Bank of Valletta said it received a legal opinion that there was no basis at law for the claim. Photo: Darrin Zammit LupiBank of Valletta has rejected claims filed in an Italian court for the payment of €363 million over the settlement of a company in 2009.
It was BOV that made the announcement on the Malta Stock Exchange last Thursday.
The bank gave no details as to who was making the claim and why.
“The bank is being requested to pay an amount equivalent to the value of the shares of a company which had been settled on trust with the bank as trustee in 2009 and which value the plaintiffs are alleging amounts to €363 million.”
BOV said it had carried out an in-depth analysis of the claim by looking at the documents presented by the plaintiffs and documents in its possession.The bank said it received a legal opinion that there was no basis at law for the claim being made before the Italian court. “[According to legal opinion] the bank should reject the claim against it as completely unfounded.”
The bank is being requested to pay an amount equivalent to the value of the shares of a company which had been settled on trust with the bank as trustee in 2009 and which value the plaintiffs are alleging amounts to €363 million
The board of directors said it rejected the claims and decided there was no justifiable reason for BOV to make any financial provisions against the claim.
The board of directors said it would monitor proceedings and will keep the market informed in the event of any significant development.