La Valette Fund inexperienced investors to receive additional payment from BOV
The Malta Financial Services Authority will be forwarding Bank of Valletta a final list of investors that are eligible for further compensation following the La Valette Multi Manager Property Fund.
These are the investors who did not quality as “experienced investors” as defined in the terms of the fund’s supplementary prospectus.
The list, the authority said in a statement this afternoon, shall include those investors whose complaint with the authority was upheld by the bank as eligible for additional compensation.
It said the bank shall communicate with the investors on the final list, notifying them of its intention to make an additional compensatory payment.
The list follows an independent file review which was commenced by Mazars, an international firm of accountants and business advisors, in early September and concluded this month.
In its report, presented to the authority on December 21, Mazars obtained and considered information on the sale of units in the fund by the bank to investors, reviewed all the documentation provided by the bank and related companies with respect to the sale of the fund to substantiate which investors fell under the criteria of “experienced investor” and drew-up a list of investors who did not qualify as such.