Bank of Valletta has rebutted allegations it acted negligently and recklessly in dealings with a South African businessman who says money was “fraudulently” transferred to an Indonesian bank account.

In a judicial protest, he asked the court to order Bank of Valletta to refund him the €70,000 that had been withdrawn from his account in which he had deposited €100,000. The unnamed businessman claimed the transfer was done without his authorisation.

In a counter protest, the bank said that, in the execution of its duties towards the businessman, it always acted in good faith and with the required levels of competence, prudence and diligence.

It rejected any accusation that it was responsible for any loss allegedly suffered by the man.

Valletta Fund Services Limited, a subsidiary of Bank of Valletta, against whom the allegations were also directed, also rejected the accusations of negligence/wrongdoing.

The bank said no evidence had been brought forward by the businessman to sustain his allegations and that, from its initial investigation, there appeared to be no basis for such claims.

It said it would continue to look into the matter and, should any evidence suggesting a different course of action emerge, the bank would act immediately.