BICAL saga ensues in Parliament
Following our sister newspaper MaltaTodays 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 banks depositors and
MaltaToday on Sunday has been running the story of BICAL banks
closure by Dom Mintoffs 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 Mintoffs nominees and how depositors
and creditors of the bank and its associated companies have had their
monies delayed due to the lengthy liquidation process.