Issue link: https://maltatoday.uberflip.com/i/1457526
16 NEWS maltatoday | SUNDAY • 6 MARCH 2022 MATTHEW AGIUS AN action for damages filed against Bank of Valletta by the international art expert Pierre Amrouche, in which Amrouche accused the Maltese bank of lax due diligence on an alleged €6 million fraudulently siphoned off from an art fund, has been settled out of court. Although the amount paid out under the settlement agreement was not disclosed due to its con- fidential nature, MaltaToday understands it to be in the re- gion of €550,000. The case began in 2013, when Amrouche accused Bank of Valletta of being negligent in its client due diligence after his manager Henri Baudet used €6 million from a fund intended for art transactions, to invest in a 'Libyan project' run by Belgian national Dirk Borgers and Tu- nisian national Maher Mellouli. The cash eventually passed through BOV accounts held by a host of companies set up in Malta by auditor Joe Sammut, for Mellouli. Baudet was later convicted of forgery and breach of trust by a court in Geneva. A separate case filed before the Maltese courts also ended with him be- ing ordered to return €750,000 processed via Maltese bank ac- counts. The court hearing the Am- rouche case, presided by Mr. Justice Robert Mangion, was re- quested by the plaintiffs to order BOV to exhibit its manuals on client onboarding, client mon- itoring and suspicious trans- action reporting which were in force between 2007 and 2015. The action for damages was filed after the bank allegedly failed to honour its statutory ob- ligations and report suspicious transactions, as well as allow- ing bank accounts to be opened without carrying out the neces- sary due diligence. In July last year, the judge had ordered Bank of Valletta to ex- hibit internal manuals docu- menting the bank's anti money laundering procedures. "In the case at hand, this court feels it is necessary that it has all the relevant information before it in order to be able to arrive at a de- cision which is in the interests of all the parties to this case." The court ordered that only the evidence relating to the pe- riod 2009-2011 be brought be- fore it With regards to safeguards re- lating to the protection of the commercially sensitive docu- ments from publicity, the court ruled that all of the documents in question be sealed and made accessible only to the court and the lawyers of the parties, with- out the facility of making copies. The court would return the doc- uments to the bank after court proceedings were concluded, it said. Testimony by bank officials in this case would also be sealed and protected in the same man- ner, as well as being heard be- hind closed doors. But in the next, sitting held last November, the court minuted that it had received a joint note signed by lawyer Dominic Cas- sar for BOV and lawyers Mat- thew Paris and Ann Marie Cuta- jar for the plaintiff, informing it that the parties were exploring the possibility of reaching an out of court settlement. Court records show that in the subsequent sitting, on 22 February, Cutajar had read out and exhibited a note, ceding the case. In view of this, the judge declared the case closed. For more information: info@theimperialmalta.com The Imperial, Rudolph Street, Sliema, SLM 1279 | 2145 6440 | www.theimperial.com.mt A member of St George's Care Limited – LIVE LIFE WITH US The Imperial offers an extensive choice of single and companion accommodation options that are cleaned by our dedicated housekeeping team on a daily basis. Residents are encouraged to personalise their rooms with their much-loved photographs, home accessories and treasured belongings. All rooms are air conditioned and stylishly decorated, with kitchenette facilities, furniture, digital tv, and wi-fi internet access. Every room has ensuite bathroom facilities and equipped with a nurse call system in both the bedroom and bathroom, allowing our residents to call for assistance whenever needed. To mark the inauguration of a new wing at The Imperial, we are offering a number of rooms within this floor at a discounted rate of €75 per day. The Imperial in Sliema, is not just a care home, it is a home that cares. Along with Casa Antonia, we have been providing excellent care for over 20 years and will support and advise you to make the best decision for you and your loved ones. LIMITED OFFER. CALL TODAY FOR A VIEWING. INAUGURATION OF NEW FLOOR ONE TIME, LIMITED OFFER SELECTED SINGLE ROOMS AT €75 PER DAY BOV reach settlement over Amrouche €6 million claim BOV settlement in Amrouche art fraud