BOV getting back at me, says critic
Stockbroker threatens legal action against BOV
Paul Bonello. Photo: Matthew Mirabelli
Bank of Valletta has told one of its leading critics that it is cancelling credit cards belonging to him and his wife, without giving them an explanation.
The bank informed stockbroker Paul Bonello of the decision in letters dated April 25 and April 30.
In the letters, seen by The Times, Mr Bonello is told that bank cards and services belonging to him personally, as well financial instruments held by the investment consultancy group he manages, are to be terminated on July 1 in accordance with the terms of the business agreement between the group and the bank.
Mr Bonello had brought to light irregularities and spearheaded efforts to hold Bank of Valletta accountable in the La Valette Property Fund debacle. The fund went bust in 2008, after it had invested in high-risk sub-funds, leaving several inexperienced investors out of pocket.
Last year, the bank and one of its subsidiaries were fined nearly €350,000 for regulatory breaches related to the fund.
Then, an investigation published on June 4 ordered the bank to compensate inexperienced investors and to pay an additional €200,000 fine.
The bank would have been informed of this decision about a month earlier under Malta Financial Services Authority regulations that require the authority to give financial institutions 30 days’ notice of any fines or regulatory action they are set to receive.
Mr Bonello suspects Bank of Valletta is now paying him back for his lead role in calling for investigations into the tainted fund.
“This is a blatant, knee-jerk reaction to the MFSA’s most recent investigation of Bank of Valletta, and there’s a clear retributive streak directed at me,” Mr Bonello has said.
He insisted he had nothing to hide, saying he was willing to waive any confidentiality clauses in BOV’s regard to allow the bank to publicly explain its decision.
But his offer made little difference to the bank, which declined to answer questions put to it by The Times. A spokesman said: “In keeping with the normal obligations and standards of professional secrecy, the bank cannot discuss any such matters”.
The spokesman added: “Professional secrecy is a crucial aspect in any banker-customer relationship, with trust and mutual respect being key elements for such a relationship to exist”.
They, however, insisted that the bank was neither confirming nor denying questions about the reasons behind their decision to terminate Mr Bonello’s accounts.
Outraged, Mr Bonello has written to the Prime Minister, demanding that the government, as the bank’s largest shareholder, provide “legally valid, objective reasons” for his account cancellations from the bank’s board of directors.
His request has been rebuffed by the Prime Minister’s Office, with a spokesman telling The Times Mr Bonello was barking up the wrong tree.
“If Mr Bonello feels aggrieved, the Prime Minister is not the competent authority where he should seek redress. He may do so with the regulatory authority [MFSA] or take other legal action.”
The spokesman added that the government “does not have the right to intervene in decisions taken by the board or bank’s management”.
Seventy-five per cent of Bank of Valletta is privately owned, with the government’s 25 per cent stake making it the largest single shareholder.
Malta Financial Services Authority chairman Joseph Bannister told The Times that the MFSA had informed Mr Bonello it could only investigate his complaint once he had filed a formal complaint with Bank of Valletta.
Prof Bannister declined to enter into the specifics of the case, saying the MFSA did not comment on the relationships between financial institutions and their clients.
Mr Bonello remained unconvinced by the MFSA’s arguments.
He accused the regulator of “acting like the three wise monkeys, trying to avoid any investigation unless it has to”.
Bank of Valletta’s actions were anti-democratic as well as an abuse of its dominant market position, Mr Bonello insisted, as he called on the regulator to investigate the matter of its own accord.
Mr Bonello was similarly unimpressed by the government’s response to his plea for intervention.
As the bank’s single largest shareholder, the government could “take the appropriate action at any time by a simple letter,” Mr Bonello argued.
He drew parallels with a 1977 incident in which he was involved, when Bank of Valletta and Mid-Med Bank management had called in employees’ home loans “in retribution for the partial industrial action we were taking”.
“I wanted to believe that Malta had matured in political stature and democratic credentials... but it appears such measures are being revived... in the new millennium,” Mr Bonello wrote in a letter to Dr Gonzi.
An aggrieved Mr Bonello has said that he will take legal action unless the bank reverses its decision by July 1.
“This sort of thing is unacceptable in a democratic society... but it’s not going to distract me from my work advising my clients.
“And I’m determined not to let this incident detract from my objectivity when dealing with Bank of Valletta issues.”
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Steve Sant
Jun 26th 2012, 19:51
It so hurts when the shoe is on the other foot, and we shall see one day should the Saga of the National Bank ever happen again. Then we shall all see how many people would remain complacent to the travesty and injustice. He even wrote to the Prime Minister over ONE account, imagine 300 shareholder and who knows how many customers who were taken to the cleaners in 1973. That would be a day to recount, for all your sakes I would not wish that upon anybody.
Albert Felice
Jun 26th 2012, 18:36
EXCELLENCY IN ARROGANCE
B.O.V. has continued being arrogant and breaking all rules of decent gentelmanly conduct by cancelling Mr Bonello's and Finco's credit cards and refusing to give an explanation.
After always refusing to admit that in 2008 16,000 Eur were withdrawn by people connected to the Bank just before the interest for the fund was suspended comes this action above.
We all remember how not one vote was cast in favour of the board in a poll by shareholders and then we were told that those who were not present had turned the vote to one in favour.
The worst arrogance was against the M.F.S.A. when it insisted that the swindled investors had to sign an acceptance form within a time limit accepting 75c per share in spite of warnings by the M.F.S.A. to postpone this action.
Albert Felice
Frank Portelli 2BFRANK
Jun 26th 2012, 08:17
A few years ago Bank of Valletta ran an advertising campaign stating :-
‘
’ IF YOU THINK THAT THE CUSTOMER IS NOT ALWAYS RIGHT --- YOU ARE WRONG ‘’
Now that the MFSA found that Bank of Valletta / VFM :-:-
1. Failed to act with care and diligence
2. Were in breach of Investment Services Guidelines
3. Were in breach of Investment Services Rules ,
4. Failed to maintain sufficient records.
Not a single resignation on this account - instead at least 2 individuals who bear responsibility in this whole saga have now been appointed as Directors on a newly set up company.
’ IF YOU THINK THAT THE BANK IS NOT ALWAYS RIGHT --- YOU ARE WRONG ‘’
Dr Frank Portelli
B. Cachia
Jun 25th 2012, 20:01
The bank obviously has discretion over who to extend credit to, and whose deposits to accept, just as stockbrokers and financial advisers are free to accept or reject customers. It was probably not a good idea on the part of the bank to choose not to do business with Mr Bonello, but they have every right to do it.
Peter Murray
Jun 25th 2012, 21:12
And a customer,especially a longstanding ,existing customer, has every right to expect a reason why the bank no longer wishes to do business with said customer surely ?
M Sciberras
Jun 26th 2012, 08:01
The bank does NOT have this right, contrary to what you say. If it did, it is very easy to envisage a case where a person is excluded from buying services required to conduct business by the collusion of common interests, particularly in a small society.
ANTHONY PAVIA
Jun 26th 2012, 08:17
No they do not, unless they can present and substantiate valid reasons. Shareholders might consider the directors (if in the know) and certainly management's action as negligent and non conducive to good and proper banking practice.
Vindictiveness, if practised, should be kept on the private level, but not extended to good banking business.
Charles Massa
Jun 25th 2012, 18:51
L -ebda Bank fid--dinja ma jaghlaq kont ta 'klijent jekk il klijent ihaddem il kontijiet tieghu tajjeb. Dan huwa l -kwalita tal- business li l -bank ikun irid, kontijiet bla problemi. Is Sur Bonello ta l -awotrita tieghu biex il Bank jghid ir ragunijiet ghal fejn nehhilu l -credit cards. B hekk il -Bank ma joqodx jinheba wara s- segretezza. Imma sa issa l -management ma hareg l -ebda stqarrija. U kif inhuma sejrin l affarijiet fil BOV, il bank joqod mutu sa kemm din l -affari tintnesa. Jekk vera l -bank nehha credit cards, ghax is sur Bonello tkellem fuq il Property Fund, xi imissu jaghmel il BOV lil certu nies fil -management il operaw il performance tal property Fund hazin? Lil dawn imissu ghalaq il credit cards il BOV. Xi ippretnda l Bank li l investituri jitilfu partita flus, u nies bhal sur Bonello ma jaghmlu xejn. Imissu l Bank jara l hard selling tatics li kellu u jara min kien responsabbli ghal din il froga. Imma l BOV dejjem hekk kien STRONG WITH THE WEAK, U WEAK WITH THE STRONG. Il poplu qieghed jistenna xi stqarrija mil Bank.
Ivan Mizzi
Jun 25th 2012, 18:48
Thank you Mr Bonello, the BOV share price decreased by 1.9c today. Why don't you take your complaints to court or to the MFSA instead of making a media war on the newspapers. Or do you have ulterior motives .
Catherine Bugeja
Jun 25th 2012, 16:31
In my views these comments are depressing the BOV share price for the detriment of the Banks' Share Holders. Stork Brokers should know better. The Bank has not hit record low.
Peter Murray
Jun 25th 2012, 15:44
The isue here is clear as banks, along with those other bastions orf probity and carers(sic) of customers the .insurers like to profess to operate on fhe full disclosure,transparency ,integrity and being highly customer -principle but don't you dare challenge or upset them.The issue here so cavalierly overlooked by most commentators is that to withdraw theri services or facilities they both legally do not have to provide a reason for such arbirtary and unilateral action however,when addressing such diaoblical action morality or ethicalbehavour also seems not to have any place in banks' or insurers' lexicon or policy doctrine.If on eis an existing client of a bank or an insurance company-and usually a longstanding one0 then surely a reason for declining to continue. one's association and provide such services should be provided to the now ex-communicated client
Jessica Smith
Jun 25th 2012, 15:07
This is how things are done by those put there by GonziPN.
The same as GonziPN treat those that do not toe the party line blindfolded.
Joseph John Camilleri
Jun 25th 2012, 16:20
Is this a sick joke? What have politics got to do with this issue. It could have been another party in office and the same thing could have happened. Would you comment on the same lines?
M Attard Montalto
Jun 25th 2012, 14:54
If it were not for Mr Paul Bonello, BOV would have had their way and denied all responsibility for the Property fund fiasco and misselling of various other investments, mainly to elderly people who trusted the bank's recommendations blindly. It appears that, for BOV, honourable behaviour is not on their agenda and they persist in trying to persuade everyone that they did nothing wrong, even after MFSA found them guilty and fined them. I cannot believe that they are now resorting to this childish and petty behavoiur while the goverment, as majority shareholder, shrugs it all off. Surely their public relations team should advise them not to make matters worse for themselves in the public eye, but to settle all pending cases (as decided by MFSA) and avoid any more bad press. It should be obvious to everyone ( but apparently not - from some of the comments here) that Mr Bonello has no need of BOV's credit card and is only bringing this out in the open to show us how BOV deal with their critics (who were always proved right by MFSA)
James Tyrrell
Jun 25th 2012, 14:49
The present dire financial and economic situation not just in Malta but throughout the world was brought about by the banks and the bunch of greedy morons who work for them. Who the hell do BOV think they are anyway? Are they the only bank in Malta? It's high time people started to put the banks in their place by voting with their accounts. Pensioners and small investors who are with BOV should seriously think about moving elsewhere. Hit them where it hurts.
Peter Murray
Jun 25th 2012, 16:31
Problem is you will merely go from the frying pan into the fire as they are all much of a bad muchness and all adopt and cultivate the take it or leave principle ,and all may legally(not morally or ethically though) act as the BoV have done and that is what wants addressing......protection for existing clients!
M Cassar
Jun 25th 2012, 14:46
Mr Bonello keep up your struggle to expose these bullies for what they are.....arrogant service providers whose only interest is to serve their own interests and not those of their customers.
May the wind of change soon blow some fresh air in all the corridors of power in this country that have been too stuffy for too long.
John Schembri
Jun 25th 2012, 14:27
Why should the prime minister enter in the running of the bank?
I for one would object for such political intervention and would approve of the bank’s decision . Mr Bonello should know better.
In my opinion there were other investments in which greedy people got bitten but BOV was a vulnerable victim which was afraid of the bad publicity it got from the likes of Mr Bonello.
Weren’t there other property funds which went bust?
Mr Alex Aquilina
Jun 25th 2012, 14:16
How petty can BOV get? For their own sake as well as for that of their clients and shareholders they should close this sad chapter rather than prolong it. if I were a shareholder owning 25% of the bank, I would push for an EGM and seek an explanation from the board for this pettiness which can only harm the bank.
I am sure Mr Bonello does not need his BOV cards as he would have others and that he can do without his BOV accounts but which he finds useful for his clients' convenience. This is probably simply a point of principle on his part and he is right to fight the bank notwithstanding the bank's small print. Natural justice takes precedence over the small print. If this case receives publicity, it will only harm the bank, and Mr Bonello would probably score another victory over the bank. Go on BOV, grow up and stop eating humble pie.
Paul Bonello
Jun 25th 2012, 13:59
For the information of those who have submitted a comment implying that there may be some good reason for Bank of Valletta's action in withdrawing my credit cards, please note that I am prepared to give my authority in writing to Bank of Valletta to disclose publicly any such legally valid objective reasons. I actually did provide such authority already to Bank of Valletta to provide any such information to the Hon Prime Minister who had initially requested such authority, only to wash his hands from it the moment I gave him such authority. I also gave such authority to the Bank to provide information to the Times of Malta, as in fact reported by The Times, but the Bank still did not reply. Bank of Valletta's action does not materially affect me or Finco in any way, but I assert my rights as a Maltese and EU citizen and shortly will submit a complaint to the Competition Tribunal for Bank of Valletta's abuse of its dominant position in the Maltese market and against Bank of Valletta, MFSA and the Government of Malta for human rights abuse riminiscent of the behaviour of the Socialist Government in the 1970s and 1980s so much criticised by the current Nationalist Government.
CHARLES MIFSUD
Jun 25th 2012, 14:31
Dear Mr. Bonello,
If BOV is such a bad bank as you describe it why do even want to have anything to do with them? I personally had a problem with another big local bank and I did close all my accounts with them and I am not even interested in doing any business with them.
CHARLES MIFSUD
Jun 25th 2012, 14:34
Just to be clear, I do not think that BOV are doing the right thing here and this is just stupid and childish from their side. And yes I would formally file a complaint with the MFSA.
Mr Andrew Camilleri
Jun 25th 2012, 14:59
I have been saying for some time that we are back to the eightuies - except that this government is a bit more subtle when it comes to payback time. names such as Cyrus Engerer, Harry Vassallo and Astrid Vellla come to mind. Incidentally, all have been the subject of heaps of abuse by the blogger DCG. Any connection with GonziPN is purely incidental.
John Schembri
Jun 25th 2012, 16:17
@ Andrew Camilleri :What does Cyrus Engerer and Daphne have to do with Mr Bonello.
Mr Bonello defended his business interests and I think that BOV are doing the same.
If I don’t want to do business with you go knock another door. But you cannot force me to do business with you.
Politics should be kept out of this , there are BOV shareholders who don’t like politicians to get involved in this tug of war. That’s when we will be back in the eighties, Mr Camilleri.
So Mr Prime Minister stay out of this there’s no connection with GonziPN in all this, as Mr Camilleri is stating here after all.
ANTHONY PAVIA
Jun 25th 2012, 18:56
Mr Bonello, it is good to note that there are people willing to go the whole hog for the common good. I commend you for it. I can easily understand that you do not really need BOV, but in all probability you keep accounts with many banks including BOV for the convenience of your clients.
Mr Mifsud, Mr Bonello did not say that BOV is a bad bank, but that its management practised potentially illegal business practices. BOV itself has recently announced a full review of these absurd practices indicating major changes on the way.
Mr Schembri, Mr Bonello defended his business and clients' interests. BOV defended potentially illegal business practices, now denounced even by themselves. Did they believe they were above the law? Who was protecting them? Remember that BOV's majority shareholder are the citizens of Malta as currently represented by the present Government. And as a citizen, given that Mr Bonello have allowed full clearance, I demand that the Government examines this issue in detail and gives me and other citizens peace of mind that pure unadulterated vindictiveness has no place in our public banking system.
E. Azzopardi
Jun 25th 2012, 13:56
It cannot be and this eight years into the EU!! Unbelievable and incredible.
Ronald Cauchi
Jun 25th 2012, 14:55
It is neither incredible nor unbelievable(whatever the difference is if there is any). It is merely Malta at its usual best where viciousness, vindictiveness and good old fashioned nastiness reigns supreme.I know I might be accused of generalizing and probably I am but in my 70 years i have seen many examples of this both at a personal and official level.
J Debrincat
Jun 25th 2012, 13:39
Firstly as a regulated entity the bank does not have the right to behave like this especially given their dominant position (contrary to what some posters have stated). Treating Customers Fairly (TCF) is a staple of a financially regulated firm and the MFSA, as the regulator has an obligation to defend the client’s position. Just because you criticise or make a claim for compensation does not give a financial institution the right to refuse business and this kind of action is clearly based on third world dynamics rather than a European financially regulated entity.
BOV like so many other Maltese institutions are a joke! Petty, spiteful and self serving. Might want to bank with HSBC in the future as they have probably a bit more accountability and as an international player operate in a civilised regulated environment. I presume some of the positive remarks below are people trying not to annoy BOV and jeopardise their bank accounts.
B. Cachia
Jun 25th 2012, 20:09
Banks obviously can refuse business, and do so on a daily basis. As you know, TCF has nothing whatsoever to do with this, and does not imply an automatic right for anyone to receive loans or services from a bank.
pat muscat
Jun 25th 2012, 13:20
If what Mr Bonello is true; those responsible should be forced to resign en masse ; the bank its not their personal fiefdom.
j brincat
Jun 25th 2012, 13:05
There are TWO sides to any coin.
I wouldn't ever imagine BOV to stoop so low!
BOV is bound by secrecy according to law and so this may explain the lack of any statement on its part!
(jb)
John Cassar
Jun 25th 2012, 12:23
I am really impressed by some comments below sitting that the BOV has the right to refuse a client for no reason at all. The reply is no and a formal complaint to MFSA should address this.
First their now proven malpractices threatened to ruin Mr.Bonello's business and the clients who trusted him with their money. Ultimately Mr.Bonello was proved right and the bank fined twice. If the matter is as explained above Paul Bonello is being paid back for acting as a whistleblower of sorts.
I wrote it before and write it again - if this were the USA some of the BOV bank management involved would be dismissed or forced to resign at the very least. If one applies the thought that some used their internal knowledge to get out of the fund it could be considered criminal. But this is Malta!!
j brincat
Jun 25th 2012, 13:07
And don't you think that Mr Curmi knows his rights - surely he doesn't need any councilling!
(jb)
John Cassar
Jun 25th 2012, 22:05
@ j.brincat
Judging by the fiascos made by the BOV management in the La Vallette fund saga, you will forgive me if I beg to differ.
Giselle Scicluna
Jun 25th 2012, 12:10
If this is the type of vindictive and petty comeback of an established, national corporation, a stalwart of the Maltese economy, then we have really reached rock bottom. Heaven help us all! Then again given the treatment dished out by BOV to its small investors, it is only acting true to form!
C Muscat
Jun 25th 2012, 12:06
Il- bank ghandu kull dritt u ma ghandu ghalfejn jaghti l-ebda raguni li ma jaccettax business. Dan hu business u mhux xi karita. Bonello jaf sew dan u ma ghandux ghalfejn jipprova juza l-PR. Meta ra li l-bank kien hazin, messu hu stess inqata u mar juza bank iehor.
Deo Catania
Jun 25th 2012, 12:41
X'int bla sens C Muscat, mhux ta' b'xejn ghadna elf sena lura f'dal pajjiz.
Jonathan Zammit Lapira
Jun 25th 2012, 12:05
“I wanted to believe that Malta had matured in political stature and democratic credentials... but it appears such measures are being revived... in the new millennium,” Mr Bonello wrote in a letter to Dr Gonzi.
Good point Mr. Bonello to mention this. It is good for the public to know how we citizens are treated by this christian democratic GonziPN!!!!! The dark old days are again haunting us!!!!!!!
David Buttigieg
Jun 25th 2012, 13:31
Not at all, quite the contrary!
Democracy would be threatened, as it used to be left, right and centre (80s anyone?), if the prime minister or any minister tried to order the bank to do something, or intervene in any business matter.
There are laws and everyone, ministers, banks and stockbrokers included must follow them.
ALFRED BRIFFA
Jun 25th 2012, 11:53
Let's hear the otherside! It's beyond imagination that BOV will react in this childish manner.
Tonio Farrugia
Jun 25th 2012, 11:49
Expected really... now no sense in crying over it...
I believe that legally they have the right to refuse a customer. I would!
Anthony Farrugia
Jun 25th 2012, 11:46
If Paul Bonello expected BOV to welcome him with open arms, he must be suffering from today's heat wave. Do as David Cameron does, "chillax" and transfer your business to another bank.
Anthony Farrugia
Jun 25th 2012, 11:43
As customers have the right to choose the bank they entrust their business, I suppose that banks have the same right to be picky with their customers.
By the way, the small print on bank documents is not to be disregarded as I suppose there is is a clause stating that a bank can terminate business relations wit a customer at any time without having to give any reason whatsoever.
BTW I would take my business to another bank - if they will have me in such circumstances - rather than going to court where perhaps my grandchildren will be present when the verdict is read.
ANTHONY PAVIA
Jun 25th 2012, 15:37
Your last sentence says it all. Have BOV, being a nationally controlled bank, invoked the power of incumbency with regards to an honest critic whose actions have strengthened the shareholders by forcing management to put into practice decent business practices.
Anthony Agius
Jun 25th 2012, 11:12
What do you'd expect dude? You don't like their services, move and get a life!
George Azzopardi
Jun 25th 2012, 11:42
tirraguna eh ... l-poster ta Gonzi bhalissa jod ghalik .. ghalaq ghajnejk, widnejk w ghajnejk
T.F. Busuttil
Jun 25th 2012, 11:48
BOV is there to give service to the clients. Thanks to Mr Bonello that the authorities get to know about BOV irregularities at VFM. The Goverment as 25% shareholder and the body to appoint its chairman should stop this because it is harming the bank more.
Mr aguis don't you think that your attitude is arrogant ?
A. Mifsud
Jun 25th 2012, 11:04
These actions do nothing more than worsening the poor image that the bank has got itself in during the past months. A disgraceful move to say the least. Mr. Bonello should seek action within the MFSA though not the PM.
Alfred Sancio Azzopardi
Jun 25th 2012, 10:38
I hope that Paul, whose integrity is beyond question, having known him for several years, is able to
solve this problem to move forward in his quest to clear the situation.
Alfred Azzopardi
Nicolette Zammit Lupi
Jun 25th 2012, 10:37
What petty, childish behaviour on the part of BOV's management. Their action only serves to give further credence to Paul Bonello's claims and also causes more damage to the Bank's already tarnished reputation. Furthermore, it's keeping an issue, that the Bank should wisely be seeking to settle once and for all, in the limelight. Afterall, the MFSA has justly confirmed that Mr. Bonello had been right all along by fining the Bank . Somebody out there is grossely mishandling the situation. What a shame!
John Schembri
Jun 25th 2012, 10:34
A bank has every right to refuse anyone’s custom, without giving a reason.
In my opinion Mr Bonello was not always fair with BOV .
Mr Andrew Camilleri
Jun 25th 2012, 15:03
The bank acdcepted Mr Bonello's custom and has a a 'contract' wit him to provide him services. The Bank cannot just terminatea contract on its own. It has duties towards Mr Bonello which it cannot just dismiss. The Bank is not serious when it behaves like this as no business or investor with the Bank is safe.
X Borg
Jun 25th 2012, 10:30
Make a complaint with MFSA - http://mymoneybox.mfsa.com.mt/pages/viewcontent.aspx?id=7
Then give them hell.
Mr Clive Aquilina Spagnol
Jun 25th 2012, 10:29
Bank of Valletta would emerge neater out of all this saga if they bow down to the MFSA ruling and keep going on with their business whilst not resorting to such silly behaviour. It is public knowledge that products were misold by BOV. My 80+ grandfather was called via phone and a wise Relationship Officer encouraged him to invest in an EQUITY FUND (imagine the volatility). According to this RO, it was unwise for my grandpa to leave a substantial sum of money loose in an account ready for a rainy day, but invited him to take on the risk of the roller coaster stock markets and invest long-term. I phoned the RO back inviting him to learn a thing or two about old age, medical expenses and life in general (this RO could not figure it out that an old man needs money for say an operation which comes out of the blue in no time!). On the same wavelength of this RO we find a good number of them....and they call themselves bankers.....ara xi kwalita` ta' bankiera!
C Sant
Jun 25th 2012, 10:20
I think that both the prime Minister and MFSA are acting in a very democratic and transparent way. We have to stop asking politicians to interfere in purely business transaction. Mr Bonello has every legal way to proceed including EU institutions thanks to the present government decision to become an EU member.
These institutions are impartial and thus more transparant.. Who can vouch that Mr Bonello is not in a financial problem and is using this as a pressure on BOV? I have put this argument (though I have no proof that it is true) just to show what people might think if politicians had to be seen to interfere. Mr Bonello should put in a formal complaint to MFSA and if he wants the court, so that a clear and impartial decision is taken.
having said that, I beleive that it is the Bank's right to stop any credit facility without giving reasons why - Mr Bonello is lucky that today he has a wide choice of banks from which to choose.
ANTHONY PAVIA
Jun 25th 2012, 15:31
Had the people you eulogise not been pushed to the brink, they would never have acted. Of course Mr Bonello may seek other banks' business and would probably be far better served if he so does.
The gist you are missing, when reading the absolute majority of comments, is the fact that this practically nationally controlled bank has had the gall to extract revenge for being shown up for the poor bank it is. Had it been a private bank then it would have been it's own business and no one would have bothered.
James McIntosh
Jun 25th 2012, 10:09
Simply bank elsewhere, unless of course there is some sort of advantage being offered by BoV to use their services, which in my personal opinion are no better than any of the other banks and maybe even less favorable than some of the others. I believe that BoV tries to attract customers through National loyalty to the "Nation's Bank" but they are no better nor worse than the others for the common customer.
Elisa Grech
Jun 25th 2012, 09:43
In my opinion the Bank is sacrificing Mr. Bonello for his excellent job in protecting the small investor from serious losses. It is due to his Godsent intervention that we have reduced our losses from 0.25c to 0.75c per share . It was thanks to Mr. Bonello that our losses were abated. He acted as a knight in white armour and this is the 'thanks' he is getting from the Bank. I think this matter is now getting 'personal' .
T.F. Busuttil
Jun 25th 2012, 09:35
bil Malti OXXENA.......
Edgar Borg
Jun 25th 2012, 09:29
It is important that a public explanation be forthcoming for this type of reaction. It is unacceptable in a democratic society that such an action be taken by a financial institution of the stature and competitive muscle of BOV for no valid reason other than retribution. On the other hand there could be valid reasons and if there are, these should be made public to put the public's mind at rest. In any case Mr. Bonello is waiving of secrecy and confidentiality clauses. If there are no valid reasons for this type of action, the MFSA should in my view intervene so that the situation might be rectified. Mr Bonello has acted as the main spokesman on behalf of the property fund investors and definitely should not be punished by BOV if this is the case.
The fact that the Government is the main shareholder in BOV should additionally induce a situation where all such decisions are taken in a transparent manner.
vella m
Jun 25th 2012, 09:27
SHAME! these things use to happen during the Mintoffian regime .
P Borg
Jun 25th 2012, 09:27
First he criticises them, then he wants to keep making business with them. Now he's criticising them to the point that he wants to take legal action so that he is once re-instated as their customer.
The bank has every right to choose the customers it wants to make business with!
ANTHONY PAVIA
Jun 25th 2012, 15:22
BOV shareholders should be glad that one of their customers is Mr Bonello. Persons like him keep the overall banking business shipshape for all the rest. I am sure BOV has become a better bank post Mr Bonello. MFSA should reward him for all the valid work he carried out.
Ray Woods
Jun 25th 2012, 09:26
Disgraceful. BOV should not be allowed to operate within Europe. Good luck to Mr Bonello.
Gustav Svensson
Jun 25th 2012, 09:16
Surely this must be investigated by the Police?
Please choose the reason of your report below: