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No end in sight for BOV property fund saga - BOV to appeal decision by the financial arbiter

The case goes back to 2012

Bank of Valletta has decided to appeal against the decision taken against them by the financial arbiter, which awarded €3.4 million plus interest to 400 investors.

The case goes back to 2012, when the property fund - officially the La Valette Multi Manager Property Fund - which was launched in 2005 - performed badly. It was suspended in August 2008, and judicial protests and regulatory enquiries started in 2010, with the fund eventually being wound up in 2012.

Read: Property Fund investors awarded €3.4 million damages

The investors eventually referred to the Arbiter, who ruled recently that investment restrictions had been broken in the way that the fund was put together, leading to the fund's losses - which had amounted to €33 million by 2011.

However, BOV said on Wednesday that after seeking legal advice, it had file an appeal before the Court of Appeal (Inferior Jurisdiction).

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