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 countrys 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
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.