(Adds Finco's reaction)

Bank of Valletta, Valletta Fund Management and Valletta Fund Services Limited have re-affirmed their previous statements and completely deny and rebut as “unfounded, misguided and misconceived” all the allegations that have been levelled by Finco Treasury Management Ltd in their regard.

They reiterated that they have, at all times, acted within the parameters of best practice in the market and their respective obligations at law. They said that, so far, they have not been formally notified of Finco’s reply to their counter-reply to Finco’s judicial protest.

BOV said in a statement that Finco’s reply was further evidence of its attempt to sensationalise the matter, make unsubstantiated allegations, in the hope that enough mud would stick.

“Finco ought to know better than that and act in a professional manner more becoming to a licensed intermediary,” BOV said.

BOV said that while in its original judicial protest Finco threatened to take judicial action unless its claims were fully met, it had not done so.

BOV said that Finco may have its own motives for wishing to deal with its claims in the media rather than in the proper fora, but that was a route the Bank would not take.

“This approach appears to be strategically aimed to create confusion around the core issue and to deter from the ongoing responsible action being undertaken by VFM through the appropriate channels to address a number of issues in the best interest of shareholders of the fund. “

BOV said that no further media statements would be released by any official of the bank, VFM or VFS on this matter.

FINCO’S REACTION

In a reaction, Finco said it will not allow anyone to dictate the nature and timing of any appropriate action it deemed it.

It said it will continue to act in the best interests of its clients and, in this respect, will exercise its legal and regulatory remedies as and when it thinks fit, as it has already intimated it will do in the judicial protest it has already filed.