Forty-five more shareholders in La Valette Multi-Manager Property Fund, a sub-fund of La Valette Funds Sicav plc, have have filed a judicial protest against the company and Bank of Valletta following a sharp deterioration in the value of the property fund.

They complained that the company had failed to exercise the diligence required of it in the selection and acquisition of investment and it had failed to monitor the investment.

They also claimed that the company breached the investment restrictions of the prospectus issued by the company and failed to keep investors informed in a timely basis on developments in the fund.

The shreholders said they endorsed the judicial protests made in August 4, 2010 by Finco Treasury Ltd and the judicial protest of August 17 filed by 110 investors and shareholders.

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