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The Maltese Herald

More from the business of borrowing money to buy more junk

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by

Mark Camilleri
in

Another participant in the shady business of borrowing money to buy junk assets are DF Advocates who bought Bank of Valletta’s non-performing debt for around €26 million. Kevin Deguara and Jean Carl Farrugia of DF Advocates are being charged in the Vitals and Steward money-laundering case. DF Advocates bought BOV’s junk loans with Polymath & Boffin via 3514 Capital. Alex Tanti is also involved in the junk deal with Neville Curmi over a property in London is also involved with Polymath & Boffin.

According to their latest filed accounts, Polymath & Boffin definitely don’t have anywhere near €26 million.

However, they sold shares of a “private equity fund” with the aim to buy distressed debt and listed the sale of these shares on  the Malta Stock Exchange on behalf the Iridium SICAV plc . Previous, BOV Chairman Deo Scerri, is now also helping in the management of this fund.

Bank of Valletta’s sale of its €26 million junk debt was a very closely guarded secret because all of the major local funds had initially rejected to buy it, and someone may have been obliged to do some favours to create new ways to get rid of it.

Comments

4 responses to “More from the business of borrowing money to buy more junk”

  1. Iridium “Global Market Investments” – Mark Camilleri avatar
    Iridium “Global Market Investments” – Mark Camilleri

    […] junk boys who bought Bank of Valletta’s debt ran a fund aground before they turned into another junkish adventure. Iridum owned by Christopher […]

    Reply
  2. Deo Scerri resigns from the junk-finance business and retires – Mark Camilleri avatar
    Deo Scerri resigns from the junk-finance business and retires – Mark Camilleri

    […] was the company that bought the Bank of Valletta non-performing loans, and the company is owned by Christopher Vella and DF Advocates who are currently being charged in the Vitals and Steward case. Christopher Vella and Alex Tanti […]

    Reply
  3. Joseph Muscat: Cashing in from the Bank of Valletta junk loans (the background) - The Maltese Herald avatar
    Joseph Muscat: Cashing in from the Bank of Valletta junk loans (the background) - The Maltese Herald

    […] With his bank accounts frozen and withdrawals monitored, Joseph Muscat needs lots of cash to conduct his miserable underhanded political activities and pay his host of lawyers who are defending him in Court. One of his latest cash sources which Joseph Muscat used to pay his lawyers were the proceeds from the Bank of Valletta junk loans which were sold to 3514 Capital. […]

    Reply
  4. 3514 Capital change their name to Kairos Capital - The Maltese Herald avatar
    3514 Capital change their name to Kairos Capital - The Maltese Herald

    […] Capital is also official a partnership with DF Advocates and Kevin Deguara. The purchase of the BOV portfolio was made through their SICAV called Iridium […]

    Reply

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