Malta has been left reeling from the outcome of the trial of Yorgen Fenech, where the businessman was acquitted of conspiring to murder Daphne Caruana Galizia and walked away a free man almost seven years since his dramatic arrest while attempting to flee the country.

With questions swirling around potential tampering with the jury process and incriminating videos from Mr Fenech’s interrogation being released, it is clear that the long-awaited conclusion of Malta’s “trial of the century” has brought none of the closure so many were hoping for.

Many in Malta’s business community were similarly looking forward to a verdict that draws a line under the sordid episode and restores a sense of normality, while bolstering the country’s external reputation after the beating it received in international fora over the last decade, when it largely made global headlines in relation to the Panama Papers, greylisting, and the assassination of Ms Caruana Galizia itself.

WhosWho.mt reached out to more than a dozen of Malta’s leading businesspeople across hospitality, tech, marketing, iGaming, real estate, consultancy and finance to get their thoughts on the verdict.

They were all granted anonymity to speak freely.

On the verdict

Every businessperson we spoke to emphasised that the current moment is “very delicate”.

Many expressed shock at the verdict, questioning how “someone who admitted to knowing about murder and paid money in connection to it, could then be released a free man.”

One said: “I can't believe how anyone could listen to the evidence and decide he's not guilty.”

However, others felt that Mr Fenech’s involvement was not proven beyond reasonable doubt.

“Both Government and the Caruana Galizia family made a lot of mistakes,” said one real estate mogul. “They got far too involved in the process. They weakened the case.”

Meanwhile, the defence strategy of “overmixing the pot” was described as “very obvious, but very effective.”

“The Keith Schembri factor loomed too large.”

Another person primarily involved in financial services said they found Mr Fenech’s testimony “more credible and convincing” than that of the star witness against him, Melvin Theuma.

“When the star witness is an unreliable criminal, the jury seem to go against them,” said another, drawing a parallel with the case against one of the assailants of [Chief of Staff to former Prime Minister Eddie Fenech Adami] Richard Cachia Caruana when he was stabbed in the 1990s.

“The only surprise was the walkover of an 8-1 – that is, unanimous – ‘not guilty’ verdict,” they said. “I didn’t expect that.”

Another had stronger words for the prosecution: “The state is responsible for the verdict, and the case they put forward had reasonable doubt written all over it. Their case was based on evidence given by witnesses who were not credible. They sucked.

“Heads should roll but this is Malta and nothing will happen.”

The responsibility of the state

Many of the people we spoke to agreed that the state now needs to shoulder the burden of its shortcomings, with all eyes now on how the Government will respond.

“The state is under very serious scrutiny,” said one entrepreneur in the tourism sector. “We have people in power and they need to give us solutions. They are accountable.”

One iGaming stalwart pointed to the public inquiry into the assassination, which “definitely found serious failures by the state.

“I think the trial itself has exposed uncomfortable questions between political power, big business and our institutions. So what happens now? Will every person, every allegation, every failure that emerged be properly investigated? Will the Government strengthen the police, the courts, the protection of journalists? And does it genuinely want the truth to come out, wherever that may lead?

“The jury has delivered a verdict but the state has not delivered all the answers.”

A familiar sinking feeling

Many of those commenting did not hold back from expressing their desperation.

“You realise there’s no justice in this country.”

“I just don’t know where to go from here, it really feels so desperate.”

“It’s the collapse of the rule of law. It pays more to be a criminal than an honest businessman.”

Part of it was the feeling that we have been here before, especially among those old enough to remember the tragic killings of Raymond Caruana and Karin Grech during politically tense periods in the 1980s.

“Like other killings that were in some way or another linked to the state, the country will remain scarred, and with an open wound. In these cases reconciliation is difficult. It would be unwise to underestimate the impact of this. These things tend to accumulate, leaving a checked history which as a nation we should not be proud of.”

Another pointed out that while the people who carried out the hit (the Degiorgio brothers and Vince Muscat) and those who provided the weapon (the Maksar gang) ended up behind bars, the story follows a similar beat to those of decades ago.

“This does seem like a repetition of old stories like the killing [Mr Raymond Caruana] in Gudja and the letter bomb [which killed Karin Grech, 15, when she opened the letter addressed to her father].

“There’s nothing much else to say. Except that it’s further confirmation that we live in a shit state, unfortunately.”

A hit to Malta’s international reputation

That conclusion is certainly not one that business was hoping for: “For Malta’s business community, this goes beyond one verdict. Confidence in our institutions, the rule of law and Malta’s international reputation depend on establishing the complete truth and holding every person involved accountable.

“Sadly, this trial has left us with more questions than answers and with little confidence that many of those questions will ever be answered.

“Daphne Caruana Galizia was killed once by a car bomb; she has now been failed a second time by a system that has still not established who ultimately ordered and enabled her assassination – and we doubt it will!”

Another pointed out that the result “is not a good look for the country, undermining the good standing we have spent years trying to rebuild.”

The next steps

Almost everyone said they do not expect the saga to end here.

“The country must continue to seek justice for Daphne,” said one. “It must. We need it.”

“This will not go away,” said another. “We cannot betray the next generations. It’s time for people to get angry.”

Another took a more reflective approach: “The facts that emerged should lead us to think in depth, especially in the relation between big business and politics, and the gaps in the investigation which were left unanswered – things that had already emerged from the public inquiry.

“I believe that this calls for a deep reflection as a nation. As a nation. Not as political tribes. We must take the next steps as a united nation.

“Otherwise, Malta pays the price.”