So, the Labour appointee and Bank of Valletta Chairman Gordon Cordina has no comment to make on BOV’s $36 million loan to Steward. I have sent a number of questions to Gordon Cordina to which he simply replied by saying that the bank can’t discuss the details of private clients.
This is the first stint of Gordon Cordina as a banker and so far, he is keeping the bank in its previous course that of unbridled capital destruction. Now, the Labour club at BOV has begun consuming itself with internal disputes over who is to blame for the Stewards loan. This story may also be related but I could not confirm it.
What’s incredibly interesting is that BOV is not standing behind Miguel Borg against accusations he failed to do his duty as Chief Risk Officer, and instead, the bank is letting him fight it out with his own lawyers, most probably with his own funds. Gordon Cordina didn’t reply to my question about this either.