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Sources close to the Corinthia Group have confirmed that the loan it had taken out from the National Bank of Malta had actually been repaid to Bank of Valletta, giving a new twist to the decades-long saga. At the time that the National Bank was taken over byLight shed on National Bank mystery after 45 years
Sources close to the Corinthia Group have confirmed that the loan it had taken out from the National Bank of Malta had actually been repaid to Bank of Valletta, giving a new twist to the decades-long saga. At the time that the National Bank was taken over by the government in 1973, one of the main bones of contention was whether it was still viable. One of the arguments made against it by the government was that it had considerable debts – one of which was the Lm1.6 million owed by the Corinthia Group - which had no hope of being repaid. This, it was argued at the time, made the bank worthless, and by Act of parliament NBM was taken over and Bank of Valletta was created from its ashes. However, sources close to the Corinthia Group told the Times of Malta: “The company has always settled all loans that were due and payable to any of its lending banks.” The repayment claim could not be independently verified by the Times. KPMG, which had reported on the issue for the court, was also never able to verify whether the loan was repaid, as the files were missing from the archives of BOV. There had been a provision made for the debt in its accounts – but this was removed from a later... Read more