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Day: 25 June 2020

Development dispute doesn’t end well for Monaco

by: Cassandra Tanti
25/06/2020

The State of Monaco has been ordered by the Supreme Court to pay Caroli Immo €137 million plus interest over the abandoned Esplanade des Pêcheurs project. 

The long-awaited decision was handed down on Thursday 25th June by Monaco’s highest court, rewarding the developer about a fifth of what he was seeking.

The dispute involves the government’s abandonment of a vast culture and real estate project that was to include an underwater archaeology museum, housing, retail stores, offices, parking and a public esplanade.

On 5th September 2014, the State of Monaco and the Société Monégasque d’Etudes et des Gestion Immobilières (SAMEGI) Groupe Caroli signed a memorandum of understanding for the project and the government was set to submit a bill to the National Council to decommission the land.

But the project never materialised. On 29th July 2015, the government informed Caroli Immo that it intended to withdraw the bill, a decision motivated by “strong reservations on the part of the competent authorities, both from the point of view of [architecture] and [sizing] [of the project] as well as with regard to the constraints relating to the availability of space necessary for the organisation of important events, such as, among others, the Formula 1 Grand Prix,” according to official court documents.

Antonio Caroli sought retribution from the Supreme Court, asking for €423,065 million (excluding taxes) in compensation, while a separate claim for €180,000 million was made by Franck Goddio, responsible for building the archaeology museum. The latter claim was rejected on Thursday by the Supreme Court.

Antonio Caroli’s lawyer François-Henri Briard welcomed the court’s decision, telling Monaco Matin: “This sum is very appropriate, even if it does not correspond to what was asked. It is compensation for the damage caused.”

The National Council has expressed its disappointment that the issue could not have been resolved outside of the court, saying in a statement: “This decision comes at a particularly difficult time for the economy of our country. This sum alone represents, for example, the equivalent of what has been spent so far in support of the country’s employees and economic actors since the start of the Covid-19 crisis – almost €150 million of an approved fund of €300 million.”

The National Council said it had repeatedly called for a dialogue between the government and the plaintiff in order to avoid this difficult situation.

The Monegasque State has been ordered to pay Caroli Immo €137 million plus interest since the filing of the initial request in 2018.

Photo: Caroli Group

Monaco makes milestone MoU with tokenisation platform

by: Cassandra Tanti
25/06/2020

The Monaco government is teaming up with Blockchain startup Tokeny Solutions in its first major step to becoming a regulated on-chain finance hub.  
It was announced on Thursday that the government had signed a Memorandum of Understanding for Tokeny to become its de facto blockchain-based tokenisation platform – a collaboration that will grant Monaco’s seal of approval to quality companies.
The endeavour will support Environmental and Social Governance (ESG) projects to be approved by the government.
“Monaco is moving towards its ambition to become a funding nation for progress with our STO framework,” said Frédéric Genta, Delegate for Digital of Affairs of the Principality of Monaco. “Two key milestones were achieved: a dedicated STO law was voted by the National Council and we are welcoming Tokeny to the Principality to operate our STOs.”
Tokeny Solutions is a Luxembourg-based fintech, which is currently setting up a subsidiary in Monaco.
The deal will support Monaco’s ambition to become the world’s first State to utilise the benefits of decentralised finance (DeFi) and its aim in becoming a Funding Nation for progress, a global market where quality projects are developed and financed.
“Most of the high-net-worth people in Monaco are buying real estate to park money,” said Luc Falempin, CEO of Tokeny Solutions. “The idea now is for investors and money in private banks in Monaco to invest in green projects.”
Alongside the passing of the dedicated Security Token Offering (STO) bill, the Principality of Monaco will establish a regulatory framework to encourage projects from around the world to finance themselves through issuing tokenised securities.
Investors benefit from a selection and approval process, and the Tokeny platform makes it very easy to manage digital assets with features like a recovery process, said Luc Falempin.

For projects looking to issue a token, these will have to first be presented to the government of Monaco, which will assess and approve them. The token issuer also needs to obtain a visa and set up as an entity in Monaco.

The first project to be onboarded to the initiative is Icebreaker, a production company of producer Sophokles Tasioulis and Oscar-winning documentary filmmaker Luc Jacquet, whose repertoire includes the blockbuster documentary March of the Penguins.
“IceBreaker intends to leverage the blockchain technology to facilitate the financing of meaningful content production while retaining all associated rights, enabling new monetisation opportunities via films, exhibitions and the like,” said Luc Jacquet. “March of the Penguins and the subsequent Antarctica exhibition have demonstrated that the model can be a profitable one, making it appealing to investors.”
The regulatory framework is expected to come into force shortly.
 

Interview: Murat Vargi

by: Natasha Girardi
25/06/2020

We speak to Monaco resident Murat Vargi, founding member of Turkcell and the Mind Your Waste Foundation, entrepreneur, yogi, philanthropist, avid sailor and last year’s winner of the YCM Explorer Awards La Belle Classe for Adventure, Ethics and Environment.
This interview felt like one brushstroke on a canvas, full of verve and life, a paragraph to a novel the length of War and Peace. I was in awe of his larger than life persona, his passion for ethical and modern philanthropical causes in the world of finance in an era when much of this was unheard of. Today, Murat Vargi champions education, equality and the urgent need to protect our planet through behavioural change.
 
Monaco life: You’ve worked relentlessly since early childhood and achieved many outstanding goals in your life. But what has been your proudest moment? 
Murat Vargi: After 12 years of complete immersion in running and developing Turkcell, the high point was becoming the first Turkish company to IPO on the New York Stock Exchange.
But my proudest moments are lived daily in my two daughters who are the source of my happiness. Remarkably, they share the same passion for philanthropy and my business. My eldest daughter is the president of MV Holdings and she now understands my journey. I don’t advise her but let her make her own mark on the company; I want her to have full responsibility. Now she understands some of the challenges and hardships involved in running a company. It is wonderful because it gives me more time to pursue my hobbies. My youngest daughter recently spent time in Gambia and Senegal where we made wells for the villages.
How did you develop such a strong work ethic? 
My work ethic was born out of love for my family and the loss of my father who passed away at the age of 42. I am forever grateful to my mother who was always encouraging. If I came home with a terrible grade, I was never scolded but encouraged to try better. Even when I had 4/10 on a test, she would be positive and gently ask me to try and do a little better. I don’t remember ever being punished by her.
I always worked from an early age. At 13, I was a clerk’s assistant and I would always spend my money on things for our household. If I made $50, I would spend $20 on something for my mother. It formed me.
Well it must have served you well, considering you went on to establish Turkcell, Turkey’s largest mobile provider. How did that come about?
It was a combination of synchronous events including government regulation and an interview I gave to the Financial Times, which led to me forming a partnership with Swedish company Torsten Press of Comviq. In 1988, the European Union decided to have one cellular system that was GSM, so all pan European countries agreed to this one system, including Turkey, although not fully a part of Europe. This started the process: cell phones were state owned and monopolised, and I took part in the process of dismantling this monopoly.
What then motivated you to set up the Mind Your Waste Foundation?
I have always balanced business and nature. Long walks in nature is a must for me. However, whilst walking in Turkey I was deeply saddened and disturbed by the build-up of plastic bags and litter in the forests and on the beaches.
I felt the best way to tackle this alarming unawareness about the damage of waste on our planet was through creating Mind Your Waste Foundation. We developed a series of campaigns that were aired on Turkish television and radio – 30 second short films made by my brother who is a film maker, and songs with a variety of rap and classic popular music specifically targeting the key market segments. After five years, our market studies showed a marked improvement in behavioural patterns towards litter.
Ultimately, our biggest achievement was reducing plastic bag consumption from 100% to 20% and initiating a system for people to get money back for returning plastic bottles.
Informing people of their behaviour is a powerful form of creating change and that is the underlying motivation of my philanthropy.
Similarly, we educated 10,000 girls by giving them scholarships as a means of reducing teenage marriages brought about by poverty.
Marcel Proust always asked: “What do you eat for breakfast?”. What is your daily routine in Monaco? 
For Turks, breakfast is a much-loved tradition based on our love of the Mediterranean’s olive trees and olive oil. So, I have olives with white cheese and honey, sometimes eggs, parsley, tomatoes and peppers. When dieting I have muesli and tea and no coffee.

Edward Hopper’s Nighthawks

For a man gifted in always seeing the bigger picture, who is your favourite artist?
Presently, I would say that Edward Hopper is my favourite artist and in a way his paintings perfectly capture this era of confinement and isolation that we are living in. They are the best example of how to follow social distancing guidelines! Nighthawks (1942) is very special to me, as in all his works there is a sense of solitude and silence. He is absorbing on so many levels, especially the unspoken narrative, that mutable tone that exists in couples that he paints so brilliantly.
What inspired you to build an art collection? 
By chance I came across an auction catalogue and couldn’t believe that there were Renoir’s for sale. My father had a book on the Impressionists and loved Renoir, and that nostalgia is what got me started on building a collection with my daughter.
Have you ticked everything off the list of your childhood dreams? 
(Laughing) Actually, yes I have. My belief is that dreams come true. You’ve got to dream – everything starts with a dream.
What makes you happy now?
Music makes me happy and beautiful friends… anyone with a story, from whom I can learn something. I like positive people.
What line from literature or film resonates with you? 
“It is nothing to die, but it is frightful not to have lived” by Victor Hugo.
What is your favourite film?
With regards to Turkish films, my brother Ömer Vargi’s films are incredible, especially Eskiya. I also laugh so much at French comedy starring Dany Boon or Benoît Poelvoorde.
What is the best present you have ever given? 
Organising a birthday party for my wife and the surprise was having Julio Iglesias come and sing for her in our home amongst our friends.
What are your favourite restaurants?
I think it was the thing I looked forward to the most after lockdown – eating in restaurants. My favourites are Paloma, Anjuna, Maya Bay and Cipriani’s.
I like that you are constantly learning and enjoying life, is this important to you?
It is an honour to support and help wherever I can, and Mind Your Waste and creating equality in the world will always be at the fore of what I do. I have worked relentlessly throughout my life, even today I dedicate 30% of my time to our foundation, to scholarships and the arts.
Life is valuable – one feels this more and more the older you get – and time is precious. As Deepak Chopra says, “You can’t be spiritual if you are not having fun.”
 
Photo: Prince Albert presenting the YCM La Belle Classe Explorer Awards for Adventure, Ethics and Environment to Murat Vargi.
 
 

Honda partners with EVER Monaco

by: Stephanie Horsman
25/06/2020

Honda will be showcasing its new electric and hybrid vehicles in Monaco as part of an important new partnership deal with EVER Monaco.

EVER Monaco is one of Europe’s largest and longest-standing events dedicated to sustainable mobility and renewable energy sources, and this year they have a heavy-hitting new partner. The French branch of Honda Motors Europe and EVER Monaco announced their new alliance for this year’s event which will run from 10th to 12th September at the Grimaldi Forum.  

Sponsored annually by the Prince Albert II of Monaco Foundation and the Société Monegasque de l’Electricite et du Gaz (SMEG), regular exhibitors at EVER Monaco include big car and two-wheel vehicle manufacturers, energy companies, representatives from the maritime industry, players from the sustainable housing market and institutions dedicated to renewable technology or sustainability in its many forms.  

“The history of our event, of which this is the 15th edition this year, proves how avant-garde EVER Monaco has been, having since 2006 come to share Monaco’s vision for the mobility of tomorrow,” said Bernard Fautrier, President of EVER Monaco. “EVER Monaco has always wanted to associate its event with a leading automaker in the field of electromobility. This is the case today with Honda Motor Europe Ltd Branch France, which becomes for the first year the official partner of our event.”

The new partnership will showcase Honda’s latest electric and hybrid cars, giving both sides a boost in public visibility.

Pierre Guignot, Director of the Automobile Division of Honda France agrees, saying that, “While we are launching the Honda e, our first 100% electric model, the new Jazz Hybrid and the CR-V Hybrid are also in the spotlight. It was a good time to intensify our presence at EVER Monaco through this partnership. Professionals, institutions and the general public will be able to discover our products in a privileged setting, at the heart of an event that has always met our expectations.” 

The event will be set up in the Espace Diaghilev of the Grimaldi Forum for the indoor portion. For those wishing to take vehicles out for a spin, the Ride and Drive area will be extended and a test rack for smaller vehicles will be located inside.

 
 

AS Monaco says goodbye to several players

by: Stephanie Horsman
25/06/2020

June marks the end of contract for several Red and White players, including powerhouse striker Islam Slimani who was on loan from Leicester City.

In the ever-evolving world of professional football, players come and go with regularity. June marks the end of contract and loan period for several players who had been on the 2019-20 AS Monaco roster.

Croatian goalie Danijel Subasic and Monaco have decided to part ways after eight years and more than 200 games with the club. The 35-year-old was the 2017 French goalkeeper of the year, the same year he helped Monaco win Ligue 1 and reach the semi-finals of the UEFA Champions League. 

Two other goalkeepers will be departing at the end of June, Swiss International Diego Benaglio, who arrived from Wolfsburg three years ago, and Seydou Sy, the Senegalese International who had been with the team since 2014 after moving over from AC Milan.

Striker Moussa Sylla will also be leaving. He had 34 appearances with the club including six in the Champion’s League where he scored one goal.

AS Monaco is also bidding adieu to three players who came last season on loan. Powerhouse Striker and Algerian International Islam Slimani, on loan from Leicester City, will end his time on the Rock after 19 games where he racked up nine goals and seven assists. Chelsea loaner Tiemoué Bakayoko, a former AS Monaco midfielder who played here from 2014 to 2017, leaves after competing in 23 games last year. Finally, Portuguese International midfielder Adrien Silva is ending his time in Monaco after playing 40 games with the club. 

Several players from the Academy teams also arrive at the end of the contract and include Safwan Mbae, Nordine Ibouroi, Théo Louis, Owen Maës, Kevin Appin, Jordy Gaspar, Pierre Nguinda and Quentin Ngakoutou.

 
 

 

Proposals sought for Monk Seal Alliance projects

by: Stephanie Horsman
25/06/2020

The Prince Albert II Foundation, in conjunction with the MAVA Foundation for Nature, the Segré Foundation, the Sancta Devota Foundation, and the Thalassa Foundation, is launching a call for two collaborative projects for their Monk Seal Alliance project.
The Monk Seal Alliance (MSA), was founded in 2019 to bring together associations that are working on ways to preserve the Mediterranean monk seal population and it has now put out a call for project proposals covering two topics.
The first is for the conservation of the Mediterranean monk seal in priority areas. The focus of this project should address at least one of three objectives: to end harmful impacts of tourism on the seal population, to stop negative interactions with fishermen, and to create or enforce measures in protected areas for the species.
Projects must include, amongst several other criteria points, an education, information or training component and must be carried out in the priority areas of Greece, Cyprus and Turkey. Projects will need to be ready to go by the first trimester of 2021 and funding is available from €50,000 to €300,000, possibly more for larger scale international projects.
The pre-application form must be handed in by 15th August, outlining the objectives of the plan. Those who make it to the next stage will need to turn in a complete project proposal by 30th September.
The second has to do with reinforcing international collaboration and capacity building for Mediterranean monk seal protection.
This proposed project should look at concrete activities that define potential monk seal habitats, are looking to have a better understanding of the seal population, and to raise awareness on the monk seal’s status, negative impacts and protection measures.
This project encourages people from countries where monk seals are currently breeding and living, with different backgrounds and levels of expertise, as international cooperation is essential. The projects should be roughly two to three years in duration and be prepared to start by June 2021. Maximum financing offered is €300,000.
Pre-application forms must be submitted by 15th October 2020 and include the main aspects of the project and how it responds to the objectives set forth. Those who pass the pre-screening will be invited to submit a full proposal before 15th January.
For more information, a complete listing of the requirements and to get the pre-application forms, visit https://www.fpa2.org/monk-seal-alliance-fr.html