BOV to appeal against arbiter decision in La Valette property fund case

Bank of Valletta has appealed against another decision taken by the Arbiter for Financial Services which went in favour of investors, the second decision relating to the La Valette Multi Manager Property Fund.

The case goes back to 2012, when the property fund - officially the La Valette Multi Manager Property Fund - which was launched in 2005 - performed badly. It was suspended in August 2008, and judicial protests and regulatory enquiries started in 2010, with the fund eventually being wound up in 2012.

Read: Property Fund investors awarded €3.4 million damages

The investors eventually referred to the arbiter, who ruled recently that investment restrictions had been broken in the way that the fund was put together, leading to the fund's losses - which had amounted to €33 million by 2011.

The bank said in a company announcement on Tuesday that the arbiter had taken another decision in favour of 50 more claimants, although no information is available on the arbiter's website about this decision.

The appeal has once again been filed before the Court of Appeal (Inferior Jurisdiction).