Issue link: https://maltatoday.uberflip.com/i/281887
maltatoday, SUNDAY, 23 MARCH 2014 7 News MCST/Q6/2014 Call for Quotations for the Service Provision of Interpreters (Italian –English) for the International Conference of the IMaGenX under Italia-Malta 2007-2013 Programme The Malta Council for Science and Technology is issuing a call for quotations for the Provision for Interpreter Service (Italian – English) for the International Conference of the IMaGenX under Italia-Malta 2007-2013 Programme. The Council will commission a reputable individual or rm to provide the requested services as specied in the Call for Quotations dossier including provision of equipment and technical assistance related to the service. Interested bidders are to submit a proposal clearly marked "Quotation for the Provision for Interpreting Service for the International Conference of the IMaGenX under Italia-Malta 2007-2013 Programme - MCST/Q6/2014". Offers are to be sent electronically by sending an email to tenders.mcst@gov.mt, by not later than 10.00 a.m. (CET) of Wednesday, 2nd April 2014. Quotations should be made on the prescribed forms which, together with the relative conditions and other documents can be downloaded from the Malta Council for Science and Technology's website: www.mcst.gov. mt/news/aspx. Late submissions will not be considered. The Malta Council For Science And Technology, Villa Bighi, Kalkara KKR 1320, Malta www.mcst.gov.mt LARA AD TEST.indd 2 18/03/2014 10:29:12 Finco says compensation on La Valette fund is on the horizon Bank of Valletta chief executive says suggestion that bank is against further compensation 'is factually incorrect' MATTHEW VELLA THE government is intent on keep- ing a pre-electoral promise to com- pensate investors in the La Valette multi-manager property fund over €16 million, despite reported oppo- sition from inside Bank of Valletta. Over a year has passed since La- bour told over 2,300 investors that it would make BOV pay back all capi- tal invested in perpetual securities, amongst them Lehman Brothers', that were sold by the bank, as well as start negotiations on compensation for La Valette investors. On Sunday, Prime Minister Joseph Muscat said his government would keep its promise made to investors in January 2013, but he refused to be drawn into commenting on the bank's opposition to further com- pensation. "I'm not going to comment on that," Muscat told MaltaToday when it was put to him that the bank's top officials do not want to pay any more compensation than some €40 million it dished out in the tortuous compensation saga. "The bank has private sharehold- ers, the government has its policy, and we will keep our word with these people who have been exploited," Muscat said, not mincing his words. "I think there is a solution," he said when asked whether the gov- ernment might have to fork out an additional €16 million in compensa- tion. "And it won't be what you are suggesting." Although the government is the bank's largest single shareholder, with the right to appoint the bank's chairman, it is yet to be answered how it will proceed in getting the bank to issue compensation. Bank of Valletta's chief executive officer Charles Borg, in a short com- ment to MaltaToday, disputed the claim that the bank is of the view that it should not issue any addition- al compensation beyond the 75c per share it paid to La Valette investors. He said this characterisation of the bank's standpoint "is factually incor- rect." On the other hand, Finco Treas- ury partner Paul Bonello is upbeat about a "formal announcement on the agreed compensation arrange- ments" which he says will be made in the near future "as will be appro- priate". "We are confident that this long saga will shortly come to an end and justice will be meted to thousands of investor consumers," Bonello said. Since filing the first judicial pro- tests against Bank of Valletta and Valletta Fund Management, Bonello has remained engaged in negotia- tions with the government and the bank, while still pursuing court ac- tion on behalf of investors who re- fused to accept BOV's 75c share offer. "Finco never harboured any doubt that the pre-electoral commitments of the government to ensure that short-changed compensation is paid to more than 2,300 investors in the La Valette property fund will be honoured," Bonello said. On 28 January and 3 February 2013, both the Labour Party and Evarist Bartolo, today education minister, told investors that the MFSA's rul- ings on BOV's misselling of both Le- hman perpetuals and the La Valette fund, would be fully honoured, and once in government, would see that compensation is paid to investors to recoup their monies. Bonello says that compensation on the Lehman perpetuals has already been made. "Negotiations regarding the La Valette property fund are now at an advanced stage," he says, but points out that the talks have been com- plicated by the fact that the finan- cial regulator, MFSA, had taken the BOV's conditional offer of 75c per share as the last chapter in the saga. Bonello however, never considered the case closed until investors get an extra 25c-45c topped up. BOV and VFM were dealt with three separate administration sanctions and penalties by the MFSA, which they did not appeal, on breach of investment rules and misselling. The primary accusation was that VFM had invested mil- lions of the La Valette investments in property funds that had high debts. Over €50 million was lost in the property fund. Amid the investigations, BOV decided in 2011 to give investors 75c per share, on condition that they relinquish any legal claim against the bank. Bonello says this left them short-changed by any- thing up to 45c per share. "Even in the case of the small minority of investors who were awarded an additional €0.25 per share by the MFSA, they were still left short- changed by up to €0.20 per share," he says of a later decision by MFSA calling on the bank to pay up to €1 per share. mvella@mediatoday.com.mt Perjury trouble for woman who tried to fight eviction to sign anything on her behalf. It was only when the court showed the power of attorney to Agius that she admitted having signed the document. Additionally, receipts issued to Peter Agius for past payments showed that not only was his wife aware of the situation, but that she had also authorised the issuing of the said payments. Mr Justice Silvio Meli noted that Agius had lied under oath when she denied having authorised her hus- band to act on her behalf, knowing she had indeed given him a power of attorney. The court ruled that the acts of the case be sent to the Commissioner of Police to investi- gate if there was enough evidence to accuse Doris Agius of perjury, after she was caught giving false evidence in court. The judge threw out the plain- tiff's application and ordered her to pay all court fees relating to the case. Finco Treasury partner Paul Bonello (centre) Bank of Valletta Chief Executive Ocer Charles Borg