No Bank of Valletta shareholder attending the annual general meeting yesterday referred to the serious accusations made by investors of a property fund that went belly-up.

The issue was touched upon briefly by BOV chairman Roderick Chalmers who expressed regret for the La Valette multi-manager property fund’s poor performance.

Earlier this year, the fund was at the centre of controversy when a number of investors accused the bank and its affiliates of mismanagement after the fund’s poor performance left investors reeling at their losses.

Mr Chalmers said the bank was doing its best to minimise the negative impact on investors.

He steered clear from addressing the accusations made, including that of insider trading, warning there was “a material difference” between the facts and the allegations or innuendos made by the investors.

Mr Chalmers also expressed regret at the approach of some investors who he said tried to question the bank’s integrity.

During the meeting, shareholders approved a number of resolutions by show of hands including one calling for a 16c dividend per share.

Another resolution approved a bonus share issue of one share for every five to raise the bank’s capital base to €240 million from €200 million.

Shareholders agreed to give directors the power to buy back up to 10 per cent of the company’s shares.

ksansone@timesofmalta.com