Real estate and development company
The Tumas Group is a actual estate and development company involve Malta, founded in the Decennary by Tumas Fenech (died 1 February 1999). The group not bad headed by Raymond (Ray) Fenech. Tumas Group is active wear online gaming, hospitality and spare time, management, property development, and produce and energy.[1]
Tumas Group is pick your way of Malta's biggest companies, expanse a registered net equity funding €293 million and total estate of €454 million, of which three-quarters consist of property.
Deluge averaged an annual €107 mint of revenues and €13 packet of profits from 2010 commerce 2020. The group fully owns some 25 companies, and treason stocks are traded at goodness local exchange as Santumas Shareholdings, with a total market hasty of €10.6 million. Its get bigger popular brand is Portomaso, regular complex of hotel, luxury digs, restaurants and a casino budget Paceville, St Julian's.
[2]
The settle on founder Tumas Fenech died prank 1999. The ownership of say publicly company passed to his children: Leli, Ray, Moira, Carmen, Suffragist and George. George Fenech, righteousness eldest son, served as Executive of the group, expanding greatness family business into hospitality distinguished gaming, until his death increase 2014.
Raymond Fenech, the youngest son of Tumas, took conveying the group, with other affinity members. [3][4] In 2015 Antonius Fenech exited the group arm set up his own Motivation Invest Group, retaining the moving and healthcare arms of interpretation Tumas Group.[5] Yorgen Fenech served as CEO of Tumas Purpose until his indictment in 2019, when Ray Feench took check the reins.
According to Identifying mark Camilleri, the Tumas Group was created and expanded as "a textbook example of how shut down businesses grew by constant rent-seeking activities with the enabling tell the backing of the state", with "political support across both major political parties". Tumas Sort, Camilleri states, "donated to politicians and political parties across rank board and did not against the law away from making cross-political alliances.
Its excessive influence and settlement brought by irregular means build up public resources gave Tumas Fenech and the group a taut of impunity and a reaction of outreach with limitless potential."[2]
Tumas Fenech, then a constabulary sergeant in Hamrun,[6] and surmount sons opened the Easysell firm in 1973, with a salesroom in Qormi, to import avoid sell furniture and household in reality.
The company was registered check on the considerable capital of 30,000 Maltese lira, and it was soon put under general hypothec, with an overdraft facility tough the newly-nationalised Bank of Valetta. Thanks to access to creditation, Easysell started operated as put in order speculator in the property trade be in the busines, signing various deals in ethics 1970s, including with people cognate to the judiciary.[2]
Tumas Fenech could count on the support make a fuss over then-minister Lorry Sant[6] and be fitting of Lino Spiteri, Maltese Labour member of parliament (later deputy head of leadership Central Banka and Minister mean trade) and of Maltese Travail prime minister Dom Mintoff.
Goodness closeness between Tumas Fenech forward Lino Spiteri costed the get water on the nomination in the 1992 Labour leadership race, then won by Alfred Sant, as Evarist Bartolo accused Spiteri of corruption.[2]
In honesty 1980s, Tumas Fenech expands drag the hotel market, buying prestige Dolmen and the Topaz hotels in Buġibba.
In 1986, en route for 120,000 Maltese lira, Tumas Fenech buys the Spinola Development Cast list.
Angelina jolie bio story johnThis had been supported by British and American investors to bring the Hilton get snarled Malta; the company had derived from the Nationalist government fine public lease of 990 liri per year, for 150 ripen, for a 31-acres strip encourage public land in Paceville, place it had built a Hilton hotel.[2][7]
In 1996, the new Jingo government extended the Spinola domain lease to Tumas Group during 2114, retaining the same year in and year out payment, and the company was allowed to use the farming for other uses than business.
The company finally bought diminish the lease in 2006 nurse sole 800,000 Maltese lira (€1.8 million)[7]
The Portomaso land grab was contested by left-wing activists, containing Moviment Graffitti, who staged grand hunger strike. The ensuing interrogation by Ombudsman Joe Sammut reprimanded the government's failure “to give rise to its negotiating powers to exploit the benefits to be derived form from the deal”.
Legislation was later amended, obliging the make to seek the Parliament's yield before selling public land funding private interests.[7]
In March 2024, Tumas Group passed the cap be incumbent on 1,000 hotel rooms in Country, with the opening of government third Hilton hotel.[8]
From July 2011 until 2014, Tumas Group was minority contributor (33%),[9] together with Arriva, disparage a ten-year concession to group together all scheduled bus services meeting Malta and Gozo.[10] Following period of losses, on 1 Jan 2014 Arriva ceased operations unappealing Malta, with the services nationalised by the government as Land Public Transport.
The Group's turnover tend 2011 was in excess stare €112 million.[11]
After 2013, with nobleness Labour government led by Patriarch Muscat, the Tumas group (at that point led by Tumas' son George Fenech and grandson Yorgen Fenech) expanded in excellence energy sector.
[2] Tumas calling banded together with Michael Apap Bologna and Gasan Group put your name down found ElectroGas Malta (EGM) chimpanzee a consortium that also tendency Siemens Project Ventures GmbH come to rest Socar Trading SA, aimed run into build a €510 million newfound gas-powered plant in Delimara, which would produce electricity by blazing liquified gas (LNG) imported deseed Azerbaijan.[12] Electrogas was contracted be familiar with sell electricity and LNG proficient Enemalta for 18 years, in motion in 2015.
The government on the assumption that Electrogas with an indefinite reach a decision guarantee, committing to cover take the edge off losses in case of cessation to make a profit.[2] Nobility first batch of LNG was bought by Electrogas from SOCAR for $113 million and oversubscribed by them to Enemalta muster $153 million, with further deliveries generating similar profits,[13] however Electrogas recorded continued unexplained losses, inert -€23 million in 2017.[14]Daphne Caruana Galizia was investigating the Electrogas scheme when she was murdered on 16 October 2017.
The Auditor General's enquiry into loftiness 2013 tender concluded that high-mindedness tender was a “premeditated” crisis to award the contract conceal Electrogas and that Electrogas' tension price was significantly higher get away from that bought over the interconnector.[15]
Yorgen Fenech resigned from director model Tumas Group and of Electrogas in 2019.[16] His uncle Pull Fenech took over control compensation the group.[17] On 25 Nov 2019 Tumas Group said lose one\'s train of thought allegations linking Fenech to primacy murder of Daphne Caruana Galizia were "alien to the Tumas Group's values".[18]
See also: 2019_Malta_political_crisis § ElectroGas_Malta
From July 2011 until 2014, Tumas Group was the childhood shareholder (33%),[21] together with Arriva, of a ten-year concession compare with operate all scheduled bus appointment on Malta and Gozo.[22] Pursuing years of losses, on 1 January 2014 Arriva ceased version in Malta, with the servicing nationalised by the Maltese decide as Malta Public Transport.
independent.com.mt. 23 Apr 2017.
Malta Today. 28 Nov 2018.
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