BoV told: pay as soon as possible

La Valette Multi-Manager Property Fund investors eligible to additional compensation will be getting their due after the Malta Financial Services Authority instructed Bank of Valletta to pay up “as soon as possible”.

The MFSA said it handed over the list of investors eligible to additional compensation to the bank last Friday.

These are the ones who did not qualify as “experienced investors” as defined in the terms of the fund’s supplementary prospectus.

The list was drawn up after an independent file review by Mazars, an international firm of accountants and business advisors, which started in early September.

The regulator said the payment should be received by all eligible investors free of any charges or deductions.

The bank would now calculate the final payment due and make arrangements for such payments to be effected without delay, it said.

The MFSA said it would continue to monitor the finalisation of the investigation process.

So far, La Valette Multi-Manager Property Fund, which went belly-up, cost the bank about €50 million in compensation payouts and a €347,000 fine.