Malita Investments plc recently announced that it has appointed Johan Farrugia as Chairperson of the Board of Directors.
In a market update posted on the Malta Stock Exchange, the company, in which Government is a majority shareholder, announced a number of board committee appointments.
This included that of Dr Farrugia, who has replaced Marlene Mizzi in the position.
Dr Mizzi, a former Labour Party Member of European Parliament (MEP) served in the position at Malita Investments since January 2021.
Malita Investments was set up to operate on an independent and commercial basis, to contribute towards long-term investment development in Malta. Its projects include the Parliament Building, the Valletta City Gate, as well as the site of Malta International Airport. It has also been integral in Government’s efforts to build affordable housing.
The company recently made headlines for allegedly being involved in an election fraud scandal, where Magistrate Donatella Frendo Dimech reportedly declared that voters were manipulated into changing their addresses to a Government housing block in Mdina Street, Siġġiewi, ordering further investigations by the police.
According to reports, the Magistrate observed that the Identità officials on site signed a statement that a voter was living there when it was clear that the place was not habitable. Malita Investments, which owns and manages the property, and CEO Jennifer Falzon denied any allegations of wrongdoing.
Following the events, reports stated that Minister for Social and Affordable Housing Roderick Galdes requested Dr Mizzi to be removed from the position of Chairperson of Malita Investments after reportedly disagreeing about how Government’s financial vehicle company conducted its business.
Dr Mizzi has since been nominated to serve as Non-Executive Chairperson at Identità.
Minister Galdes had reportedly nominated Dr Farrugia and Elaine Gauci for the role, however, as indicated in the latest company announcement, the former has been appointed.
Additionally, Malita Investments also announced that it has resolved to set up an Environmental, Social, and Governance (ESG) committee to assist the Board of Directors in ESG-related matters.
The ESG committee is composed of Miguel Borg as Chairperson, with Tania Brown and Victor Carachi as members of the committee.
