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Bank of Valletta says probe finds no evidence of unlawful activity

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Bank of Valletta says probe finds no evidence of unlawful activity

Bank ofValletta Plc said April 6 that its audit department issued aninterim report on its investigations of malpractice allegations at the bank and found noevidence of unlawful activity taking place.

The bank's board of directors discussed the report April 5and decided to forward a copy to local and foreign supervisors and to thebank's external auditors. Bank of Valletta also notedthat the external auditors' statutory opinion on the financial statements ofSept. 30, 2015, was not qualified in any respect.

The bank launched the internal probe in January after anopposition member of the Maltese parliament said during a debate that it was"clear that people in certain circles of power frequently urge BOVofficials to issue loans to certain people or companies as quickly as possible,against the bank's internal doubts about their creditworthiness, due to theircurrent or previous financial problems with other banks."