Arnold Cassola: BOV and Deiulemar, who is responsible?

This week we found out that an internal investigation in 2015 by Bank of Valletta into the trust services connected to the Deiulemar shipping company found no wrongdoings by the bank's employees.

So, if there was no wrongdoing on the part of the employees, who in BOV had done the due diligence exercise?

Who had recommended taking over the Trust in 2009, when a Rome criminal court in 2004 had already ruled that the Deiulemar company had under-declared liabilities of €700 million?

Why was this internal report not made available to shareholders? Why all the secrecy?

And if the BOV is insisting that “it’s important to note that we have a strong case performance”, then why has BOV been found guilty by the Italian courts over and over again?

Why did BOV dupe shareholders for years stating that it had a strong legal case?

Past and present directors do not have any blame at all? Are they not going to contribute anything to the €182 million and to the many court expenses, all borne by shareholders?

Basically: who at BOV is going to shoulder responsibility for this disastrous venture?

Arnold Cassola
Independent candidate, Swieqi