Letters | Sunday, 11 January 2009

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BOV’s Lehman’s tangle

Bank of Valletta, Malta’s largest capitalised listed bank, registered a loss in earnings from its holdings of Lehman paper. Recently too the Worker Director was removed from the Board of Bank of Valletta, thus further reducing the influence which independent ‘ordinary’ small shareholders hold in this Maltese financial institution.
At a time when smarter work must be accomplished, what was the message sent when a person holding the trust of the workforce, and who has long years of banking experience, was ousted from Bank of Valletta’s Board? Rather, shareholders should be asking who took the decision(s) leading to the profit reduction and what measures where taken? It would beggar belief, but I would not discount, if performance and ancillary bonuses and allowances to the top people were still paid out without any reductions?

K. Debono,
Ghajnsielem

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