Bank of Valletta takes offence at Labour MP’s speech on fund
A Labour MP’s speech in Parliament about the controversial collapse of the La Valette property fund was “grossly offensive and completely untrue”, Bank of Valletta said yesterday.
The bank took exception to Evarist Bartolo’s reference to it and its officials as forming part of “a network of freemasons”, as well as his statement that “high ranking bank officials had withdrawn €17 million on behalf of the bank from the fund” and warned relatives and friends to do the same thing.
The bank deplored the remarks, saying they were without foundation.
During his speech, Mr Bartolo warned the Malta Financial Services Authority that it would be betraying its mission and abrogating its duty if did not pass on its investigative report on the fund to all investors.
Hundreds of families had been deceived and were not receiving protection from the MFSA, he said.
Mr Bartolo’s comments came on the same day that investors were urged to reject the bank’s offer to compensate them with 75c for every share. Those taking up the offer would be giving up their right to take legal action against the bank, irrespective of any findings in the inquiries carried out by the MFSA.
Popular Stories
Old buses, drivers to return
Former Judge Ray Pace found dead
Updated: Minister apologises for...
Three new Nationalist MPs elected –...
Where’s Everybody staff is given notice
Updated - Director of Prisons submits...
Update 4 - Eddie Fenech Adami stable...
Update 3 - Woman trapped as car crashes...
Revealed...the face of a Maltese woman...
In Discussion
Old buses, drivers to return
Updated: Minister apologises for...
Updated - Director of Prisons submits...
Enemalta seeking minimum five year gas...
Protected birds shot and trapped as...
Mario de Marco, Zammit Dimech concede,...
PN postpones salaries as financial...
Updated - PM's offer to Opposition MPs...
No appeals board for first part of power...
5 Comments
Post comment
Please sign in or create your Account to post comments.
Karl Abela
Jun 3rd 2011, 12:00
Recently, Evarist Bartolo seems to have a big mouth and shooting words inappropriately. His words could potentially wipe out Bank of Valletta together with the savings of half the country.
But of course, that is Labour's tactic. Cheap talk whenever there are some votes that can be won.
Mr Paul Borg
Jun 3rd 2011, 15:30
Maltese investors were lured to invest in the said fund, which will ammount to more than the bank is worth. All this money was invested by hard working individual ( a lot of them ) , and if you think anyone is going to give up his life savings, then think again!!! Those who think that there is troubled waters for BOV should save guard their savings, while they have time. People are not as stupid as you think Mr Abela, and neither is the Bank !
Mr Jo Camm
Jun 3rd 2011, 11:58
Evarist Bartolo said what he said covered by Parliamentary Privilage. Now he should say it outside parliament so that the Bank of Valletta will sue him and WE will know the whole facts.
If EB is 100% sure of what he said, we are all interested to know the whole story.
Mr Peter Murray
Jun 3rd 2011, 11:40
Who precisely oversees and monitors the activities of the MFSA?
Mr Peter Murray
Jun 3rd 2011, 10:38
Plenty of denials and counter-accusations from the BOV but strangely nothing from the MFSA to rebut Evarist Bartolo's remarks about a "deception" and a "no-protection" strategy.Also the BOV cavalierly failed to mention the contents of their response to the MFSA's conclusions of the first investigation and the fact that such correspondence between the main protagonists is on a "need-to-know" and an apparent classified basis.How strange ,in particular from a government entity who prides itself on transparency ,accountability and integrity!
Please choose the reason of your report below: