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National Wednesday 8 February 2012 - 14:42

Investor files judicial protest against APS Bank over lost investment

Widow claims that APS sold her ‘high risk’ bonds and lost her investment.

APS Bank Chairman, Professor Emanuel P. Delia addressing APS Bank AGM in 2011
Karl Stagno-Navarra

Bernadette Cachia, of Fgura, filed a judicial protest in the First Hall of the Civil Court, claiming that APS Bank led her to lose a €25,000 investment after selling her high risk bonds against her wishes.

The 66 year-old widow accused the bank for encouraged her to buy Lehman Brothers bonds and others belonging to Lands Banki Islands MTNS.

In the judicial protest, Cachia claimed that she had explicity told the bank representatives that she did not want her money to be invested in high risk bonds.

She was calling on the bank to liquidate damages and to assume responsibility for its actions.

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  • 3 Comments
Posted by: eric psaila — 17/03/2012 14:24:34
Keith Chircop In this case you are right but let investors be aware that a couple of months ago a local financial company was offering bonds and guess who the sponsors were AIG and carnival cruises. So yes if investors do not have a certain level of understanding in financial matters banks should not allow them to invest unless the investor agrees to sign accepting full responsibility. Now in this case the widow states that she specifically told the bank that she did not want to risk. A word of caution to all would be investors. Ask questions before you invest and verify via internet who is issuing bonds. There is a lot of information which can be downloaded from the internet. Just do it
Posted by: John Azzopardi — 08/02/2012 23:54:29
People who invest in anything other than a bank savings account are only risking their money. I for one have lost lots of money in our so called maltese stock market. It was my doing and only have myself to blame for wanting to make more money. But now I know better
Posted by: keithchircop — 08/02/2012 20:14:52
Moody's had AIG and Lehman Brothers rated as AAA and AA respectively minutes before they collapsed. If they didn't know, neither APS did.