On 4th June 2012 the Malta Financial Services Authority issued a statement setting out the actions taken by the MFSA in connection with the selling of the La Valette Multi Manager Property Fund by Bank of Valletta (BOV). In addition to imposing a fine on BOV, the MFSA was to appoint an independent professional services firm to review BOV client files. The review was completed shortly before Christmas 2012 and there has been a short period of reconciliation of records, following the submission of the final report on 21 December 2012.

The final list of clients who are due compensation under the terms of the Directive issued on 4th June 2012 has been drawn up. Most people due compensation have received credits direct into their accounts, and others will be receiving cheques shortly. BOV has written to all clients involved, informing them of the decision in the Mazars Report.

The MFSA is also publishing the report prepared by Mazars, which sets out the methodology used, the conclusions and the number of BOV clients who were considered to be due compensation under the terms of this review. Those investors will have now effectively received €1.00 for every unit invested.

The MFSA has also updated the Question and Answer document on its website, that sets out many of the issues raised by consumers during the investigation.