Mazars has been selected by the Malta Financial Services Authority to carry out a review of all La Valette Multi Manager Property Fund investor files at the expense of Bank of Valletta.
The review had been ordered by the authority when it concluded its third investigation on the fund on June 4. The authority had fined the bank the maximum fine available under the applicable legislation and ordered the review.
The file review is aimed at determining the validity of the experienced investor declaration held by the bank. All application forms relating to the La Valette Multi Manager Property Fund, together with the required fact find, where applicable, will be examined.
Those applications with fact finds indicating the presence of qualifying investment instruments in excess of $50,000, which have been transacted during the five years prior to the investment in La Valette Multi Manager Property Fund, shall be treated as prima facie meeting the experienced investor criteria.
Mazars is an international firm of accountants and business advisors. It has a presence in 69 countries and draws on the expertise of 13,000 professionals.
They have recently done work for the Serious Fraud Office in the UK, they are currently reporting to the European Commission regarding Lloyd’s Banking Group and have previously done investigations for the United Nations.