A recent sentence handed down by the Court of Appeal, allowing a local bank to debit a client’s personal account for debts incurred by his company made interesting reading to say the least (Paul Cauchi v. HSBC Malta plc – 19 February).

Several conclusions can be reached after reading this sentence but I will leave these to be enumerated by people more versed in law and banking practices.

It is a belief shared by quite a few people that accounting matters can be a huge force for good or evil and that it is time that bank clients and shareholders start demanding change. Meaningful change is unlikely to originate within the established banking establishment itself, unless some of them see the light before their partnership or financial house is swept away, as happened in a large and supposedly very stringently run foreign jurisdiction with ‘global’ ramifications.

An aspect which is increasingly coming to the fore abroad is the mistreatment of shareholders and clients. An aspect that unfortunately in Malta seems to be on the backburner, even though some recent events demonstrate that small private shareholders are virtually fleeced, crowded out, and reduced to minority status with some not even batting an eyelid!

G. Bonett

MARSALFORN