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.
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Michael Sammut
Jan 1st, 09:13
Wait till you see the results of the review. According to the Q&A sent by the MFSA, the same authority which ensures things are done properly, the only criterium for establishing whether one is an experienced investor or not, is that BOV were able to make you sign that you were one. No investigation as to whether one actually had invested USD 50000 as the prospectus stated. Another sham.
vincent Lia
Dec 31st 2012, 18:39
The MFSA is supposed to look after the interest of investor and the good management of financial institutions and should have seen this before it went wrong. If it went well for the investors no one would have said anything. Hard selling and cold calls from banks is still going on. The MFSA should advertise to warn investors and then it is up to them. The recompense is coming from other investors
Jonathan Camilleri
Dec 31st 2012, 17:33
I think my mother was one of these, hope to see a fat cheque...
Kurt Vella
Dec 31st 2012, 17:32
If MFSA wants to do the job properly, and gain respect from the Maltese public, it should insist on compensation for all those investors who were investing for the first time, guided by the 'able' sales persons at BOV. Only in this way is justice done.
matthew tanti
Dec 31st 2012, 18:03
that is why they are distinguishing between experienced and inexperienced,as the prospectus did.
ANTHONY PAVIA
Dec 31st 2012, 17:05
Gratitude must be shown where due. Thanks should be directed to Paul Bonello and Evarist Bartolo.
Carmel (Nenu) Aquilina
Dec 31st 2012, 15:15
Aħbar tajba jew ħażina, u għall minn?
Please choose the reason of your report below: