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Maltese investors lose everything in Russian bond
A number of Maltese who invested in a Russian bond lost everything after Russian bank Mezhprombank went bankrupt.
20 May 2012, 12:00am
Karl Stagno-Navarra
Karl Stagno-Navarra
Bank owner Sergei Pugachyov
Sunday newspaper Illum reports that some 450 Maltese who invested around €20 million in bonds of Russian bank Mezhprombank, lost everything after the bank went bankrupt.
The investors did not even receive any return on their investment. The default global value, Illum reports, is estimated to have reached over €300 million.
Read the full article in Illum
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But how - I repeat how - would anyone invest such sums in - of all places - a Russian bank? Every single individual who makes any money in the ex Soviet Union rushes to deposit it in the first overseas bank outside the ex-soviet union! And who would sell them this investment in the first place?
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I just hope that there is some truth to the Maltese Government's spruiking that there is nothing to worry about with regards to the Maltese economy in general and Maltese banks in particular. I for one do not believe that Malta can maintain "strength" in such a sea of "weakness". Maltese investors /bank depositors should be thinking about the ramifications of Greece being pushed out of the Euro zone (eventually)! Then there is Portugal, Spain, Italy, Irealnd - they're all weak!! But Malta is strong! We'd like it to be but is it really true - what is the worse scenario for Malta?
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Headline should read : greedy investors lose everything in Russian bond, like others who invested in ALL property high yield funds.
Jareth Grima •
Eh. Allura, u xix? X'qed jistennew? Li jiehdu flusom lura mit-taxxi taghna?
Joseph MELI •
Next headline= MALTESE INVESTORS LOSE EVERYTHING ON GREEK LOAN
