms and human rights. The consequences of a vote to leave are very serious indeed. The Chamber of Commerce fully endorses the Stronger In campaign, alongside the Government of Gibraltar, the Parliament and all political parties in Gibraltar.
If the Gibraltarian votes cast for the UK to remain in the EU are high, this will give Gibraltar significant credibility and strengthen Gibraltar’s lobbying position in any possible post-referendum negotiations conducted by the UK.
Every Vote counts
VOTE
Whilst it is true to say that Gibraltar only forms a small percentage of the total UK votes, the UK Opinion Polls are running very tight and so the result could well be very close.
The Chamber urges all eligible local voters to vote “IN” at the election on the 23rd of June.
Cross-frontier Group The CFG actively continues to lobby hard for the formation of European Grouping of
The CFG is planning a seminar in the very near future to outline in greater detail their ambitions to form an EGTC. Please check the B2B web site for the latest information. www.b2bgibraltar.com
Barclays The Chamber is saddened and disappointed about the recent announcement by Barclays to completely depart from the Rock after 129 years. Although not unexpected, the local team at Barclays had been active in the business community since the closure of Main Street, so the sudden closure was surprising and upsetting for local staff.
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32Red Ed: Riding the gaming table Ed was able to put together a reasonable seed fund with the help of some wealthy friends and associates. “We had to work extremely hard to ensure that the Gibraltar authorities had all the information they needed from a compliance perspective and were then fortunate enough to be granted a licence,” Ed states.
I could see that on the digital side there was a niche for an operator to Ed Ware, CEO of online casino and sports betting company 32Red, is a lucky man. Who wouldn’t like to have a career that encompasses a lifelong interest and passion? Ed remembers as a child going on family outings to places like the Windsor Races that were held on a Monday evening because his father was interested in horse racing. Although he liked the idea of being a lawyer at school, Ed didn’t go to University but went straight into the work place after leaving College, firstly working in Central London in the Magistrates’ Court Service and then joining Ladbrokes at the age of 20. “The training and development I received at Ladbrokes was my higher education,” Ed says, going on to explain that he worked his way up from trainee shop manager through to his appointment at the young age of 34 as Regional Director of Operations in the UK. This was during the time when Ladbrokes was widely accepted as the number one operation in betting and gaming worldwide.
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focus on casino in the UK market rather than on sports Moving away from a background steeped in retail betting shops, in 1999 Ed was asked to come to come to Gibraltar as MD of Ladbrokes International and moved over with his wife Mary and two young children. “When it was time to go back to the UK a couple of years later, we had formed a strong connection with Gibraltar,” Ed says. “Mary loves it here and we had formed relationships and made good links within the local community.” The germ of an idea for a new business had already begun formulating in Ed’s mind. “My father had his own business and I have always had the entrepreneurial desire to do something myself,” he explains. “I could see that on the digital side there was a niche for an operator to focus on casino in the UK market rather than on sports.”
32Red was established in 2002 and has gone on to become an award winning casino, poker and bingo operator that was listed on the AIM in 2005. Trying to escape from the image of online casinos at the time which were heavily themed, Ed wanted to allude to something more serious without being blatantly obvious and hit upon the name 32Red which has a significant connotation that links back to his parents. “My parents flew occasionally to Monte Carlo in the 60s to play on the roulette tables – only small stakes,” he explains. “Her number was 26 and his was 32.” When Ed bought the URL www.32red. com fifteen years ago it was unique in the market, the 888 brand for instance had not been developed and the name has held 32Red in good stead over the years. More recently the Company has had to take legal action in the High Court in the UK to protect the trade mark from infringement. With red being a lucky colour and 3 being a good number in the superstitious Asian market, is Ed looking to crack Asia? “We are a quintessentially British casino offering and we have always thought that once we had achieved good market share in the UK we would go to the Far East, but as yet we haven’t done so as we are still trying to crack the UK market!” he says. Adding to that distinctly British feeling and the overall feel of the site is actress Patsy Kensit who provides the voiceover of the casino dealer and who helps attract the right demographic. Ed explains: “Guys of a certain age will recognise and like her and because we are a virtual business with no physical presence whatsoever we try to associate ourselves with the UK, which is our main market, and with things that are trustworthy and credible.”
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Another marketing strategy has involved sponsorship of football teams, which in the past has included Aston Villa and Swansea City and more recently a three year deal with Rangers F.C. that has one more season to run. “We are not in the market to pay multiple millions of pounds for football team sponsorship, so Rangers is a good story that has turned out to be quite opportunistic for us because it is a giant club on the come back,” says Ed. Recalling the Championship playoff final when Swansea won against Reading, his home town, Ed says that it was an amazing day at Wembley. “But I absolutely wanted Swansea to win.” Will 32Red carry on sponsoring football teams? “We have got another excellent deal coming which we will announce in a few weeks.” 32Red has a track record of success, having grown sales by 171% since 2010, which is substantially ahead of the market. “If we have got 4% of the UK online casino market then we are probably doing alright, but we have got loads to go for yet,” Ed says. “It just shows what a big market it is and whereas William Hill might have 20%, which is great for them, it actually opens up an opportunity for us to go for it.” When the business started Ed says that the company focused on delivering a really responsive personal service. “There were no gimmicks and it was a pure online betting experience.” They achieved that by keeping the dialogue open and treating every single customer like a VIP. “We still try to do that but it is difficult when you are servicing 100,000 customers a year,” Ed comments. “In the first ten years of the business I don’t think there is any dispute that we were the best online casino operator - although not the biggest - and we were an exemplar to others who then copied us in the market,” Ed states. Now the marketing strategy is much more sophisticated, with far more analytics, algorithmic and data-driven marketing decisions that some of the better online betting companies have been making for a while. “We are probably in our second or third year of doing that and it is showing in
also employ people who are focused specifically on this area, because nobody wants to allow someone who has got a problem to gamble – win or lose.” “Gibraltar is a tip top jurisdiction in terms of regulation for gaming - they have got it right here, we have got it right here and I would argue that in the UK regulation is more problematic.” our numbers which are growing nicely,” Ed continues, “and the business has definitely evolved, although the employees say that it still feels like a family run business in many ways.”
“I think that we have been lucky in Gibraltar in that we haven’t needed to overly worry about licensing and regulation because both this administration and the last one understand the industry so well and are very supportive.”
In the boardroom Ed holds a bi-annual session where he and his team talk to the Ed carries on to comment on how having wider team about how the business has Peter Caruana as Chief Minister always felt performed. “We also announce if the annual very safe for the industry and how there were bonus scheme is due obviously some to pay or not and, concerns when the fortunately, at the end Government of last year there was changed, but he 32Red has a track a maximum bonus goes on to say that record of success, having announced at which the new point everybody Government has grown sales by 171% cheered,” he laughs proved themselves as he says this. The to be very effective since 2010, which is atmosphere in the 900 and pro-active with square metre offices the point of substantially ahead at Europort is consumption tax of the market surprisingly calm. “We threat. “There are are pretty spread some people who out,” Ed explains, thought that the continuing “and the reason for that is we e-gaming sector would be finished in have got enough room for growth.” Gibraltar because of the point of consumption tax, but not only are we not “I am very proud that there are finished, we have actually grown our profits.” approximately 100 people that work here whose livelihood depends on a business that Now there is the new threat of a Brexit vote, I started and who say they are happy to work just what would that mean for 32Red and here - and we are happy that they are would they have to consider pulling out of Gibraltar? “I think we would be a long way happy.” from doing that,” says Ed. “We love it in Gibraltar and I don’t see any reason why we With recent research into online gambling would have to leave, but I obviously caveat trends and the growing problem of that with that we wouldn’t want to see the addiction, does Ed think that 32Red is doing border becoming a ridiculous situation, or enough to address this issue? “There is a lot closed as has been threatened.” Ed went on of attention on problem gambling at the to confirm that for both Gibraltar and from a moment - but problem gambling in the UK 32Red commercial perspective, it is clear is, generally speaking, under control.” that the status quo to remain as it is within “32Red is licensed both here and in the UK Europe would be best. and we are heavily regulated,” he said. “We
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owning racehorses has been huge fun. “The experience at Chantilly was one that I will never, ever forget,” he says. With his love for Gibraltar evident, Ed and his wife Mary are building a house from which, he says, ‘they will have to take me out feet first’. “When we land here after having been away, I look out of the aeroplane window and know that I am home,” he says.
What makes you tick? Greatest achievement: Founding a business that is relatively successful Idea of happiness: A really cold glass of Champagne Harking back to his roots and the days of 32Red over a breakfast meeting during the going horse racing with his father, who was summer of 2005 that brought his dream to also an amateur owner rider of point-toreality. “I was explaining how I would love to point horses, Ed is now fortunate to own own a racehorse and the next thing I know racehorses himself. “I have got my dad’s he has Michael Bell, who had just trained the colours; black and white quartered, scarlet winner of the Derby, on the telephone and sleeves and cap.” Proud of the fact that by the time our meeting had finished I had scarlet is a given him the cherished colour budget to buy my for horseracing first racehorse,” Ed silks that can no remembers. When we land here after longer be registered, Ed “Later that year on having been away, I look out the 23rd laughs as he says: “There are only of the aeroplane window and September, the day two people that I we floated the know of who have company, I wasn’t know that I am home scarlet sleeves in the city but I was myself and The at Haydock Park to Queen!” see that horse, Rawdon ridden by Ed now has a share in three horses trained Hayley Turner, win for the very first time for by Michael Bell in Newmarket and a share in me.” two more horses with George Scott, also in Newmarket, and has just bought another A highlight of his horse racing career, which horse (with two other investors) to go he admits has been one of ups and downs, jumping with. was when one of his horses won the Grand Prix de Chantilly on French Derby Day. “We Having always yearned to be a racehorse couldn’t believe it – to win a race like that owner, it was a chance comment with the and competing with the likes of the Aga lawyer helping him with the flotation of Khan,” he recalls. Ed stresses that above all
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Biggest fear: I worry about the business all the time Best thing about Gibraltar: Security – being able to walk around the streets safely Hobbies: I like to play golf, however I don’t have enough opportunity to do so Sport: Paddle tennis Favourite place in the world: Marrakesh Unfulfilled ambitions: I would like to go to Australia and to see the Melbourne Cup – ‘the race that stops a nation’ Something not generally known about you: I like punk music - The Clash, a group that I managed to see in my youth Motto: Just because we can doesn’t mean to say we should!
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Albert Poggio OBE GMH – Our Man in London (Part 1) Albert left Northern Ireland, aged two, and was repatriated back to Gibraltar in 1948 where he stayed until the age of 12. “We then came to London on the pretext that we were going on holiday, but my mother obviously had an idea of settling here and we stayed,” Albert recalls. “I spent four years without going back to Gibraltar whilst I finished my schooling and it was only when I started going to college that I came back for all my holidays, and that is when my relationship with Gibraltar really started to develop.”
Two and a half thousand people turned up to celebrate that famous A serial entrepreneur and a man of ideas and vision who has had the ear of Prime Ministers and politicians, Albert Poggio has led a fascinating life and, although he is to officially retire at the end of June, he will continue with the political lobbying in the UK on behalf of Gibraltar. Albert says that he is extremely grateful to Chief Minister Fabian Picardo and Deputy Chief Minister Dr Joseph Garcia for allowing him to carry on doing this. For someone who has had such an impact on the lives of Gibraltarians, it is surprising to learn that Albert was not born here but in a refugee camp in Ballymena, Northern Ireland where his parents Sally and Ernest had been evacuated to during World War II,
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referendum when 99.64% of people in Gibraltar voted to remain under British sovereignty returning to Gibraltar in 1948. However, it was precisely this experience that was the catalyst for his future efforts to unite Gibraltarian expatriates. More recently, Albert made his first return visit to Northern Ireland on an official trip to Ballymena as a representative of the Gibraltar government. “I was given a VIP welcome and the Belfast Telegraph covered my visit with the headline ‘Local Boy Does Good’,” he laughs as he says this.
Having completed an electrical engineering course at the City of London Polytechnic, Albert pursued a career with an electrical engineering company. It was 1967 and Albert decided he wanted to gather as many expat Gibraltarians together as he could to celebrate the day of the Gibraltar sovereignty referendum. “I didn’t know where to start, but an uncle of mine suggested that many Gibraltarian’s who had come over during the war had settled in the Fulham area, so I spent several weeks knocking on doors looking for Gibraltarian families,” he says “and that way I managed to collect names and once I engaged with one family, they would recommend two or three others.” Albert organised a dance that was held at Hammersmith Town Hall on the same day as the referendum. “I had to persuade the Town Council to let us use the venue on a Sunday which was not something they would easily do,” he recalls “and then I had a struggle to get them to let me fly the Gibraltar flag on the top of the building.” “Two and a half thousand people turned up to celebrate that famous referendum when 99.64% of people in Gibraltar voted to remain under British sovereignty.” Chief Minister Sir Joshua Hassan was, for obvious reasons, unable to come to London, but he sent his eldest daughter, Lola, along to represent him at the event. The Gibraltar Group was formed when Albert realised that a lot of people emigrating from Gibraltar to live in London
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during the border closure needed help with finding accommodation and jobs. “I also looked after people coming to London for medical treatment and from that came the sponsored patient initiative which plays such a big part in my life today in the form of Calpe House,” he states. “During the course of the last 25 years, Calpe House in Bayswater has housed between 6-7,000 patients,” Albert says proudly. “That building has reached the end of its life and we need to move on, so we have bought a new building in Norfolk Square, two minutes’ walk from St. Mary’s Hospital, and are now in the process of refurbishment.” Now, as vice-chairman of the Calpe House Charitable Trust, Albert is fully involved in the campaign to raise £6 million for the refurbishments. “We don’t pretend that we are going to be able to raise what we need in a year’s time, but it will be ongoing and although it has been hugely successful so far, there is a lot more to be done. Shortly a corporate appeal will be launched. I am overwhelmed at the way the community has come together in supporting this Appeal.” In true entrepreneurial spirit, Albert was also instrumental in the establishment of charter flights between the UK and Gibraltar when he realised that people felt trapped by the blockade that was put into place in 1967. “They couldn’t get to Spain and the only option was to go to Morocco for a weekend,” he says, “and it also allowed those who had settled in London to take trips back home.” Quite an achievement for a young man but it was also, as with much of Albert’s life, about being in the right place at the right time! “As a student I used to do all kinds of odd jobs at the weekend to earn money,” he states
“anything from selling with a company ice creams to car called British During the course of cleaning.” One of his Eagle, Neil took weekend co-workers the shy young the last 25 years, Calpe worked for a travel Albert to meet the company who a few MD of Monarch House in Bayswater has years later was given Airlines. “British the option to buy the Airways had put housed between 6 and business from the lady pressure on British 7,000 patients owner. “He asked me if Eagle to cancel I wanted to go into our flight under business with him, but I the pretext that turned the offer down we had infringed and that was the biggest mistake of my life,” one of the rules governing association Albert says, continuing “because my friend, travel,” Albert says “but it was actually Neil Scott, became the Chairman of the because British Airways saw the initiation of biggest charter operation in the UK charter flights to Gibraltar as a threat to the ‘Owners Abroad’.” regular service.” Albert explained his dilemma to the MD of Monarch and he said When Albert encountered a problem three “we don’t do any business with British days before the first flight was due to take Airways, we do not fear them and so we will off, all seats having been sold at £15 return fly you”, which they did and the flights continued to be operated for many years by Monarch and later by British Airtours. Albert remembers landing in Gibraltar on the first flight and being thrust into a press conference. “I was not ready for any kind of public life then,” he comments, “but I was taken under the wing of some of the great characters of the day such as Slim Simpson, Henry Ramagge and Manolo Mascarenhas and they introduced me to what I call ‘the man’s drink’ – whiskey! They also guided me through my early years on how to deal with the media.” Continuing with the ‘alcohol’ theme, Albert relates a story about the Governor at the time, Sir Varyl Begg who invited him to visit the Convent on one of his visits to
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Gibraltar. “That was an enormous thing for me, to go to the Convent and meet a man of the stature of Sir Varyl Begg who was an Admiral of the Fleet - a rank that does not exist today,” he says. Asked what he would like to drink, Albert said that he would have a coffee, to which the Governor said “don’t be silly man - you won’t have a coffee, you are going to have a Pink Gin”. Albert chuckles as he recalls how awful the Pink Gin was but how he had to drink it! “Sir Varyl was a great man and we became huge friends to the extent that when my father became ill in Gibraltar he, or his wife Lady Begg, would visit my father on a weekly basis and then phone me on his secured line to report on his progress.”
Albert accepted the contract but had no idea where he was going to source the equipment from
During his short career in electrical engineering, Albert was called in to see the MD of the company who told him that they had applied for a contract in Gibraltar and that they wanted him to accompany the sales director on a visit so that he could introduce him to people there. “We stayed at the Rock hotel when Jimmy Bossino was General Manager,” Albert says. Jimmy asked Albert to help in procuring some spare parts for a boiler that had been ordered from a company in London, which he duly did and dispatched to The Rock Hotel. Realising that there was a need for that kind of service, Albert started to introduce himself as a procurement agent in Gibraltar. “I was prepared to buy whatever was needed in London, from fresh meat to coffins, and deliver them to Manston Airport in Kent,” he states. “I would then fly with the goods down to Gibraltar, deliver them to the appropriate customer and, most importantly, take orders for the following week. That was the start of a very thriving business which later became part of Pegasus Air Services.” Albert goes on to say that it was exhilarating and challenging but also very profitable, so much so that he was able to give up any thoughts of an engineering career working for someone else to run his own business. The business grew quickly but Albert knew that it wouldn’t be long before there would be other buying agents offering the same service and he looked to find a way to diversify. He took on a colleague from his engineering days and together they started selling engineering services to places like Malta and Cyprus. “That company turned out to be another great success for me and I ended up being one of the biggest industrial electrical suppliers in the Middle East, working mainly in Saudi Arabia and Dubai, and also in the Far East where I opened up an office in Hong Kong,” Albert says.
Miss Gibraltar 1972, Rosemary Catania, visiting an elderly care home during Miss Gibraltar’s visit to London
Realising that he needed to have an American arm to his business Albert contacted Sir Robert Peliza, a former Chief Minister of Gibraltar now living in London, whom he had always admired as a visionary man and whom he regarded as a mentor.
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and licences that would take a long time to obtain. Mr. Amoroso phoned the Chairman of his company in Philadelphia, who asked to speak to Albert and said: “I only heard your name two days ago but I have followed your antics with interest for the last few days and I have come to the conclusion that anybody who is as determined as you are to do this business must be an honest person, therefore I have decided to offer you an open account.” Albert went on to fulfil the contract and to meet the Chairman who had given him a chance. “We hit it off but he was a much older man than I was and he had two sons one was in the film industry, the other a doctor” Albert says. “He had this huge business employing 350 people and no one to leave it to and he wanted to retire and, because I became like a son to him, we eventually agreed a way of me buying into that business so that I could become his partner.”
Referendum Dance - 10th September 1967 at Hammersmith Town Hall
“I asked Bob to research the possibility of opening an office in America, which he did and we eventually opened a small office, ironically enough in one of the Twin Towers, from where we started looking for American business for our UK clients.” One of the contracts that developed entailed buying equipment, chartering a plane and shipping it to Pakistan from New York in a two week fixed programme. With a naïve faith that only a young man could have, Albert accepted the contract but had no idea where he was going to source the equipment from. Once again drawing on past contacts, Albert flew to Philadelphia and introduced himself to someone who said he could help fulfil the contract, Mr. Amoroso, who eventually managed to procure everything that was needed. However, the non-transferrable letter of credit that had been given to Albert was not acceptable as payment for a man who had only known him for three days and the deal seemed to be off. At a breakfast meeting the next morning Albert put a proposal
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...we eventually agreed a way of me buying into
Yet another success story born of circumstance, Albert went on to become Chairman of the Westex Group Inc., opening up facilities in London, Hong Kong and Gibraltar. To be continued in the next edition.
that business so that I could become his partner
forward. “What if you open a bank account here in New York and I deposit that letter of credit and authorise your Chairman as the only signatory to the account - that means you will owe me the profit to my company, but I am prepared to trust you with it.” Mr. Amoroso agreed to the deal straight away but yet more obstacles stood in Albert’s way. The answer was the same at all the banks they approached; the formalities needed to open an account required permissions
Presentation to Albert Poggio, at City Hall, as Chairman of the Gibraltar Group in the UK, by The Hon Major A. J. Gache, Minister of Trade & Industry, Gibraltar 1970
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Meet Peter Watts – An Education for Life Gibraltar will welcome the opening of a new independent coeducation senior school in September and the man chosen to lead Prior Park as Headmaster is Peter Watts, a 47 year old Welshman who comes to the Rock from his post as Deputy Head of Sherborne, the prestigious boys’ boarding school in Dorset.
“I did pretty much every job under the sun at Sherborne until eventually I became Deputy Head, a job I did for four years and one which has given me lots of experience regarding all school issues and the outward facing side of leading a school,” he says. “One of my roles on the way up was House Master which meant that I was responsible for the welfare and academic attainment of up to 90 pupils,” Peter comments. When the Gibraltar school reaches its full quota it will have 240 students. “This will be an advantage in terms of developing relationships, knowing the pupils and getting to know the parents really well.” The new school will be part of the Prior Park Foundation that comprises three schools in the UK ; Prior Park College the founding school in Bath, the Paragon Junior School – also in Bath, and Prior Park Prep School in Cricklade, Wiltshire. However, Peter is keen to point out that the new school in Gibraltar is not a franchise operation.
it is a really good thing One of four brothers, Peter was the only one not to join the forces and follow in the footsteps of his father who was in the Royal Marines. “I have visited Gibraltar twice before when my brother was stationed here in the mid-80s,” Peter says. Leaving university with a 1st in Physics, Peter went on to work as a research scientist. “I soon realised that I wanted to spend a bit more time with people rather than being stuck in a lab all day, so I went into teaching,” he states, carrying on to say that he realised that there was a job to be done in making physics more accessible in school, to both boys and girls. Going on to take up a position teaching physics at King Edward VI School, Peter then joined Sherborne where for the past 20 years he has served in both academic and pastoral roles.
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for Gibraltar to bring in a different senior school that introduces an element of choice
“We are not going to be one of a number of schools set up by Prior Park all over the world, this is very much a one off but it will also be a distinct part of the Prior Park Foundation in that there will be elements that will identify it as such,” he states. This includes the uniform, the ethos of the school and the Catholic, Christian worship. There are very strong links between Bath Prior Park College and Gibraltar, with a number of famous alumni within Gibraltar
society having firstly been to Sacred Heart school, the site that Prior Park will occupy, and who then went on to board in the UK, one of those being the Chair of Governors Tony Bury. Peter explains that this is where the seed of the idea to form a school here came from: “About five years ago the Head of the College came to visit alumni in Gibraltar and it was about the same time that a group of local parents were starting to formulate plans and working with the Government to set up a senior school.” Another connection is that Sacred Heart was previously run by the Christian Brothers; the same organisation that used to run Prior Park College. Peter is hugely excited about the challenge of starting a school from scratch. Initially, there was some opposition to the idea of setting up an independent senior school within the local community from people who thought that it was going to be an elitist English pubic school, but Peter counters that by saying that he hopes Prior Park will be judged on as much as what they contribute to the community as well as on how they perform academically. “The Prior Park Foundation is a Catholic Christian community with an outward -looking ethos where part of the mission of service is for every child to be engaged with community projects, raising money and raising awareness for issues not only within Gibraltar but outside as well,” Peter explains. “We will not be competing with the other schools,” he says, continuing “and I think it is a really good thing for Gibraltar to bring in a different senior school that introduces an element of choice and an alternative route to Bayside or Westside or, for some parents, from sending their children back to the UK.” Work on the old Sacred Heart building has commenced but Peter stresses that in the first instance no substantive changes will take place to the outside. “It is a beautiful building and although it needs some care and attention to comply with current Health and Safety Legislation, the greatest changes will be in terms of the classrooms inside and these will look very different to how they were when they we last used in July 2015.” One of the benefits of being part of a group
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of schools is that it will enable the sharing of how they celebrate their faith.” teaching and learning initiatives, part of Registration for the school is going well. which will “We have had over encompass the use 100 registrations of technology in the already with some form of virtual children being classrooms. Peter registered for as late One of the things that elucidates: “We as 2025,” Peter says. has struck me in coming could have a debate “They are getting in real time between their names down to Gibraltar is how children in Bath and early proving that children in Gibraltar there is a confidence family centered it is on, for example, within some parts of immigration, and we the parental body in can also give Gibraltar that this children here the school is going to fly opportunity to learn things like Latin or and that they want to get their children Greek even though we don’t have the down as soon as they can.” facilities or teachers.” The plan is that in 3 years’ time the school will comprise 240 boys and girls, with 30 teaching staff and 10 support staff. “We are going to be building towards that from a base of about 60 - 80 children entering Years 8, 9 and 10 this coming September,” Peter confirms. One of the requirements that the Parents’ Group stipulated was that fees had to be low to make the school attractive to prospective parents. With a yearly fee structure ranging from £8,500 for children in Years 8 and 9, rising to £9,500 for the GCSE years and £10,000 for students in sixth form, these fees are substantially lower than they would be in the UK for a good day school.
Despite whatever else is happening in other parts of Europe, Peter has noticed from his short time in Gibraltar that people with different beliefs and religions live side by side and thrive together. Looking to the future, his vision would be to have an interfaith conference at the school, maybe in five or ten years’ time “where children could celebrate what they have in common as opposed to the minor differences in terms of
“One of the things that has struck me in coming to Gibraltar is how family centered it is,” Peter says. “Increasingly in the UK it is often not the children you are battling with and I think that there is a sense here in Gibraltar that families really do want the best for their children and will work with schools, so I am really looking forward to forming good strong relationships with home.” Homework, always a moot point with parents who like spending time with their children after school, is something that will be addressed at Prior Park, so there will be
What makes you tick? First impressions of Gibraltar: I really like not having to scrape ice off the windows! It is a beautiful place and the view from the top of the Rock is amazing Hobbies: I am a big open water swimmer Unfulfilled ambition: To swim across the Strait of Gibraltar Greatest achievement in life: Having two happy and healthy children Greatest fear: I don’t have any fears Favourite place in the world: The toe of Cornwall Best thing about Gibraltar: The warmth with which the people welcome visitors Something not generally known about you: I was once the only male member of a jazz dance group Motto: Tell the truth, trust in God and help others when you can
provision for after school homework clubs allowing the younger children to go home completely free of work. “The school will run from 9 am in the morning until 3.40 pm, with registration, a service or assembly at 8.30 am,” Peter states. “There will be a cocurricular programme running between 4 pm and 6 pm every day but we also recognise that there is a thriving scene in Gibraltar in terms of sports, music, drama and art and we need to allow children to carry on engaging in those activities outside school and if that means they can’t do whatever it is in school - we will work with that.” Peter confirms.
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News Features
How to lead in high turbulence 5 Lessons from the Tunisian revolution
What would you do if you were offered a new job and were told you would be fired after one year but you weren’t allowed to quit during your mandate? That you would be paid peanuts compared to your old comfortable job, and you would be harassed and bashed in the media constantly. And you wouldn’t be allowed to complain. You would probably say “no thanks,” right?
toppling the Dictator Ben Ali, whose stifling reign lasted nearly a quarter century. After a rocky start for the country after Ben Ali’s fall, the 2015 Nobel Peace Prize went to the Tunisian Quartet, composed of four civil society associations, which facilitated the country’s national dialogue. This dialogue reached a consensus among political parties stipulating that the incumbent Islamists hand over power to a technocratic transitional government.
I ended up with that job and found out what it really means to lead in a high turbulence environment.
This was the context when on Christmas day 2013, the then designated Prime Minister Mehdi Jomaa offered me the aforementioned thankless and non-lucrative opportunity. I was asked to be Minister of Higher Education, Scientific Research, and Information & Communication Technologies. How could I refuse? I tried. My family was against it and it was risky. I didn’t want to turn down such an honor over the phone, so I travelled from Paris to Tunis to meet Prime Minister Jomaa. When I got there, he pointed out that I had never done my obligatory military service and that it was
I was Dean of a leading business school in Paris and Chairman of the Board of Directors of the top mobile telecom operator in Tunisia when the Arab Spring broke out, turning the already troubled Middle East and North Africa upside down. Hope It was a hopeful moment across the region and particularly in Tunisia. Even more surprising was that unorganized youth, impoverished people and Facebook played a huge part in
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time for me to pay my dues with a one-year commitment to my country. That was the beginning. I would later become the first minister he hired for his government and a very close collaborator in his core team. Turbulence With the two political assassinations that took place in Tunisia in February and July 2013 being among the reasons our government was put in place, our team knew from the start we would be working in an extremely high turbulence environment. We were faced with the threat of being taken hostage; hostile mobs quite often waited for us outside our ministry; at times, we couldn’t go home; our own staff went on strike, and on and on. How can you start each day being positive and ready to lead under these circumstances? Despite all of the hardships, it was the experience of a lifetime! Here are five lessons I learned about leading in a high turbulence environment:
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to empower his team to make autonomous decisions. 3. Separate the transformation or innovation team from the traditional part of the organization. Just like a technology company, we intentionally physically set up our “lab” on the opposite side of Tunis, far from the main body of government. Big problems need big solutions and you can’t come up with great ideas when you are bogged down with e-mails and day to day issues. Our job was to come up with innovative ideas to move our country forward and for that we needed the space to think and be creative. Tawfik Jelassi
1. Build a team with a fresh perspective. When setting up the transitional government, Prime Minister Jomaa didn’t gather the usual suspects from the Tunisian political scene. Like any good leader should, he gathered the best people for the job from far and wide, bringing back countrymen from the US, Brazil, France, Switzerland, the UK, and other places. He picked people who he knew had the skills to do the job and particularly looked for experienced leaders who had an outside perspective without connections to the old regime. 2. Destroy silos. In order to get our monumental tasks done in the short time frame we were given, we had to create a network structure. It was important to collaborate across ministries and hierarchies to move forward. We leveraged the local knowledge and experience of ministers on the ground as a foundation for cross-silo collaboration. For the Prime Minister, it also meant that he had
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4. Build bonds to strengthen trust. There is no way you can accomplish any major feat, let alone getting an entire country off to a new start, if you don’t trust, respect and have confidence in your team. To strengthen our teamwork, we got out of the office and did outdoor team building exercises. We met each other during the weekend for social gatherings or to play soccer together. We went on learning expeditions and gathered insights into how challenges like ours have been approached elsewhere. All of this helped us be on the same page and have faith that we could succeed together. 5. Recognize your window of opportunity and set priorities. We had one year to get the job done. In that timeline and with the task of bringing an entire country back from the brink, you have to focus. We made it a priority to set up state institutions as outlined in the constitution, to prepare the ground for fair and internationally-recognized parliamentary and presidential elections before the end of our one-year mandate, to create an investment friendly environment and to
resolve ongoing political conflicts. The situation was dire. A sense of urgency can help leaders reach goals. We couldn’t work on issues that weren’t of the most pressing importance. Success? So did we succeed? We redesigned the national subsidy system and put the country on a better economic path. We led the fight against terrorism, redesigned the higher education system in the country, formulated a five-year strategic plan for “Digital Tunisia,” created a “country chief information officer” role that reports directly to the Prime Minister. On our watch an SMS-based registration system for national elections was also created. I would say overall we harnessed technology to push the country toward the future. But sadly Tunisia is now facing an unprecedented terrorist threat following three attacks in 2015 on the Bardo National Museum, on a major hotel in Sousse and on the presidential guard in Tunis. More recently an all-out military style attack by ISIS was carried on Ben Gardane, a Tunisian city on the Libyan border. Because of this, tourism, one of the country’s biggest income generators, has plummeted leaving it in an economically weakened state. But that’s also how business is. Success one year, or even one week, doesn’t at all guarantee future wins. Look at Volkswagen in 2015. The formerly top-selling brand experienced a scandal that put its future in danger. So leaders in any types of organizations need to prepare themselves, mentally and otherwise, to face high turbulence, or else. Do you have what it takes to lead in high turbulence? Tawfik Jelassi is IMD Professor of Strategy and Technology Management. He was the Tunisian Minister of Higher Education, Scientific Research, and Information & Communication Technologies during a transitional technocratic government in 2014-2015 following the Arab Spring revolution in the country.
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Chamber Director, George Dyke (far left) with Captain of the Port Bob Sanguinetti (centre) who formed part of a trade delegation visiting existing and prospective clients in Singapore to promote Gibraltar’s port & shipping services
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GIBUNCO GIBRALTAR INTERNATIONAL LITERARY FESTIVAL THURSDAY 20 to SUNDAY 23 OCTOBER 2016
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Join us for our Fourth International Literary Festival on The Rock, where world class writers and speakers come together for four days of public events, staged in the famous Regency Garrison Library and other historic buildings within the ancient City of Gibraltar.
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Located where the continents of Africa and Europe converge, and where the waters of the Mediterranean and the Atlantic meet, Gibraltar is the most famous fortress in history. It is the perfect setting to discuss the evolution of literature, culture and current affairs. Full details of the 2016 programme of speakers will be announced soon.
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Business Briefs
Launch of the Gibraltar Yachting Business Development Association The government has warmly welcomed the initiative and is keen to listen to the suggestions from GYBDA members on how they can smooth the legislative and administrative processes together with all infrastructural issues in order to create an environment for success. In addition the Government stressed that it is always willing and indeed welcomes proposals from the Association on all development matters that will enhance the sectors future and financial viability.
The Minister for Port Services, the Hon. Albert Isola MP and other dignitaries were present at the recent launch party of the GYBDA (Gibraltar Yachting Business Development Association). The aim of GYBDA is to work in further developing the yachting and Super Yacht sector in Gibraltar by creating the right business conditions for its success.
GYBDA Chairman Richard Felipes stressed the need and desire to work hand in glove with the government and all relevant bodies in order to further build the foundations of a vibrant and profitable yachting industry. He went on to say that Gibraltar starts with the advantages of location, language and a globally respected Common Law legal system. He further added that it was now necessary to build out and consolidate from
those solid bases and the progress that has already been achieved. The GYBDA held a constituent meeting in at the end of 2015 in which a constitution was agreed and a board consisting of representatives from insurance companies, brokerages, legal firms, fuel suppliers, yacht service providers and sailing schools amongst others. One of the Founder members, John Alcantara said that an interim board had worked for two years to create the association to give it form and direction. He said “Today marks the end of that process and the start of the life of the GYBDA as a force to drive the yachting business for the benefit of its members and the wider community”. For more information or requests for interviews please contact Richard Felipes at richard@capurroinsurance.com or John Alcantara at john@boatshedgibraltar.com
GII at Westside School ‘Alumni Reunion’ The GII recently attended the first ‘Alumni Reunion’ at Westside Comprehensive School whereby some past pupils and professionals from different sectors spoke to the Year 12 and 13 ladies to give them some career advice. The event was organised by the Deputy Head (Organisation) of Westside Comprehensive School, Ms Belinda Bautista and representing the GII was Lorraine Moberley (President), Lorraine Povedano (Deputy President and Education Secretary) and Amanda Ryan (Education Team Council member). Both the students and the past pupils have reported that the event was valuable and worthwhile. The school intends to run this as an annual event, extending it to year 11 pupils in the future.
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Business Briefs
Gibtelecom launches 4G+ on the Rock
Gibtelecom recently announced the launch of its Gibtel mobile 4G+ service with mobile broadband speeds of up to 225Mbps available. The announcement was made at a launch event held at Gibtelecom’s Customer Services Centre in John Mackintosh Square, with live demos of the new technology which marks a new era in mobile communications for Gibraltar. The new network was launched by the Chief Minister and Gibtelecom Chairman, the Hon Fabian Picardo QC MP, along with the Company’s CEO, Tim Bristow, and Jose Antonio Lopez Muñoz, CEO of Ericsson Iberia. Mr Picardo welcomed the Company embracing the future of mobile communications saying that “Gibtelecom has once again shown that it is keeping pace with technology and on a par with much larger operators around the globe”. Commenting on the “awesome difference” between 3G and 4G+ data speeds Tim Bristow, told B2B how “in an age where folk are increasingly reliant on being able to communicate on the move this substantial investment in a new faster mobile network should facilitate their every need.”
“Supplementing the Company’s existing 2G and 3G mobile networks, the upgrade to 4th generation (4G+ LTE-Advanced) services will provide customers with even higher speeds, improved coverage and less buffering” explained Jansen Reyes, Director of Technology at Gibtelecom. “Mobile users will be able to access the web up to 30 times faster than on 3G, and it’s not just about download speed but how fast websites can react; this is instantaneous with 4G+. A third benefit is enhanced coverage because 4G+ operates on lower frequencies it works better inside buildings where traditionally you may have struggled to maintain a connection.” The build out of Gibtelecom’s 4G+ network was done in partnership with technology giant Ericsson, who were present at the launch event. Jose Antonio Lopez Muñoz, on behalf of Ericsson, said “this is the next step in our long standing relationship with Gibtelecom, which spans over 20 years since the mobile was first introduced in Gibraltar. The technology behind this new 4G+ network will revolutionise the way Gibtelecom’s customers work and communicate.”
At the launch event the Company also took the opportunity to announce its new mobile commercial offerings which increase the data available on existing packages by up to four times. The Company are not charging anything extra for 4G+ but both pre-paid and post-paid customers who have 4G ready handsets will need a new SIM card. Customers can sign up online and have the SIM card posted or pick it up from the Company’s John Mackintosh Square shop. Gibtelecom also launched a new set of pay monthly mobile plans which for the first time include a bundle of local minutes, text messages and data, with options for customers to top up with more data if necessary.” Additionally attendees of the launch event got a preview of future promotions. The Company announced that it would be rewarding customers who both contract a new mobile plan and have a SuperSwift broadband with Gibtelecom, by doubling their mobile data allowances and home broadband speeds after Easter.
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Business Briefs
Meet the specialist team running Gibraltar International Bank’s new Business Banking
The Gibraltar International Bank has extended its presence in Gibraltar with the opening of their new Business Banking Cash Centre that caters to all the cash handling needs of their corporate clients. Their new premises opened in April and are located at 198 Main Street. The Business Banking Cash Centre allows clients to agree pre-determined timings for their cash transactions in order to make banking as fast
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and hassle-free as possible. Clients who require a more bespoke service, are also able to arrange for cash deposits and withdrawals to be collected and delivered to their premises. The opening of this new office means corporate clients now have their own dedicated team with specialised staff trained to cater for all their business requirements. The Cash Centre is being run by a team of five, consisting of Abigail Garcia, Geraldine
Ramagge, Jamielee Randall, Kylie Lavagna and Jessica Wink. The team falls under Lynne Zammit’s area of responsibility as Head of Operations. The team based at the Business Banking Cash Centre is led by Abigail Garcia who has over 15 years of experience in the industry. Abigail has ensured that the team is fully qualified and ready for the move. Abigail told B2B, “The team has been fully trained on all aspects of deferred banking and have all the necessary skills needed to make sure this new office is
Lynne Zammit Lynne was part of the Gibraltar International Bank’s team engaged to set up the Bank during June 2014. She will not be moving to the Business Banking Cash Centre permanently as the other members of the team will do, however she will rotate her presence between both the new premises and the main office at 310 Main Street. Before joining The Gibraltar International Bank, Lynne worked at Barclays Bank since June 2000 after completing her schooling in Gibraltar. She held a number of different
roles within the organisation rotating between client facing, operational and service excellence roles. She later left Barclays to join the FSC where she worked for a short period of time in the commission’s Banking, Investments and E Money division prior to joining the Gibraltar International Bank. Lynne will be responsible for the oversight and supervision of the new Cash Centre. “I will be reviewing the client experience and any feedback received to ensure we meet our clients’ needs and expectations”.
Business Briefs
Abigail Garcia Abigail has been working at the Gibraltar International Bank since it first initiated its Client Onboarding Programme in October 2014. Her role at the new Business Banking Cash Centre will consist of managing the cashiering team and ensuring the Cash Centre is run smoothly and their corporate clients receive excellent customer service. Before joining the Gibraltar International
Bank, Abigail worked at RBS since 1997 where she started off as a cahier and moved up to Branch Manager of the Natwest Corral Road branch for 8 years. Abigail is ready for this new challenge and says “My team and I are ready to guide our corporate customers through the new way of banking and will be there to offer them an excellent service”.
Jessica Wink Jessica has been working with the Gibraltar International Bank since October 2015. Before joining the Gibraltar International Bank she had just finished her schooling at the Gibraltar College where she studied Travel and Tourism and Accountancy. She will now be moving with the rest of the team
to the new Business Banking Cash Centre where she will deal with deferred and business banking wages. Jessica says “I am very excited to be moving to the new office as I see it as a great experience and a new challenge”.
Geraldine Ramagge Geraldine has been working with the Gibraltar International Bank since February 2015. Before joining the Gibraltar International Bank as a Client Service Assistant, Geraldine worked in Barclays Bank for 28 years in both retail and offshore banking. Her role in the new Business Banking Cash Centre will entail supporting
Jamielee Randall Jamielee has been part of the Gibraltar International Bank since it first initiated its Client Onboarding Programme back in October 2014. Jamielee’s role at the new Business Banking Cash Centre will consist of deferred banking, preparing wages for companies and business as well as servicing the ATMs. Before joining the Gibraltar
Kylie Lavagna Kylie started working for the Gibraltar International Bank in October 2014. Her role at the new Business Banking Cash Centre will consist of deferred banking, company wages and servicing the ATMs. Before joining the Gibraltar International Bank, Kylie worked at the Gibraltar Saving’s Bank where she dealt with Government Debentures and
her team leader by preparing wages, cashiering and carrying out deferred banking. Geraldine says, “I am very excited and proud to serve the Local Business Community in the new Business Banking Cash Centre”.
International Bank Jamielee previously worked at the Norwich and Peterborough Building Society since 2010 which mainly consisted of personal banking. Jamielee is looking forward to the move and says “it’s exciting to be one of the first ones to work in the new Business Banking Cash Centre”.
Bonds. She is excited for the Business Banking Cash Centre opening, “I am really looking forward to becoming part of a specialist team in the corporate banking service offered by the Gibraltar International Bank”.
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Business Briefs
La Sala Gibraltar: The best place for you to do business Whether you are looking to entertain clients, hold informal business meetings over coffee or enjoy their value for money lunch packages, www.lasalagibraltar.com has something to offer all local businesses. The increasingly popular lunch hours offers a Daytime Bites Menu or a 2 course set lunch menu that also features a healthy option. If you have more time you can savour the delights of La Sala’s extensive a la carte menu. If you are in a rush, the restaurant offers its ‘15 Minute Challenge’, available between 12-4pm on weekdays. This is a great option if you are on a tight schedule with an irresistible menu for just £4.99. The best part is that if they don’t serve you in 15 minutes, you get to eat for free! La Sala Gibraltar also has a great lunch promotion available for ladies who lunch. From Monday to Friday whilst dining in the restaurant or on the terrace, ladies can enjoy complimentary free-flowing cava between 1pm-3pm. Located on the third floor of the Sunborn Yacht Hotel, with stunning views of the harbour, La Sala’s three key ingredients; quality, value and service in addition to our lively atmosphere is what makes La Sala Gibraltar the perfect place for any type of lunch. Why not give it a try?
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Business Briefs
Sovereign acquires specialist pension provider Sovereign Group, the independent, international wealth management, retirement planning and corporate/trust services provider, has acquired MW Pensions Limited, an UK-regulated business that specialises in Self-Invested Personal Pension (SIPP) schemes. MW Pensions was formed in 2003 and provides a range of SIPP and Small Self Administered Scheme (SSAS) products. On completion the company will change its name to Sovereign and continue to service its existing client and introducer base from its offices in the North West of England.
MWP’s sister operation in the Isle of Man, SIPP Specialists Ltd., will also be acquired as part of the deal. Regulatory approval for the acquisitions has already been obtained from the Financial Conduct Authority (FCA) in the UK and from the Financial Services Authority (FSA) in the Isle of Man. Richard Chandler, who is part of the Sovereign pensions technical team, will have operational responsibility for the acquired business. Gerry Kelly, Finance and Operational Officer of Sovereign Group, told B2B: “With over 10,000 existing QROPS members, adding a SIPP operation in the UK makes sense for our
Group. While most UK non-residents say they won’t return to the UK, the reality is that many do. Sovereign can therefore be a one-stopshop for their retirement planning needs. Sovereign offers free transfers within its range of QROPS products and that will immediately be extended to our SIPP offering.” “The retirement planning division of Sovereign now accounts for almost 25% of group turnover we plan to expand our range of retirement products and services, as well as our jurisdictional capability over the coming two years,” he added.
Governor of Gibraltar visits the GFSC The Governor of Gibraltar recently paid a visit to the Gibraltar Financial Services Commission (‘GFSC’).
and wholesale players; and its objective of protecting consumers and the reputation of Gibraltar.
Upon arrival, the Governor, Ed Davis was introduced to the Commission’s Senior Management Team and some time was spent discussing the role of the GFSC. CEO, Samantha Barrass, offered a short presentation on the key function of the GFSC and its purpose of supporting the safe growth of vibrant markets and services for professional
During the presentation the Governor was able to focus on some areas of particular interest, and offer his thoughts on the role of the regulator in helping to safeguard Gibraltar. Following the presentation, the Governor was given a tour of the office.
Ms Barrass commented, “it was a pleasure to welcome His Excellency to our offices today. It was a good opportunity to offer an insight in to how we work day to day and to talk about our role and responsibilities, and our goals as an organisation. He brings fresh perspectives and it was a delight to have met him.” His Excellency spent a great deal of time talking with all staff, with many engaging and interesting questions, staff really enjoyed meeting and speaking with the Governor.
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Business Briefs
New Limited Liability Partnership legislation announced with a view to profit. Generally, partnership law does not apply to Limited Liability Partnerships. A Limited Liability Partnership has the legal capacity to do anything that a natural person can do and exists wholly independently of its members and changes to its membership structure. It has an open ended and indefinite existence, and will continue until it is wound up.
Jonathan Garcia
HM Government of Gibraltar commenced legislation in March of this year providing for Limited Liability Partnerships and this is the latest addition to the expanding suite of Gibraltar products that can now be offered. The Limited Liability Partnership is a very flexible vehicle and has been primarily designed with professional service providers in mind, whose partners may potentially be at risk from the careless or accidental negligence of a colleague. However the Limited Liability Partnership is also available in respect of any type of trade, profession and occupation. A further benefit is that any agreement that may be in place between the members remains confidential between the members and the Limited Liability Partnership and no disclosure or registration requirements apply. Additionally the Limited Liability Partnership is also regarded as fiscally tax transparent and members can undertake management functions without forfeiting their limited liability protection. A Limited Liability Partnership is not legally a partnership. It, like a company, is a corporate body with a continuing legal existence independent of its members, formed where two or more persons come together for the purposes of carrying on a lawful business,
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The Limited Liability Partnerships Act 2009 (the “Act”) is a framework piece of legislation, containing details of incorporation, membership and taxation and will be the main point of reference. HM Government of Gibraltar has supplemented the Act with the Limited Liability Partnerships (Application of Companies Act 2014 and Insolvency Act 2011) Regulations 2016 (the “Regulations”), to regulate the management and winding-up of Limited Liability Partnerships. The Regulations operate by reference to the Companies Act 2014 and the Insolvency Act 2011 by applying or modifying relevant sections of those Acts to Limited
Liability Partnerships. The Regulations need to be read with the relevant Act as together they effectively create an Act specifically for Limited Liability Partnerships. The introduction of the Limited Liability Partnership is exciting news for Gibraltar and will complement its existing product range well. This will significantly increase the ability of local practitioners to provide first class solutions to their local and international clients, thereby creating new and increased business flows for Gibraltar. Jonathan Garcia is a Senior Associate at ISOLAS and works within both the Funds and Investment Services and Corporate practices. He advised HM Government of Gibraltar on the introduction of Limited Liability Partnerships into Gibraltar law. He also sat on the Company Law Reform Committee set up by the Finance Centre Council, which led to a full-scale review of Gibraltar’s company legislation.
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Business Briefs
Major milestone as moneycorp acquires bank licence Moneycorp, the UK’s leading foreign exchange provider, has successfully completed its application to acquire a bank licence. The new licence from Gibraltar will allow moneycorp to continue its expansion into European markets – a key element of its international growth strategy. Once fully operational in May 2016, Gibraltar-based Moneycorp Bank will hold deposits in multiple currencies and service the payment needs of corporate and private clients in Gibraltar. The Bank will operate as a separate legal entity to moneycorp’s main operating company which is headquartered in the UK. Moneycorp Bank will be regulated in Gibraltar by the Gibraltar Financial Services Commission. Moneycorp’s overseas expansion has accelerated during 2015 and 2016. Most
recently moneycorp announced the launch of one of its largest ever commercial partnerships with global news giants CNN, representing a solid platform for expansion into the US market. In August 2015, moneycorp signed an agreement to acquire a minority stake in Novo Mundo Corretora de Câmbio, a fast-growing Brazilian foreign exchange business. Earlier in 2015, the business opened an office in France to service consumers taking advantage of property investment opportunities, and businesses exporting across the border. Moneycorp’s overseas growth strategy is being delivered in the context of its thriving UK business, which enjoyed record growth during 2015 with more customers, more transactions and greater market share. Customer retention for the business is at an all-time high.
Moneycorp Bank has appointed Michael Azopardi to lead the business as CEO. Colin Buchan will be chairman of Moneycorp Bank’s board and Mark Horgan, CEO of Moneycorp Group and Nick Haslehurst, CFOO of Moneycorp Group, will both have non-executive roles on the board. Nick Haslehurst, CFOO of Moneycorp Group, told B2B: “Moneycorp is making solid progress in establishing itself as a leading FX and international payments specialist, in overseas markets as well as the UK. The acquisition of a bank licence is a major step in this journey. It will enable moneycorp to continue its controlled growth within our existing international markets but also support expansion into new markets with stable economies and strong crossborder payments.”
“Fund Four” at Triay & Triay co-write Gibraltar chapter of investment fund guide Melo Triay, Robert Vasquez, Jay J. Gomez and Javier E. Triay have written the Gibraltar chapter in the third edition of Investment Funds published in 2016 by Sweet & Maxwell. This third edition of Investment Funds edited by Sam Kay of Travers Smith LLP provides a global comparison of the laws and regulations that govern investment funds in over 30 key jurisdictions, of which Gibraltar is an important one. Written by the leading practitioners within the field, this title is intended to assist lawyers, advisers and fund managers who are seeking to structure and offer their funds. It is a testament to the expertise of the team at Triay & Triay that they have been invited yet again to contribute to this highly regarded legal tome that explains the reforms and changes in investment fund legislation around the globe. It is a vital tool for legal and financial professionals and
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investors who need to stay updated about the rules and regulations of this financial sector. Triay & Triay are well placed to provide advice to the international community on the Rock’s investment fund regulations and combined have a wealth of experience. Melo Triay is the firm’s senior partner and a leading figure in the banking and finance sector. He has considerable expertise in advising on the establishment of collective investment schemes and funds incorporated in Gibraltar. Melo is currently a member of the Financial Services Commission. Partner, Robert Vasquez heads up the firms banking and finance team alongside Melo Triay. He is a former member of the Financial Services Commission and has an excellent reputation in this field. He became Queen’s Counsel in 2012.
Jay J. Gomez is an Associate with a strong reputation for his expertise in funds. He regularly advises prospective funds, investment managers and banks on licensing requirements and regulatory, operational, passporting and distribution matters. Jay forms part of the executive committee of the Gibraltar Funds and Investment Association. He played an integral role in drafting the National Private Placement Rules and Small AIFM Rules in Gibraltar following the implementation of the AIFM Directive. Associate, Javi Triay has advised banks and investment managers on licensing requirements and other regulatory matters and has been an integral member of the team in the launch of numerous experienced investor funds and private funds. Javi formed part of a team assisting the Gibraltar Financial Services Commission with the redrafting of Gibraltar’s financial services legislation.
Business Briefs
Savill’s launches Spotlight Gibraltar Savill’s recently hosted a breakfast presentation to launch their Global magazine Spotlight Gibraltar. Presenting the magazine was Paul Tostevin Associate Director World Research Team, Hugo Thistlethwayte, Head of International Residential Operations. Hon. Albert Isola was also in attendance. It is an interesting research document specific to residential market and facts. It is not based on one particular agency but is a good overview of Gibraltar compared to other jurisdictions such as Monaco.
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Business Briefs
KPMG shortlisted for top eGaming industry award
KPMG Gibraltar and Isle of Man have been shortlisted for the prestigious 2016 B2B Awards by eGaming Review (EGR) Magazine which has selected them as finalists in the Corporate Service Provider category. The EGR B2B Awards, now in their seventh year, are designed to reward and celebrate the very best service providers in the online gaming industry, and recognise the achievements of suppliers from across all the major eGaming disciplines including betting and gaming software, networks, mobile, payments, recruitment, IT and infrastructure. Micky Swindale, Director of KPMG,told B2B: “We are delighted to be shortlisted for the 2016 B2B Awards in the Corporate Service Provider category. Together, KPMG Gibraltar and Isle of Man have been working within the eGaming industry since 2002 and are committed, along with a fast-growing KPMG global eGaming practice, to supporting the sector. We have a dedicated eGaming team with a vast amount of experience across all aspects of the business and who bring different perspectives, sound judgment and extensive multi-disciplinary collaboration to provide innovative approaches and deliver real results for our clients’ most complex challenges. “As well as offering our professional services to eGaming companies, we have been pro-active in offering thought leadership on topics within the industry and, with the support of some very loyal sponsors, have organised and funded 12 eGaming Summits across Gibraltar and the Isle of Man. “These have become hugely successful events, bringing together eGaming experts from across the world to discuss industry issues and the future direction of businesses involved. The summits are very well-attended and offer valuable opportunities for learning and networking.” The final judging for the ERG B2B awards will be undertaken by a panel of independent industry experts. Winners will be announced at a black tie dinner and presentation ceremony to be held at The Tower of London on 1st June 2016. eGaming Review is the world’s leading provider of business-to-business information for the online gaming industry and is read by top industry professionals.
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Business Briefs
Gib Bank offers trade specialist products Guarantees and Uniform Rules for Collections. In May 2015 Kiara successfully attained a Certificate in Trade Finance and is now currently studying towards a Specialist Certificate in Demand Guarantees.
Kiara Richardson, Trade Manager at the Gibraltar International Bank, is the only qualified Trade specialist in Gibraltar. With over 7 years of experience in banking, she recently enrolled herself in several different Trade qualifications to become an expert within her field. Kiara joined the Gibraltar International Bank in December 2014 which she claims to have been “an amazing opportunity to start working in a brand new bank with new colleagues who were all working together to achieve the same goal, the success of our new bank”. Almost immediately after joining the new business she undertook six different qualifications to qualify herself as a Trade Manager. She obtained five Trade certificates in the period of two months which included exams based on ICC trade rules, Uniform Customs and Practice for Documentary Credits, International Standby Practice, Uniform Rules for Demand
When asked what she would say has been her greatest achievement to date, Kiara answered, “It would definitely be successfully passing all my Trade exams and becoming the only qualified Trade specialist in Gibraltar”. However, the hard work did not end after the exams were over, as she then faced the challenge of having to set up the Bank’s new Trade Desk from scratch. “I wouldn’t say it was a struggle”, says the Trade specialist, “But it did take us some time to have everything ready for when we officially opened our doors in May 2015. I am happy to say that everything is up and running and working as it should be”. The Gibraltar International Bank currently offers four different Trade products to its clients. The first being Documentary Credits. This is used to offer clients protection against non-payment from abroad, legal issues and financial risk which can affect a company’s working capital. Kiara advises, “If you are an exporter looking for security of payment or an importer wishing to strengthen your credit worthiness, this is definitely a product you should look into”. Demand Guarantees, also known as bonds, are also offered. This product will provide
assurance that you can meet your contractual obligations and will enable you to demonstrate your financial capability. Kiara advocates that “If you are being requested by a new trading counterparty to provide assurance that you too will meet your contractual obligations, you should consider this product”. A standby letter of credit (SLOC) is also offered and works like a Demand Guarantee. Standby Letters of Credit are created as a sign of good faith in business transactions, and are proof of a buyer’s credit quality and repayment abilities. Documentary Collections are another trade product option for clients. In using this product, instead of the seller sending documents directly to the buyer, they will send them via the banking system. Kiara highlights “If you are looking to settle payments for your exports and imports via a recognised and secure method you should consider our Documentary Collections option. Here the seller can ensure that he will receive payment and the buyer will obtain the assurance that the shipment will arrive”. Kiara is working on increasing the amount of Trade products offered by the Bank. Kiara says “We are currently looking to expand our range of products, but for a bank that has been up and running for less than a year we already have a good variety of products available for our clients”. When asked about the best part of being a Trade Manager at the Gibraltar International Bank, Kiara told B2B, “The best part of my job is that we have no head office we need to report to. All decisions are made locally with a fast turnaround which is very important in Trade deals due to the time sensitivity usually involved.” Whilst Kiara is the only qualified Trade Manager within the business she is not alone as she has a great team supporting her. Kiara concludes, “I love working with my team, they are all talented and amazing, and I can honestly say that I now have my dream job as Trade Manager at the Gibraltar International Bank”.
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Business Briefs
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People on the Move
New Director of Legal, Enforcement and Policy for the GFSC The Gibraltar Financial Services Commission (‘GFSC’) is delighted to announce the appointment of Mr Peter Taylor to the position of Director of Legal, Enforcement and Policy. Peter is an experienced regulatory lawyer and will bring a wealth of expertise to the GFSC. Peter has a strong background in litigation and regulatory law and practice. His legal career spans 3 decades, first establishing himself as a litigator at Denton Wilde Sapte where he spent 8 years, becoming a partner in 1994. Peter’s career took a regulatory turn when he was appointed as General Counsel to the Commerce Commission of New Zealand in 2000. During his 10 years at the Commission, Peter was responsible for leading on significant enforcement cases and the delivery of legal advice to support the application of the Commission’s regulatory remit, in particular the
application of competition law and regulation and the conduct of major litigation and prosecutions. Peter is a member of the board of the Competition Law and Policy Institute of New Zealand. Most recently, as Chief Legal Advisor to the New Zealand Customs Service, Peter has been leading on civil and criminal enforcement including serious crime; he has also led legislative reform and until recently was Director of Access to Legislation at New Zealand’s Parliamentary Counsel Office. GFSC CEO, Samantha Barrass, told B2B “I am thrilled to be welcoming Peter to the Commission. He brings extensive legal and regulatory expertise to the GFSC across all of the areas of legal advice, legislative reform and enforcement. We will benefit from his experience in regulatory law, and his pragmatic
approach to regulatory decision making. We want to ensure we support safe, sustained growth of Gibraltar’s financial services industry, whilst protecting the public, financial markets and the reputation of Gibraltar, and Peter will bring significant experience which will help us achieve that”. Peter Taylor said “I am very much looking forward to joining the team at the GFSC. It will be a new and exciting opportunity to use my experience to support the delivery of the GFSC’s objectives, particularly at a time when the Commission is working with the Government of Gibraltar to deliver a new consolidated statutory framework for financial services regulation that is both robust and easy to navigate.”
GFSC welcomes new board member The Minister with responsibility for Financial Services has recently appointed Paul Sharma as the new board member filling the position left vacant on the retirement of the previous Chairman, John Tattersall. Paul is currently MD and Head of the EU Regulatory Advisory Services Practice at Alvarez & Marsal having joined in 2014, from the PRA and previously the FSA. Dr Spencer commented “Paul has had an eminent career as an accountant and a regulator, covering insurance and banking. He is widely recognised as an expert in prudential regulation, and has applied this expertise in international and European committees where new thinking on regulation has been developed. A prime example is the Sharma report of 2002, which was a precursor for the Solvency II regime.” “Paul brings enormous expertise of important European processes having chaired key
European committees, including EIOPA’s Pillar 1 and Internal Model Committees, which developed EIOPA’s advice to the European Commission. He has also represented UK regulators in the Basel Committee on Banking Supervision and at the boards of supervisors of EIOPA and the EBA. In the world of regulation, this is where the key decisions that affect the daily running of financial institutions big and small are made”, Dr. Spencer added. Samantha Barrass, the GFSC CEO commented “Paul’s thought leadership contribution to financial regulation has been recognised by such bodies as the Institute and Faculty of Actuaries, who awarded him an honorary fellowship, and the IAIS, who made him a Distinguished Fellow following his time as a member of their Executive Committee. Moreover, whilst Paul was at the FSA and subsequently the Bank of England, where he was an Executive Director, he developed and
led the regulator’s team of risk specialists and subsequently became the Director of Policy. This role included membership of the Bank’s Resolution Committee.” The Minister for Financial Services, the Hon Albert Isola MP said “Paul is an ideal board member for the GFSC, as he can bring his many years of experience to bear on the issues facing the Commission. He is no stranger to challenge and has hands on experience of tricky regulatory issues where he has always provided innovative and thought through solutions.” Mr Sharma commented on the Minister’s decision saying: “I look forward to working with the GFSC board members and staff in meeting the Commission’s objectives for the coming years. It is an honour to accept the responsibility and challenges ahead, and I look forward to the first board meeting that I will be a part of”.
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People on the Move
Isolas announces the arrival of two new lawyers to join the growing team The first is Stuart Dalmedo, having spent some time at ISOLAS as part of a secondment arrangement with Grant Thornton, returns to join the team. Stuart is a dual qualified solicitor of England & Wales and Gibraltar and received his BA (Hons) Business with Law from Kingston University.
His areas of practice include general commercial and private client work specialising in both corporate and personal taxation. He has also provided general and
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specialised tax planning advice on day to day matters and has extensive knowledge in corporate tax matters relating to businesses of various sizes. His private client work also includes advising on Gibraltar residency to include Category 2 and High Executive Possessing Specialist Skills (HEPSS) status. Also joining us is Karan Aswani, a graduate in European Law with French from the University of Warwick/University of Lille (Erasmus), who had, as part of the firm’s mini-pupillage scheme, worked with a number of the other lawyers at the firm. Karan trained to be a solicitor at the College of Law in London. Prior to joining us, Karan was at Bird & Bird LLP, where he undertook a training contract and qualified as an associate in their Commercial Department. Whilst there, he was involved in a wide range of matters and practices. On the occasion of the announcement Marcus Killick, CEO of ISOLAS, explained that ‘the continuing growth of the team at
ISOLAS is testament not just to the work of the firm but to the continuing success and appeal of Gibraltar PLC in both established and emerging areas of business. Despite the real challenges, current and potential, in the financial services and gaming context, Gibraltar is bucking the trend and this expansion is a necessary and welcome consequence of it. The whole firm joins me in welcoming Karan and Stuart to the team.’
People on the Move
Gibraltar International Bank appoints new Head of IT The Gibraltar International Bank is pleased to announce the appointment of Jamie Zammitt as Head of IT. Jamie obtained a BSC Honours Degree in Computer Science from Kingston University. Since then his professional career has taken him between several financial institutions including Lombard Odier, IT Consultancy firm ITMS and The Sovereign Group.
Management Team and I look forward to working together in order to achieve our desired goals”. Within his new role, Jamie will endeavour to lead the IT function of the bank to constantly improve services and customer experience by offering advances in technology to better service the needs of the Bank’s customers. CEO Lawrence Podesta commented, “We are delighted to welcome Jamie to our Senior Management team as Head of IT. We believe his experience and expertise will enhance our technological offering to better service the needs of our clients”.
As Head of IT Jamie will also hold a place within the Bank’s Senior Management team. Jamie told B2B “I am extremely pleased to be joining the Senior
Have you thought about a business loan with the Gibraltar International Bank? Whether you are looking to start out or just want to give your business a boost, we will find a loan to match your aspirations and means Let us help you make your dreams a reality If interested please phone us on 200 13900 traditional banking with a modern feel gibintbank
@gibintbank
www.gibintbank.gi | +350 (200) 13900 | Gibraltar International Bank Ltd, PO Box 1375, Ince’s House, 310 Main Street, Gibraltar GX11 1AA Gibraltar International Bank Limited is authorised and regulated by the Gibraltar Financial Services Commission. Company Registration Number 109679
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