Final Bical payments 'in the not distant future'

Final payment to the Bical depositors and the final liquidation of the bank is expected to take place in the not too distant future, Prime Minister Lawrence Gonzi told Jason Azzopardi (PN) in reply to a parliamentary question yesterday.

The Bank of Industry, Commerce and Agriculture (BICAL) was closed in November 1972.

In his question to Dr Gonzi, as Minister of Finance, Dr Azzopardi asked for information on the funds, including valuation of the assets of Bical and its associate companies held by the controller; whether payment to depositors was expected in the short term, and whether the Prime Minister could direct the controller to issue the consolidated accounts of the liquidation process at least once a year. He also asked how much the controller was being paid.

Replying, Dr Gonzi said the assets of Bical and its associated companies were: Bank accounts: Bank of Valletta accounts Lm383,390; HSBC fixed deposit account, Lm23,512; Lombard Bank accounts, Lm508,030. Total of liquidated funds, Lm914,932

This did not include the funds of the Malta & Europe Hotels Limited, which were under a different controller. Neither did it include movables.

Dr Gonzi said it was expected that the assets of Bical and the associated companies would be definitively liquidated in the not distant future so that all concerned would receive what was due as a final payment.

Dr Gonzi said the accounts were submitted to the MFSA more frequently than once a year.

The controller is paid Lm35 per hour as decided by the MFSA.