Former Chief Executive Officer (CEO) of the Bank of Valletta (BOV) Tonio Depasquale and entrepreneur Nazzareno Vassallo have come back from a holiday they took together in Sicily on Vassallo’s yacht ‘Perla’.
BOV Tonio Depasquale has been appointed to the board of Vassallo Group of Companies owned by Nazzareno Vassallo after he retired from the bank. Both Depasquale and Vassallo are very close to the PN.
Tonio Depasquale has been mentioned for the post of BOV chairman which is still vacant. He 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 were to be nominated for the post of chairman, his appointment would have to be approved by the MFSA.