Resignation of BOV’s chief Risk officer confirmed, bank says succession plan being put into place

Bank of Valletta has confirmed that its chief Risk officer has stepped down, after reports in the media began speculating about his resignation over claims about the €36m in loans given to Steward Health Care.

In a statement, the bank hereby announced that Miguel Borg has resigned from the bank with effect from 5 April and accordingly has relinquished his position as chief Risk officer and executive director of the bank.

"The bank is putting into place its succession plan for the positions of chief Risk officer and executive director. There are no matters concerning Mr Borg that warrant any disclosure in terms of the Capital Markets Rules. The bank reiterates that there have been no known instances or suspicion of fraud or corruption involving the

Group's management or employees who have significant roles in internal control. Furthermore, there have been no known instances of non-compliance or suspected noncompliance with laws and regulations. The bank thanks Mr Borg for his valuable contribution and hard work throughout his years at the bank and wishes him every success in his future endeavours."

The Shift News had reported on 29 March that Miguel Borg had reportedly stepped down from his post. The news report came after Mark Camilleri had, in his blog, taken aim at Borg after saying that he was the man who "approved the bizarre loan of €36 million to Stewards (in reference to Stewards Health Care)".

Between 8 May 2018 and 17 July 2019, BOV had granted Steward Health Care four loans amounting to a total of €35,900,000, according to the court judgement which had annulled the concession Steward Health Care had to run three of Malta's hospitals.