National Bank of Malta

Austin Bencini’s Talking Point (May 25) casts doubt about the seriousness of Dom Mintoff’s threats made to National Bank of Malta shareholders with regard to the removal of their limited liability. He is mistaken to do so.

One need only look at the evidence given in court by directors and shareholders, among whom was my late father, Philip Attard Montalto, people who were present at meetings and went through that sad experience firsthand. Contrary to the impression Dr Bencini gives, shareholders have a strong case.

The idea that shareholders should opt for negotiations with the government is no new idea. We have always kept our channels of communication open. To his credit, Prime Minister Lawrence Gonzi did authorise one of his ministers to meet with some shareholders to discuss an out-of-court settlement. Yes, an offer was made a few years ago, however, it was rejected by the majority of shareholders as it was not close to being fair.

Another meeting held in June, 2010, between the Finance Minister, his parliamentary assistant and a number of shareholders, was also inconclusive. Around four months later, out of the blue, the government filed a plea in court claiming that our court case, on the issue of violence, was time barred! Why make such a claim 33 years after the case was filed? For the record, although judgement on this issue is still pending, we have presented strong evidence in court that proves otherwise.

Dr Bencini is entitled to his opinions but, in my view, in this case he is giving the government far too much benefit of the doubt.

As a shareholder and a committee member of the NMB Shareholders’ Association, I can assure readers that shareholders are open to any dialogue that can lead to a fair and equitable settlement.