Anger mounts as sale of €50 million in Lombard shares stalls

The sale of around €50 million worth of Cypriot shareholding in Lombard Bank has been stalled for months due to a legal issue in Cyprus, according to sources. So far, neither the Cypriot nor the Maltese stakeholders have officially declared what is holding up the process. The process was meant to have been concluded at the end of July, according to confidential documents, the sources told the Times of Malta. A spokesman for the Malta Financial Services Authority said the process was still ongoing. “The MFSA is in contact and coordinating matters with all related parties as required,” he said. Bidders who spoke to this newspaper on the condition of anonymity said they had heard nothing since spring and were completely in the dark as to where the process had stalled. About 20 pre-qualified bidders made indicative offers in early April, according to Investment Bank of Greece documents. The Greek financial institution is acting as legal adviser to the seller, Cyprus Popular Bank. Cyprus Popular Bank was bailed out by the Cypriot government during the financial crisis and must now sell its 49.01 per cent shareholding to repay taxpayers. At last April’s annual general meeting, Lombard...