Former Chief Executive Officer (CEO) of the Bank of Valletta (BOV) Tonio Depasquale and entrepreneur Nazzareno Vassallo are holidaying in Sicily on Vassallo’s yacht ‘Perla’.
Since he retired from BOV Tonio Depasquale has been appointed to the board of Vassallo Group of Companies owned by Nazzareno Vassallo.
Tonio Depasquale who is one of the persons being mentioned for the post of BOV chairman has already served as CEO of BOV that has been sanctioned by the Malta Financial Services Authority (MFSA) at least six times and fined a total amount of €726,140 since May 2011 for letting down pensioners and small inexperienced investors by luring them into investing in schemes designed for professional investors.
Depasquale sat on all the boards of these investment schemes. If Depasquale, who is very strongly linked to the PN, were to be nominated for the post of chairman, his appointment would have to be approved by the MFSA.