€1.50
PAGE 4
INTERVIEW
PAGES 10 & 11
One in five adults in
Malta cannot deal
with a major expense
Dorothy Baldacchino
on tourism, the Gozo
tunnel, employment
and more
PAGE 3 PAGE 5
THURSDAY 18 JULY 2019 • ISSUE 17
WWW.BUSINESSTODAY.COM.MT
Parliament
clears way for
Fortina Group
to develop
Sliema land
without
restriction
MATTHEW VELLA
BANK of Valletta has fi led a judicial
letter in Malta's Civil Court, in which
it gave notice that it intends holding
158 individuals and companies re-
sponsible for any losses the bank
might incur on millions feared lost
in the Falcon Funds pensions bust.
e individuals include former Na-
tionalist MP and fi nance minister
Tonio Fenech, who together with
Joseph Xuereb and Ian Zammit, was
a director of Falcon Funds Sicav, a
pension off ered on the Swedish pri-
vate pension platform.
However, investment decisions
pertaining to the investment of some
€247 million in Swedish pension
savings inside Falcon, were taken by
Temple Asset Management, an in-
vestment offi ce whose director John
Anthony Farrell is now in custody in
Sweden, to face fraud charges there.
BOV holding 158 individuals
liable for Falcon Funds losses
