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BUSINESS TODAY 10 November 2022

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€1.50 THURSDAY 10 NOVEMBER 2022 • ISSUE 180 WWW.BUSINESSTODAY.COM.MT PAGE 5 PAGE 2 PAGE 3 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

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