Tommaso Montalto, Carmelo Gatt and Edward Buhagiar had been charged with defrauding Lm500,000 in 1989 and in the preceding months. The crime was allegedly committed to the detriment of Mid-Med Bank Limited, Investment Finance Bank, Galtom Limited, St John Textiles Limited and other companies.

Mr Montalto is the director of Galtom Limited while the other two men accused were accountants for the same company.

In a judgement giving few details, presiding magistrate Tonio Micallef Trigona acquitted the men of these charges since he ruled not enough evidence was presented to support them. The crimes the men were charged with were said to have been committed in 1989 and prior to that year, but they were charged in court five years later, in October 1994.

Mr Montalto had the additional charge of misappropriating Lm100,000. This charge was dropped due to the fact that he was charged for the crime five years after it was allegedly committed and therefore too much time had elapsed.

The court also acquitted Mr Montalto and Mr Gatt of a perjury charge for the same reason. They were charged with this crime two years after the police said it had been committed and once again, this time was too long for the court to take it into

consideration.

Inspector Kevin Ellul Bonici and Emmanuel Cassar, who is now a superintendent, prosecuted. Dr Joseph Giglio, Dr Aldo Vella, Dr Michael Sciriha and Dr Joe Mifsud appeared for the accused.