Profs. Arnold Cassola: BOV refuses to hold an open AGM despite Covid restrictions being lifted.

BOV Chairman Gordon Cordina’s answer on my Deiulemar request.

 

First email sent from Profs. Arnold Cassola.

Dear Dr Cordina,
All Covid measures have now been lifted.
In view of the fact that shareholders have been lied to for the past 7 years regarding the Deiulemar affair, I am demanding that the next AGM is held with physical presence of shareholders and full freedom to speak.
No more Covid excuses.
Regards,
Arnold Cassola  .

 

BOV reply.

Good morning Prof Cassola
Preparations for the June AGM have been ongoing for months and the cut off decision point on the form of the meeting was prior to the announcement of removal of COVID measures. There is plenty of opportunity for shareholders to submit their questions in writing, and answers will be presented at the meeting and published.
I fully appreciate the need to discuss and explain the ongoing developments. We are meeting media, stockbrokers and shareholders representatives in these days. I would be more than glad to meet you as well at your convenience.
Best regards
Gordon

 

Profs Cassola reply:

 

Dear Dr Cordina,
  Circumstances dictate that BOV changes its decision regarding AGM.
  I have gone back to the BOV declarations on Deiulemar since 2015, and it has been a constant duping of shareholders and the media for a whole seven years.
  I am sorry but I am not interested in a one to one “divide et impera” meeting on the issue.
  The Bank cannot get away with answering questions in writing. Present and past chairmen and directors have to be physically present in a public and open meeting for shareholders to answer the following questions from shareholders and to shoulder responsibility:
1) For failed due diligence in 2009 when embarking on this risky venture;
2) For having taken us all for a ride from 2014 onwards;
3) For having made shareholders fork out 182 million plus other millions in court expenses, while the directors from 2009 did not forfeit one cent of their emoluments.
  I am sorry: I have communicated with you and previous Chairmen for various years and all I got were diversionary answers.
  No more of this for me and other shareholders, including the Maltese taxpayer, since 30% of the Bank belongs to the government.
   We demand that BOV changes its arrangements: in June we want an AGM with the physical presence of shareholders and all present and former directors.
Kind Regards,
Arnold Cassola