Back when Moby Dick was a sardine (or so it appears given the interminable timeline), the Malta Financial Services Authority commenced investigations (!) into the conduct and methodology undertaken by Bank of Valletta into the Valletta Fund Management fiasco.

These investigations by the MFSA (on three counts) were eventually concluded after an inordinate timeline had elapsed with only one of the investigations reaching a definitive finding, with a fine ultimately being imposed on the bank to compensate for their wrongdoing. However, who the beneficiary or who the casualty of this fine was remains inconclusive because the MFSA is a public entity funded by the taxpayer while the bank’s largest shareholder is the taxpayer.

Now we are yet again confronted with a massive and, as yet unjustified, time frame (seemingly perpetual) in awaiting the final verdicts and action by the MFSA to the two outstanding investigations presented to the bank, that was duly compelled to reply to the MFSA within a definite timeline, which actually expired a very long time ago. If the bank has finally condescended to respond then why have the MFSA not promulgated their findings and, if not, then why not?

Finally, why is it that the public is continually constrained to demand some semblance of accountability and updates on complaints or investigations conducted by the MFSA which are never provided freely, fairly or by that entity’s own volition?

Why are we waiting? Or is the conclusion a contender for inclusion into the Christmas edition of the Guinness Book of World Records under the banner of never-ending saga?