BOV refutes allegations of fraudulent transaction

Bank of Valletta denied any wrongdoing in its dealings with a businessman who accused the bank of "fraudulently" transferring money to an Indonesian bank account without his consent.

Yesterday, a South African investor asked the courts to order Bank of Valletta refund him €70,000 which he said had been fraudulently withdrawn by a third party.

In a counter judicial protest filed in court on 6 August, Bank of Valletta categorically rebutted allegations that it acted negligently and recklessly in its dealings with the South African businessman.

In its counter protest, the bank intimated that, “in the execution of its duties towards the claimant, it always acted in good faith and with the necessary level of competence, prudence and diligence required and denied any allegation that it was responsible for any loss allegedly suffered by the claimant.”

Valletta Fund Services Limited, a subsidiary of Bank of Valletta, against whom the allegations by the South African man were directed has also rejected any allegation of negligence or wrong doing.

The bank added that an initial investigation carried out shows that there is no basis for the allegations being levelled at BOV, insisting that “no evidence has been brought forward by the South African businessman concerned to sustain his allegations.”

“In these circumstances the bank cannot conscientiously accept those allegations as if they were facts.  The bank will continue to investigate the allegations in greater depth and if those detailed investigations were to reveal any evidence that suggests a different course of action, then the Bank will be the first to act in line with the evidence available to it at the time,” BOV said.