![]() ![]() ![]() On his watch, BOV approved a €36 million loan for Steward Health Care despite the allegedly shoddy due diligence undertaken before the loan’s approval. The bank has not yet issued a company announcement on the Malta Stock Exchange concerning Borg’s stepping down.īorg was promoted to the position of executive director in 2017, with a financial package of over €200,000 a year to cover the dual role of Chief Risk Officer and Executive Director.īorg’s name hit the headlines last month in the wake of a court sentence that annulled the government’s multi-billion-euro contract with Steward Health Care for the management of three public hospitals. “Further to your query yesterday, may we kindly inform you that the requirements for listed entities, matters which require market disclosure will be communicated through a company announcement made through the Malta Stock Exchange,” a spokesperson told The Shift in reply to questions. Pressed to confirm the resignation, Cordina insisted that he was bound to abide by the protocol of the bank’s communications department. When contacted, the bank’s chairman Gordon Cordina refused to confirm the resignation and explained that the bank would issue a statement. ![]() The Shift is reliably informed that Borg told staff at a meeting yesterday that he will no longer be the bank’s man in charge of vetting its multi-million loan facilities as of tomorrow.īOV has not yet confirmed the resignation in answer to questions sent by The Shift yesterday. Bank of Valletta Executive Director and Chief Risk officer Miguel Borg has reportedly stepped down from his post. ![]()
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