The MFSA  said today that it will only be in a position to issue a statement on its findings into the La Valette Property Fund once the investigation has been completed.

"Hasty and incomplete public statements on regulated entities, especially where these are publicly listed and traded companies, could damage the integrity of Malta’s financial market to the detriment of investors.
The MFSA is not authorised at law to make a public statement on its ongoing investigations before a fair and exhaustive regulatory process has been undertaken and brought to a proper conclusion with clear and specific findings. The current position is that final representations from VFM (Valetta Fund Management) and BOV are expected by the 6th of June, following which a final decision will be arrived at by the Authority," the MFSA said.

It said that undue pressure through the media to hasten or pre-empt the investigative process, "is not helpful, and may confuse investors.  It also hoped that media reports on these ongoing matters would be presented in a more balanced and dignified manner.

The Authority, however, made no mention of a statement issued by the Labour Party yesterday, also calling for the publication of any concluded reports.

Bank of Valletta last week announced an offer to buy the shares of investors in the La Valette property fund as well as an offer of compensation.

In a statement today, BOV said that the investigations being carried out by the MFSA were ongoing and have not been concluded. 

The bank noted that last week it had explained that  differing views appeared to be forming between the MFSA and the Bank around the proper interpretation and subsequent application of the gearing restriction contained in the prospectus – and that the Bank and the Authority may have to agree to differ on this matter.

See today's BOV statement at

http://www.timesofmalta.com/articles/view/20110531/local/no-mfsa-investigation-into-property-fund-concluded-yet-bov.368241