The Constitutional Court has cut the compensation package to former shareholders of the National Bank from €111 million to around €71 million.The National Bank was nationalised without compensation by Dom Mintoff’s government back in 1973 and turned into Bank of Valletta.Last year, the courts ordered the government to pay €111 million to 82 National Bank of Malta shareholders.However, as reported by Times of Malta, the Constitutional Court slashed their compensation today, arguing the money due should reflect the individual share quota of the plaintiffs who instituted the case.This banking saga has been going on for over half a century. Mintoff’s government nationalised the bank back in 1973 following a run on deposits that was intensified by the then-Prime Minister publicly expressing his concern at the “precariousness” of the local banking sector.A number of shareholders, including the 82 claimants, refused to sign an agreement to transfer their shares to the government for free.In the early 1990s, the PN government listed BOV on the Malta Stock Exchange, opening it up to the general public and further aggravating its original shareholders.They filed two civil cases in 1992, arguing that the bank’s nationalisation breached their fundamental human rights.The case was concluded last year, with the courts ordering €111 million in compensation – to be divided equally among the shareholders.Both the government and a number of shareholders appealed this ruling.One group of shareholders argued that the compensation should be closer to €1.4 billion to include BOV dividends since 1974.Others argued that the equal division of the €111 million was unfair to the larger shareholders.The Constitutional Court revised the compensation to one set of 33 plaintiffs from €44.7 million just over €21 million. The compensation due to a further 49 shareholders was reduced from €66.4 million to €50.7 million. The money is to be distributed according to the shares that were originally held by each plaintiff.Lawyers Patrick Galea, José Herrera, Joe Schembri, Conrad Cassar Torreggiani, Evelyn Caruana Demajo, Sarah Grech, Mark Refalo, Ian Refalo, David Camilleri, Max Ganado, Michael Psaila and Massimo Vella represented the shareholders, while State Advocate Chris Soler and lawyers Miguel DeGabriele and Paul Cachia represented the state.•