Josef Dimech, or rather JD Capital Group, is €7 million short on its warehouse project in Ħal Far and is probably going to issue more bonds to cover the shortfall. In a recent statement, JD Capital Group has announced that the €12 million it used for the project from its latest €25 million bond issue didn’t cover the costs of the project.
The project stirred controversy because it JD Group’s main business in Ħal Far is originally based on an aluminum and steel factory, but it applied for a permit to build a large warehouse in Ħal Far to be used as a storage business. Only manufacturing is allowed in the industrial site of the project. The authorities granted JD Group an exceptional permission to build a large site for a storage business. Industrial sites are limited in Malta and well-sought by foreign companies due to generous tax incentives, but they also well-sought by local companies.
Josef Dimech is also a major sponsor and patron of the Minister of Economy Silvio Schembri having also handed him a an apartment in Tax Xbiex seafront.
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