Bank of Valletta rebuts reports of legal proceedings on Gaddafi's credit card

Bank of Valletta (BOV) on Thursday categorically denied "that it is a party to any legal proceedings" concerning the alleged use of a credit card issued by the bank to Mutassim Gaddafi, son of former Libyan leader Muammar Al-Gaddafi.

The BOV made the remarks in response to an article entitled "Legal Battle Brews Over Gadhafi's Millions" published by the Wall Street Journal (WSJ).

The WSJ reported that Mutassim deposited millions of dollars at BOV, which issued him with a credit card for his shopping binges in Rome, Beverly Hills and Cannes.

In a statement published on its official website, BOV claimed that "it has never, and will not, divulge any information regarding any of its customers, with the media and/or the general public."

The bank pledged that it "has always acted, and will continue to act, in strict accordance with any United Nations directives that may be relevant to the reported case."

The WSJ reported that related documents showed that Gaddafi started opening accounts at Bank of Valletta in 2002, and the accounts were opened under the auspices of Malta-incorporated companies that he controlled. The accounts' assets swelled to 60 million euros (67 million U.S. dollar) in early 2011, according to the legal filings. Endit