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Former BOV chief takes up directorship at Vassallo Builders Group

Vassallo Group chairman Nazzareno Vassallo confirms formal move to VBGL of former Bank of Valletta chief executive.

Jurgen Balzan
5 July 2012, 12:00am
Former BOV chief Tonio Depasquale (left) has taken up the post of director at Nazzareno Vassallo's (second from right) Vassallo Builders Group.
The former chief executive of Bank of Valletta, Tonio Depasquale, has taken up a directors' post at Vassallo Builders Group in his personal capacity, Vassallo Group chairman Nazzareno Vassallo confirmed with MaltaToda

The news comes after reports on Labour news website maltastar.com claiming that Depasquale, 64, was on holiday with the Nationalist Party donor on his yacht, the Perla.

"This is a private matter," Vassallo told MaltaToday when asked whether Depasquale was on holiday with him.

But when asked whether the former BOV chief had joined the Vassallo Builders Group's board of directors in his own personal capacity, Vassallo repeatedly invited MaltaToday to "have a look at the company's statute." Pressed to give a clear answer, Vassallo said that Depasquale sits on the board in his own capacity.

As Bank of Valletta CEO, Depasquale's term came to an end under the cloud of the La Valette property fund saga, which forced the bank to pay over €44 million in compensation to investors who lost their money in the fund.

In May 2012, Depasquale resigned his post as director of the La Valette Funds Sicav, and the Wignacourt Funds - two fund management companies owned by the bank.

Depasquale brings his extensive banking experience and knowledge of the Maltese business community to one of the most ambitious of Maltese conglomerates, which today has gone beyond construction and into the hotel business, catering, software and IT, and also elderly care.

Other notable entrants into the Vassallo Group include the former CEO of national energy company Enemalta, David Spiteri Gingell, who sat on the adjudication committee of the controversial €200 million power station extension to BWSC - for which Vassallo Builders were the local agents.

Today his personal business, David Spiteri Gingell Consulting, has been incorporated as DSG Consulting Ltd, with equal stakes held by the Vassallo Group and software company 6PM Holdings plc. The company has conducted costings of Malta's national environment policy, Malta Enterprise's Life Sciences Park, and corporate reviews of the Government Property Division and Mater Dei's patient information system.

Spiteri Gingell also joined former Nationalist party secretary-general Joe Saliba as a director on emCare360, a subsidiary of 6PM Holdings and Caremalta Group, Vassallo's elderly-care provider.

Jurgen Balzan joined MaltaToday in 2011, specialising in politics, foreig...
joseph muscat
I do not remember anyone complaining when, after 1998, from Minister of Tourism Karmenu Vella joined the board of directors of one of the leading hoel chains in Malta. If Tonio Depasquale has conflict of interest now, did Karmenu Vella not have conflict of interest then?
kop064
Din hija tal misthija u konflitt ta interess. Is sur Depasquale bi zmien li ghamel fil BOV ghandu informazzjoni fuq kull kuntrattur f Malta.Mhux ta b xejn fil BOV certu nies jinqdew u ohrajn le. L MFSA se tinvestiga dan?
Carmel Xuereb
@ pmurray: Only in Malta they don't especially if hie a blue eyed boy!
COOL BREEZE
It would appear that private and business dealings overlap and are conjoined and couldn't possibly be construed as a conflict of interest.What Mr Depasquale brings most of all to the table is insider-knowledge and information and these attributes he evidently utilises ,but why given the "stern admonishment" handed down to Mr .Depasquale by the MFSA over his highly dubious involvement with the La Valette fund fiasco did they not object to him as not being a fit and proper person to be a director and why wasn't he prosecuted by any authority in relation to the MFSA's conclusions-as his actions were obviously tantamount to a criminal offence?
COOL BREEZE
It would appear that private and business dealings overlap and are conjoined and couldn't possibly be construed as a conflict of interest.What Mr Depasquale brings most of all to the table is insider-knowledge and information and these attributes he evidently utilises ,but why given the "stern admonishment" handed down to Mr .Depasquale by the MFSA over his highly dubious involvement with the La Valette fund fiasco did they not object to him as not being a fit and proper person to be a director and why wasn't he prosecuted by any authority in relation to the MFSA's conclusions-as his actions were obviously tantamount to a criminal offence?
Charles Mifsud
And then they deny that they had existed any vested interests during the previous employment. Rubbish! Who knows how many hundreds such cases, until now still under wraps, exist.
falke
Incesteous relationships? Conflicts of interest? Ma tarax!
eddy privitera
ANYONE STILL HAS ANY DOUBTS HOW BIG CONTRACTS ARE WON UNDER GONZIPN ???????????????
xprun
Perhaps the VBGL should think of changing their initials to HDGL which stands for Hokkli Dahri Group Limited. Just a suggestion.
fufa
Min hu mejjet ghall qatra u min hu mejjet fis-sakra. U tghid ma jhallux lil Gonzi jaghjjat elezzjoni bikrija.
Pat Muscat
Sewwa,mela ibghat,u ikxef sor.ok bil- 'marketing plans ,business plans, cash flow analysis KULL sena lil BOV, biex wara li jirtira jew jirrezenja, xi chief, ikun jista,ghalkemm kontra il-ligi'-jghaddihom lil kompetitur dirett tieghek? Ma jafux dawn l-ghorrief tal-BOV li banek serji barranin, jghidu specifikament lil ex impjegati taghhom li ma jistghux jahdmu f'kumpaniji fejn jistghu jghaddu taghrif sensittiv lil haddiehor? Mhux bil-forz se jigri hekk,u nisperaw li le, imma Malta zghira u l-Banek ma ghandhomx ihallu fid-idejn il-kumbinazzjonijiet, li jikkombinaw aktar mis-super five fejn jidhlu certu kuntratti u dejjem l-istess crieki ta nies'?
Anthony Busuttil
Xi brimba !!!!!!!!!!!!!! Dr Franco Debono kellu cans joqtola u beza minnha
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