Malita Investments denies ministerial intervention

Malita Investments has denied ministerial intervention in its internal decisions.

The company’s statement comes just one day after the company replaced its chair. Its former chairman, Johan Farrugia, had resigned after various reports of the company’s unpaid dues to contractors and confirmed liquidity troubles.

Coincidentally, Farrugia resigned just hours after Malita’s former chair, ex-Labour MEP Malrene Mizzi, publicly stated that her removal as Malita’s chairperson in 2024 came shortly after an argument with Housing Minister Roderick Galdes.

Mizzi said that she was removed from her position a few weeks after a meeting at Galdes’s office during which she challenged what she described as his “interference in the workings of a plc” and his close contact with contractors engaged by the company.

On Wednesday, Malita said it “categorically refutes” allegations that any of its actions were influenced by government officials, insisting that all decisions were taken independently and in line with its fiduciary duties to shareholders. 

It added that “any executive resignations were the result of personal reasons, legitimate governance processes and strategic differences regarding the company's direction and were entirely unconnected to any alleged external intervention.”

Malita once again acknowledged its liquidity issues and said it is working on measures to address them. The company noted that it is assessing financing options.

Malita is a publicly listed company that manages major government property projects and falls under the remit of Housing Minister Roderick Galdes, as 82% of the company is owned by government.