On 18 August 2010, the Malta Financial Services Authority issued a public statement where it informed the public that it was undertaking lines of enquiry in relation to the La Valette Multi Manager Property Fund - a sub fund of La Valette Funds Sicav plc, including issues raised in judicial protests filed by investors in the Fund.

The process of examining all the actions connected to this specific Fund and determining whether they were in accordance with the rules is very detailed and it has to be also precise, and the Authority is determined to fulfil its duties painstakingly and responsibly.

This process will enable MFSA to make an informed decision regarding the level of compliance with licence conditions by the licence-holders in question. Accordingly, whilst the Authority is endeavouring to conclude its examination within the shortest possible time, a definite date by when the work will be concluded cannot at this stage be suggested.

Should the Authority determine that a person who holds a licence, or any other person, has contravened any provisions of law or of any regulations, it is empowered to adopt administrative sanctions and to publish a statement to that effect.

At the same time, the Authority wishes to highlight that its proceedings are subject to strict rules of confidentiality as correctly imposed on it by law. Accordingly, it will not enter into media exchanges or speculation on this subject.