It’s really about time that Bank of Valletta starts telling the truth to the public and its shareholders instead of playing politics. Bank directors have to take responsibility and act accordingly instead of playing politics with the bank.
Bank of Valletta is refusing to list the €36 million loan to Steward Healthcare as an impairment, yet we don’t know if Steward is fulfilling its debt obligations with BOV. The bank is also defending its position in issuing this loan despite having fired its Chief Risk Officer, Miguel Borg for greenlighting the loan.
Ridiculous. They think they are the Labour Party and have the right to conjure up misleading narratives, and for what? The general public is not stupid and this only shows reckless behaviour. The bank is not a political party and concealing or hiding problems everyone knows about can only be damaging to its reputation.
Who are the auditors? What about IFRS 9? They are obliged to report on impairment (IFRS accounting standards), and no professional auditor would sign off on these financial statements without adherence to IFRS standards, including impairment rules.