La Valette fund investors claim liquidation and payment of damages suffered

C Muscat

Jul 31st 2012, 09:22

. Mela l-ewwel is-shareholders li allahares ma kienx il-gvern malti ta dak iz-zmien ghax kulhad kien jibqa bhal-ma gara l-banek ta ftit zmien qabel. u qisu xi hadd ghamlilhom revolver ma rashom ... meta kull ma ghamel il-gvern malti qal li lic-cittadini jrid jiddefendilhom gidhom.

Issa gejna ghal investituri li l-bank hareg offerta li min ried iffirma u minma riedx ma ffirmax u issa jigu qisu firma li accettaw ma jridux jonorawha..... firma li kieku giet li jaqblilhom hadd ma kien jghid li ma tiswiex....


u imsieken dawk li investew fi flus li marrulhom il-bahar ghax baqghu b xejn; mela ghax flus...banek u pajjizi barranin nistghu nitilfu flusna u nghidu ssugrajna u tlifna u ghax maltin nahsbu li t-taxpayer ghandu jibqa jaghmel tajjb ghal kull investiment....

A. Mifsud

Jul 30th 2012, 16:48

Ever since the LVMMPF case has emerged, BOV's reputation has plummeted to its worst levels ever! Rather than trying to get matters in order the bank has continued in its stance of absolute arrogance towards investors.

The bank should compensate ALL investors IN FULL if it wants to regain some of its credibility back. And please DO NOT promote any other financial investment products unless the bank has the proper resources to manage them appropriately. Fiddling with investors lifetime savings is not fair at all!

M Cassar

Jul 30th 2012, 16:19

It is ironic that the Government is prepared to listen to the heirs of the shareholders of the National Bank that found itself in deep trouble decades ago because it was insolvent, but ignores the justified pleas of hundreds of small investors who were the victims of mis-selling. Malta's reputation as a sound financial services centre is at risk as a result of the lack of decisive and determined action by the government, its agencies (MFSA) and the politically appointed officials (BOV's Chairman). The government's lunga manus in what goes on in BOV is a well know secret however much this may be denied by the top brass in the various ministries.

joe vella

Jul 30th 2012, 15:09

It is an absolute shame that BOV has maintained its stance even now that the MFSA, although very belatedly, has confirmed and fined the bank for vitiated selling practices, as per report issued on 22nd June
the MFSA has recommended that BOV fork out even more compensation - basing on the fact that the bank and its subsidiary VFM have been found errant, guilty and fined on 3 counts
Since then we have seen a change in the chairmanship, regrettably, other posts in both BOV and VFM, occupied by people who were responsible for this debacle and the mess which the bank has found itself in, are still manned by the same people
This saga has clouded BOV's stature on the local financial market, the new chairman should make it a priority to get the bank out of the rut it has found itself in!
BOV needs to come out of this clean and show that it cares for those investors who were totally mislead by their so called sales staff, who we now know were not properly trained and misguided would be investors.
The least the bank can do would be to refund in full, at least the investors would get their capital back, although they would have lost potential interest gains had they invested elsewhere
In addition we would expect to see strong action being taken against those in higher management who totally mismanaged the fund, broke promises and put to drain funds that investors who trusted the bank and its staff, put into the fund
Only then can the bank aspire to attract the lost sheep and rebuild credibility