Chris Pullicino, who was set to become Director of Finance and a shareholder of Yacht Lift Malta, passed away on Sunday at the age of 52.

Mr Pullicino was well known for being Police Inspector, and was most recently Director at consulting firm Total Management Solutions Co. Ltd.

In his capacity as Police Inspector, he had also spent some time as part of the murder investigation squad.

Friends, former colleagues and family members took to social media to express condolences following Mr Pullicino’s passing, with many saying that the news came as a shock to them.

Criminal Lawyer and former Nationalist Party MP Franco Debono said that while they were often “opponents in the courtroom”, they always fought one another “with respect”. He remarked that they had a great friendship outside the courtroom, and Mr Pullicino always had a “joke ready on the tip of his tongue”.

Mr Pullicino’s final farewell will be given on Wednesday 29th November at 8.30am at Żabbar Parish Church.

What next for Yacht Lift Malta?

Yacht Lift Malta operates a floating dry dock platform, known as a yacht lift, which was developed and patented by Welcome Inn. It is described as a service that is cheaper and more time-efficient than other services, and enjoys the flexibility of being able to be transported to multiple locations to carry out its services.

Up until last week, Mr Pullicino was poised to become a shareholder of Yacht Lift Malta, obtaining a 33 per cent stake in the company. This came as Daniel Gatt, Co-Founder of the company, announced that he will be relinquishing his 50 per cent shareholding of the company.

Additionally, Mr Pullicino was going to be named Director of Finance, being part of a management team that also included fellow Yacht Lift Malta shareholder and Total Management Solutions CEO Roberta Garzia as Director of Administration, and Yacht Lift Malta Co-Founder Giuseppe Farrugia as Director of Sales and Lift Operations.

Yacht Lift Malta had stated that this “strategic realignment of ownership reflects the company’s commitment to its future growth and success”.

It had added that the appointments demonstrate its “dedication to bolstering its leadership and operational capabilities”.

The news of his passing adds further uncertainty about Yacht Lift Malta’s future, as the company has faced a number of difficulties ever since its establishment. The yacht lift came into operation in 2021, and it currently has more than €1.7 million in retained losses, with it forecast to post a €465,000 loss in 2023. Projected revenues of €139,000 are failing to cover €140,000 in finance costs on a 5.5 per cent €2 million bond issue.

The latest forecast stated that there is set to be a 320 per cent increase in turnover in the final three months of 2023 when compared to the same period in 2022, hinting at the start of a potential turnaround in financial performance.