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Home > Additional Information about the Deiulemar case
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Additional Information about the Deiulemar case
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Additional Information about the Deiulemar case
01 Jun 2022
Questions and Answers

1. Why was this internal report not made available to shareholders? 
In the course of operations of a publicly-listed company, internal reports are not made available to shareholders, but rather to the directors, who are entrusted with the direction and management of the company. BOV’s internal matters, as well as those of its clients, are dealt with confidentially and there can be no expectation that shareholders are provided with such internal reports.   

2. Who had recommended taking over the trust in 2009, when a Rome criminal court in 2004 had already ruled that the Deiulemar company had under-declared liabilities of €700 million? Why all the secrecy? 

It is incorrect to state that “a Rome criminal court in 2004 had already ruled that the Deiulemar company had under-declared liabilities of €700 million”. The ruling which is being referred to was made by the Rome Court of Appeal in November 2017, so the knowledge about the undisclosed liability only became a fact in 2017.
   
In the 2017 judgement, the Court stated that the Deiulemar Group had what is referred to as “un debito occulto”, which is basically a hidden liability, of €753 Million, and therefore a liability that was not recorded in the financial statements of the company which, had it been properly recorded, would have shown that the Deiulemar Group had negative net assets as of 2004. 

This means that the bank (or any other person for that matter) could never have known, or otherwise discover, this liability in 2009, as even the investigators and the court itself could only establish it with hindsight, after a thorough investigation of the first court of Rome that ruled on the matter in 2014 and the Court of Appeal that ruled on the matter in 2017.  

3. Why has the Bank decided to retain its provisions at €80 following the decision of the Tribunal of Torre Annunziata in February 2022?

In March 2022, the Bank’s position was to appeal the judgement of first instance and positioning itself to be able to potentially settle the matter if the right opportunity for the bank to mitigate its litigation risks presented itself during the course of appeal proceedings.  This was the position at the point in time of closing the 2021 financial statements.  The Bank had also sought independent advice on its legal standing of appeal which confirmed that the Bank’s legal basis for appeal was a strong one.  Accordingly, there was no reason why the Bank would have increased its provision at that stage.  

Indeed, in March 2022, there was no basis under the current IFRSs for the Bank to have increased the provision.

Mistoqsija u Tweġiba


1. Għaliex dan ir-rapport intern ma kienx disponibbli għall-azzjonisti?

Fil-kors tal-operat ta' kumpanija kkwotata pubblikament, rapporti interni ma jsirux disponibbli għall-azzjonisti, iżda huma disponibbli għad-diretturi, li huma fdati bid-direzzjoni u t-tmemxxija tal-kumpanija. Il-kwistjonijiet interni tal-BOV, kif ukoll dawk tal-klijenti tiegħu, huma ndirizzati b’mod kunfidenzjali u għandaqstant l-azzjonisti ma jingħatawx tali rapporti interni.

2. Jekk ma kien hemm l-ebda att skorrett min-naħa tal-impjegati, min fil-BOV kien għamel l-eżerċizzju tad-due diligence fl-2009? Min kien irrakkomanda li tieħu f’idejha t-trust fl-2009, meta Qorti Kriminali ta’ Ruma fl-2004 kienet diġà ddeċidiet li l-kumpanija Deiulemar kienet dikjarat passiv mhux żvelat ta’ €700 miljun? 

Huwa skorrett li jiġi ddikjarat li “qorti kriminali ta’ Ruma fl-2004 kienet diġà ddeċidiet li l-kumpanija Deiulemar kellha passivi sotto-dikjarati ta’ €700 miljun”. Is-sentenza li qed issir referenza għaliha saret mill-Qorti tal-Appell ta’ Ruma f’Novembru tal-2017, għaldaqstant l-għarfien dwar ir-responsabbiltà mhux żvelata sar magħruf biss fl-2017.

Fis-sentenza tal-2017, il-Qorti qalet li l-Grupp Deiulemar kellu dak li jissejjaħ “un debito occulto”, li bażikament huwa passiv moħbi, ta’ €753 Miljun, u għaldaqstant passiv li ma kienx irreġistrat fid-dikjarazzjonijiet finanzjarji tal-2017. Li kieku dan ġie rreġistrat kif suppost, kien juri li l-Grupp Deiulemar kellu assi netti negattivi sa mill-2004.

Dan ifisser li l-bank (jew xi persuna oħra għal dik il-kwistjoni) qatt ma seta’ jkun jaf, jew inkella jiskopri, din l-obbligazzjoni fl-2009, peress li anke l-investigaturi u l-qorti stess setgħu jistabbilixxuha biss wara investigazzjoni bir-reqqa tal-Ewwel Qorti ta’ Ruma li ddeċidiet dwar il-kwistjoni fl-2014 u kif ukoll mill-Qorti tal-Appell li ddeċidiet dwar il-kwistjoni fl-2017.

3. Għaliex il-Bank iddeċieda li jżomm il-provvedimenti tiegħu għal €80 miljun, wara d-deċiżjoni tat-Tribunal ta’ Torre Annunziata fi Frar?

F’Marzu 2022, il-pożizzjoni tal-Bank kienet li jappella s-sentenza tal-prim’istanza u li jippożizzjona ruħu biex ikun jista’ potenzjalment isolvi l-kwistjoni jekk l-opportunità t-tajba għall-Bank biex itaffi r-riskji ta’ litigazzjoni tiegħu tippreżenta ruħha matul il-proċedimenti tal-appell. Din kienet il-pożizzjoni fil-mument tal-għeluq tad-dikjarazzjonijiet finanzjarji tal-2021. Il-Bank kien talab ukoll parir indipendenti dwar l-istat legali tal-appell tiegħu li kkonferma li l-bażi legali tal-Bank għall-appell kienet waħda b’saħħitha. Għaldaqstant, ma kien hemm l-ebda raġuni għalfejn il-Bank kellu raġuni biex iżid il-provvista tiegħu f'dak l-istadju.

Tabilħaqq, f'Marzu 2022, ma kien hemm l-ebda bażi taħt l-IFRSs attwali biex il-Bank iżid il-provvediment.
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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).
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