Irate investors this evening demanded explanations over the La Valette Multi Manager Property Fund that went belly up after it invested in high-risk sub funds that went bust.
The fund was managed by Bank of Valletta and Valletta Fund Management, the bank's investment arm. The bank suspended trading in the fund's shares in August 2008, leaving investors high and dry.
The investors, who were attending an annual general meeting, demanded explanations and responsibility for the losses they incurred.
They hurled insults at the fund's directors with the meeting becoming so noisy at one point that chairman Salvino Busuttil repeatedly threatened to suspend it. His declaration wasmet with boos and more insults.
Prof. Busuttil was the only independent member of the fund. He was faced with a series of questions from Finco Trust Group managing director Paul Bonello, who has been representing aggrieved investors against BOV.
Mr Bonello accused Sicav and VFM of having invested the money in property funds which had debt levels that were too high to cover the value of their assets. He also accused BOV of issuing "false" annual reports for four years in a...
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