24 September 2003

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BICAL saga ensues in Parliament

Following our sister newspaper MaltaToday’s extensive coverage on the closure of the BICAL bank in November 1972 and the consequent dissipation of its associated companies’ assets, Labour MP Joseph M Sammut earlier this week asked Finance Minister John Dalli when the final payments in connection to the BICAL arrears would be paid out.
Minister Dalli answered that the liquidation process of the BICAL bank and its associated companies was still in progress and this precluded any form of distribution of payments to the bank’s depositors and creditors.
MaltaToday on Sunday has been running the story of BICAL bank’s closure by Dom Mintoff’s government, when owners Cecil and Henry Pace were accused of forgery, misappropriation and fraud and making a gain thereof of over Lm3 million.
Revelations by Cecil Pace have poured new light over attempts to have part of the bank transferred to Mintoff’s nominees and how depositors and creditors of the bank and its associated companies have had their monies delayed due to the lengthy liquidation process.

Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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