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THURSDAY 10 NOVEMBER 2022 • ISSUE 180
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Ex-minister in Falcon
reprimand spearheading
Von der Heyden bond
What market
observers
said on close
US midterms
VBL Group
acquires
Coliseum in
Valletta for
€6.4 million
PAUL COCKS
FORMER Nationalist finance minister Tonio
Fenech, who in 2017 was offically reprimand-
ed by the financial services regulator for his
stewardship of a pension fund that lost mil-
lions in Swedish pensioners' savings, is now
spearheading a second bond issue in five years
for Von der Heyden Group, which some in-
dustry players have accused of borrowing
Maltese money to spend abroad.
Fenech was previously a director of Falcon
Funds, a pension fund that was marketed in
Sweden and the subject of a criminal investi-
gation in Stockholm after millions in savings
were lost.
After the Swedish pensions authority
claimed the fund was unable to pay back €247
million in savings because of 'major invest-
ment fraud', the MFSA put Falcon Funds un-
der the control of auditors KPMG in 2016.
en in October 2017, the MFSA had issued
a stern reprimand to Tonio Fenech and direc-
tors Ian Zammit and Joseph Xuereb.
"From the review of the modus operandi of
the directors of the scheme, the MFSA de-
termined that the Board failed in its primary
responsibilities toward the Scheme and its in-
vestors," the regulator said.
STAR PERFORMER MSE FTSE 100
EUR EXCHANGE RATES
Trading Date: 9 Nov 2022
Number of Trades: 82
Turnover: € 655,147.04
MSE TRX Index: 7,582.37
Change: -0.771%
Name: 6% IHI PLC BNDS
MT0000481227 - Currency €
Last Traded: 9 Nov 2022
Price 101.500
Change +0.400
US Dollar 0.98634
British Pound: 0.87357
Japanese Yen: 142.78
Australian Dollar: 1.5258
Swiss Franc: 0.97070
7,052.62
-33.84
7,086.46 / 6,977.95
Value
Net variation
High / Low
-0.48%
Former finance minister and director of Falcon Funds Tonio Fenech
