Government-controlled Malita Investments has insisted that it has always “acted independently” and “without external influence from any government or ministry.”
The statement was published today on the Malta Stock Exchange.
It added that any executive resignations “were the result of personal reasons,” and “entirely unconnected to any alleged external intervention,” presumably referring to ex-Chairwoman Marlene Mizzi's removal from the company in May 2024.
Her removal "coincidently happened a few weeks after a meeting at his office, where I stood up to him," she shared to Facebook yesterday. Ms Mizzi, a former Labour MEP, also accused Minister for Social and Affordable Accommodation Roderick Galdes of “interfering in the work of a plc” and “hobnobbing with contractors engaged by the company.”
Malita plc’s board of Directors emphasised that these developments come amid a backdrop of various “conflicting and unverified reports on the media,” which they say do not represent the full factual picture.
It stressed that over recent years, the company has implemented a range of governance enhancements, including appointing internal auditors and introducing a performance improvement plan for the CEO aimed at addressing concerns raised in earlier internal reviews.
Refuting allegations of ministerial interference, the board reiterated its independence and fiduciary responsibility to act in the best interests of shareholders. “All board decisions have been made solely in accordance with proper corporate governance principles,” the statement said.
The board also addressed the company’s current liquidity challenges, assuring stakeholders that it is actively exploring strategic and financing options to improve its financial position.
This is the latest from a series of developments and allegations that have shaken investors. Yesterday the company's Chair Johan Farrugia also resigned.
Malita's share price tumbled after it announced in October that it would not be issuing an interim dividend for the first time since 2012. The move came as a complete surprise to shareholders, who were assured in February 2024 that Malita intended to maintain a total gross dividend yield of seven per cent.
Since then, Malita has come under fire as judicial letters by suppliers demanding over €600,000 in unpaid bills came to light, throwing doubt on its ability to meet its obligations.
Earlier this month, the company was forced to rule out a Government bailout and announced a “strategic review” to assess all available options for Malita’s financial and operational future.
Former Malita Chairperson Marlene Mizzi threw further fuel on the fire in a Facebook post on Tuersday (yesterday), where she
She said that under her watch, which ran from 2022 to 2024, Malita “was financial healthy.”
Attention now turns to Mr Gaerty, an amateur boxer whose almost decade-long tenure as Malta chief taxman was also marked by several scandals. He was questioned by police over WhatsApp chats with Yorgen Fenech, the alleged mastermind of the assassination of Daphne Caruana Galizia, but was exonerated by a magisterial inquiry.
Malta Investments’ principal activities include the financing, acquisition, development, management and operation of immovable property, in particular, projects of national and/or strategic importance.
Malita owns the sites of Malta International Airport (MIA) and Valletta Cruise Port (VCP), and holds a temporary emphyteusis over the Parliament Building and Pjazza Teatru Rjal.
It has also been put in charge of the Government’s push to build affordable housing, which is the source of its recent troubles. A landmark Luqa project of 267 residential units, initially slated for completion by December 2026, is now only expected to be complete in 2028.
