Issue link: https://maltatoday.uberflip.com/i/208710
20 News maltatoday, SUNDAY, 10 NOVEMBER 2013 All Invest faces wrath of judicial protest Financial Company All Invest makes no provisions following complaints from clients, however files for liquidation after four months CHRISTIAN MANGION THIRTEEN plaintiffs have filed judicial letters in court claiming that financial services company All Invest and its representative Wallace Falzon had misled them about their investments with the company. Paul and Susan Mary Diacono of Msida, Paul, Michelina and Joseph Debono of Luqa, Daniel and Nadia Grima of St Paul's Bay, Carmelo and Maria Dolores Grima (also of St Paul's Bay), George and Maria Sammut of Qormi together with William and Maria Alfrida Micallef claimed that Falzon convinced them to invest her money with All Invest. The agreement was reached on condition that the capital was guaranteed, however the plan Falzon invested in did not safeguard their capital. Signed by six lawyers, this judicial protest is the second to be filed after financial services company All Invest itself filed a request for liquidation. In their judicial protest, the 13 requested the court to preclude the company from filing for liquidation as the company still holds their financial portfolios, they have financial and legal interest in the company and the company is facing various legal proceedings filed by other clients. The company's abridged financial statements tabled by All Invest Company Limited at the Malta Financial Services Authority in August 2013 read that during the year, the company received a judicial letter for a complaint by a client. 'While liability is not admitted, if defence against the action is unsuccessful, then the liability would amount to €140,000. The director does not deem the action to have any grounds and no provision has been made in these financial statements. 'As a guarantee for this case, the company had an outstanding pledge on a bank account amounting to €140,000 in favour of the defendant should the case be decided against the company. In terms of the second schedule of the Investor Compensation Scheme Regulations 2003, the Company had an outstanding pledge on a bank account amounting to €699 in favour of the scheme,' the statement read. The company's financial statements also stated that up until 15 April 2013, 15 clients filed judicial protests against the company for a comprehensive total of €262,282, however no legal proceedings had been started. However, All Invest's director did not deem these actions to have any grounds, and no provision was made in the financial statements. The lawyers signing the judicial protest argued that the company's request for liquidation is simply a smokescreen not to face the claims. "The company did not fear the complaints of its clients and no provisions were being made in the financial statements. Neither did the financial statements portray the company as being unable to pay its debts, however four months after tabling the report, the same company is claiming to be bankrupt," the lawyers said. The plaintiffs requested the court not to uphold the company's claim for liquidation and hold All Invest responsible for their financial losses. Lawyers Stefano Filletti, Jennifer Shaw, Frank Testa, Jonathan Thompson, Joseph Zammit and Phyllis Aquilina signed the judicial protest. Download the MaltaToday App now