From Vaticannews · Vatican News · · 40s
Maltese Court Awards IOR €24.1 Million
Maltese court orders four firms to pay Vatican bank €24.1 million for fiduciary breaches.
In brief
Maltese court orders four firms to pay Vatican bank €24.1 million for fiduciary breaches. Maltese court ruled four companies must compensate IOR €24.1 million for breaching fiduciary duties in Kappa Fund case. Originally reported by Vaticannews.
Maltese court ruling
Maltese court orders four companies to pay IOR €24.1 million for breaching fiduciary duties in Kappa Fund case.
Defendants named
Optimum Evolution Fund SIF, Optimum Asset Management S.A., Futura Investment Management Limited, and Futura Funds SICAV plc.
Fiduciary breach ruling
Court found all four companies violated fiduciary duties under Maltese Civil Code Article 1124A.
Compensation terms
Companies must pay €24.1 million plus 8% interest from judgment date until full payment.
In short
Maltese court ruled four companies must compensate IOR €24.1 million for breaching fiduciary duties in Kappa Fund case.
