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Karl Schembri
Outgoing Bank of Valletta Chairman Joseph F. X. Zahra categorically denied he was against government’s imminent sell-out of its 25 per cent shares in the bank.
Contacted yesterday by MaltaToday, Zahra denied persistent rumours that his resignation, a month before his term expired, was triggered by a personal disagreement with the government about the privatisation of the bank, of which the government is the major shareholder.
“I’ve headed the bank for the last six years on the understanding that government would privatise it,” Zahra said. “My resignation had nothing to do with that, nor with the Brindisi-Freeport issue. It was entirely for personal and private reasons.”
The issue was raised earlier yesterday during the Prime Minister’s briefing to the media when journalists asked Lawrence Gonzi whether he could confirm that Zahra was against the government’s privatisation plans.
“I do not have this kind of information,” Gonzi said. “Last July I discussed the sale of government shares with him and at no time did he disagree with the plans.”
Gonzi added that the government’s plans were not up for discussion and that the Bank of Valletta shares would be up for sale in a few months’ time provided the price is right.
According to The Malta Independent, financial consultant Roderick Chalmers is expected to be appointed BOV chairman this week.
Zahra was asked by the Prime Minister to remain chairman until the coming Friday to be able to find a new chairman in the meantime.
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