MFSA director general should resign – Finco

The man fronting aggrieved investors in the failed, La Vallette Property fund has called for the director-general of the MFSA, Andre' Camilleri, to resign over the way the financial watchdog handled the case, which, he said was “bungled” from the very beginning. Finco Group Managing Director Paul Bonello returned to the war path this afternoon with a press conference in which he criticised the latest development announced by the Malta Financial Services Authority through which, he explained, only a quarter of investors who claimed to have been wrongly sold the financial product by the Bank of Valletta were said to be “inexperienced investors”. The decision concerns 2,258 investors who were reviewed by an international audit firm to establish if they had the experience to buy into the complex property fund. The Malta Financial Services Authority (MFSA) had declared that inexperienced investors should be given full compensation irrespective of whether they had accepted Bank of Valletta’s May 2011 settlement offer of 75 cents per share. For this reason, the MFSA had appointed the international audit firm Mazars to review these 2,000 plus investors that could have fallen in this...