21 January 2004

Search all issues

powered by FreeFind

Send Your Feedback!

How much Maltese money could be lost in Parmalat?

A number of stockbrokers have confirmed that Maltese investors made investments in the troubled Parmalat, but because of client confidentiality could not confirm the details.
Up until a few months ago an investment in Parmalat was considered a wise investment and several stockbrokers advised Maltese to invest in the dairy giant.
When The Malta Financial and Business Times asked MFSA chairman Prof Joe Bannister how many Maltese had invested in Parmalat and what the approximate value of such investments were, the reply was: "We have no information about Maltese money invested in Parmalat."
The MFSA was likewise reluctant to comment in 2002 on investments Maltese had made in Argentina as the country’s economy went under and defaulted on its debts. However, the MFSA had confirmed that a "workable approximation of the funds invested" in Argentine securities has been compiled.

But the financial services regulator added that it did not feel it "appropriate or correct to divulge these amounts, which were given to the authorities on a confidential basis." The MFSA had also confirmed that many Maltese investors had invested directly in eurobonds issued by Argentina denominated in a reputable currency, such as the euro, dollar and sterling.
The extent of Maltese investments in Argentina, which had amounted to tens of millions of pounds, was known only when Finance Minister John Dalli revealed the figure.

Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
Tel: (356) 21382741-3, 21382745-6 | Fax: (356) 21385075 | E-mail