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.