According to the Maltese news website, Times of Malta, the regulator is due to send out copies of the report to such investors in the next couple of days.
The announcement comes only 24 hours after the MFSA defended its decision to publish only the conclusions of the investigation. Investors have been waiting for a copy of the report in order for them to decide whether or not to accept a settlement offer made by BOV.
Last week the MFSA announced it was to fine the BOV and Valletta Fund Management Ltd (VFM) €347,816 for regulatory breaches in connection with the fund, which, though not significant by international standards, was said to be the largest fine ever imposed by the MFSA in such a case.
The investors, whose position has been tirelessly argued in the media by the managing director of a Maltese investment company, Paul Bonello of Finco, claimed that without being able to view the report they would be unable to take an informed decision on whether the BOV’s offer was fair.
For its part, the BOV said that both it and VFM remained “firmly of the view that the conclusions of the MFSA [investigation] are wrong in fact and at law”, and would be filing an appeal on the MFSA decisions in due course.
In addition, while it denied that there had been “any loss incurred as a result of any incorrect application of the investment restriction”, the bank insisted that the amount of its compensation offer was sufficiently generous to “fully compensate” investors even if this had been the case.
A statement on the matter is available on the BOV’s website here.
