7/31/2019 Testimony of Antoine Tagliaferro (ex-assistant general manager, NBM)

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Evidence of Antoine Tagliaferro (ex assistant general manager, NBM)

...On December 10, Louis Vella, Dr Philip Attard Montalto, Major Austin Cassar Torregiani and I wen to (the Auberge de) Castille after the bank closed at about 1.30pm. With the prime minister were the

Attorney General, Dr Edgar Mizzi, Lino Spiteri, the Finance Minister Notary Joe Abela, and Mr Earland of the Central Bank. At that meeting we were somewhat demoralised and we started to ask what could be done.

I recall that Lino Spiteri or Earland passed a paper to the prime minister, which the latter ocnsidered

would have a negative effect...the prime minister took a rather aggressive stance. He said he wanted to

take over the shares belonging to the shareholders and the directors too. At the prime ministers behest the Attorney General prepared a draft for the transfer of shares to the government, or to whoever the government ordered. And ordered Henry Micallef and Louis Vella to convince the shareholders to sign this transfer...on December 11 at Castille where those present were Louis Vella, Austin Cassar

Torregiani, Dr Philip Attard Montalto, the prime minister and, I think, Dr Edgar Mizzi and Mr Earland... (after Mr Mintoff, on the night of the 10th appeared on TV and said that the people should not behave

like a stampede of cows on the bank. This had obviously accelerated the stamped on the bank).

...Both Austin

Cassar

Torregiani

and

Dr

Philip

Attard

Montalto

protested

against

the

transfer

(of

shares)

without compensation. The prime minister said that if the bank goes bankrupt he would hold them responsible and even remove their limited liability and hold them responsible with their private

assets...The prime minister appeared on TV to address the nation on the run. The effect of this was bad...At the meeting of December 11 the prime minister had told us that he would close the bank on

December 12. Mr Earland was greatly surprised that the bank would have to close down, because he

said this would be greatly detrimental to the bank.

At one of these meetings Dr Attard Montalto and Henry Micallef requested time to make contact with

Midland Bank and the National Westminster Bank to seek their assistance and the prime minister said it was too late and refused, and ridiculed them...