La Valette fund investors claim liquidation and payment of damages suffered
Investors in the La Valette Multi Manager Property Fund, who were last year compensated by the bank for their investment, have claimed liquidation and payment of damages suffered with interest and costs.
In a judicial protest signed by Ian Refalo and filed today, the 105 investors who together held more than three million shares in the fund, said that BOV offered them 75c per share compensation in May last year, an offer they had to accept by the end of June that year in full and final settlement of their claims.
This was notwithstanding that the MFSA was still conducting its investigations in the selling and management of the fund.
The MFSA investigations were concluded in June this year, 11 months after the expiry of the BOV offer. Although the MFSA had requested BOV to extend the offer’s expiry date, it did not.
The investigations' results, the investors said, gave a completely different picture to that which the BOV had been contending so their acceptance of the bank’s offer was vitiated on account of such consent being procured and obtained fraudulently and illegally.