Bank of Valletta has categorically rebutted allegations that it acted negligently and recklessly in its dealings with a South African businessman who accused the bank of "fraudulently" transferring money to an Indonesian bank account.

In a judicial protest, he asked the courts to order Bank of Valletta to refund him the €70,000 which had been withdrawn.

But in a counter protest, the bank said that, in the execution of its duties towards the claimant, it always acted in good faith and with the necessary level of competence, prudence and diligence required and denied any allegation that it was responsible for any loss allegedly suffered by the claimant.

Valletta Fund Services Limited, a subsidiary of Bank of Valletta against whom the allegations were directed, also rejected any allegation of negligence or wrong doing.

The bank said that from an initial investigation it carried out, there appeared to be no basis for the allegations being levelled at it and no evidence had been brought forward by the businessman to sustain his allegations.

It said it would continue to investigate the allegations and if any evidence that suggested a different course of action was found, it would be the first to act in line with the evidence available to it at the time.