Former tax chief Marvin Gaerty brought in to steady the ship at Malita Investments

Former Tax Commissioner Marvin Gaerty has been appointed to the top roles at Malita Investments as the troubled company hopes to steady the ship amidst mounting concerns about its future.

He is replacing Johan Farrugia, who tendered his resignation after a brief tenure which saw him appointed Malita Chairperson in June 2024, and Executive Chairperson in April 2025.

Dr Farrugia had himself replaced former Labour MEP Marlene Mizzi after another turbulent period that saw the company embroiled in allegations of electoral fraud.

In a company announcement released on Tuesday (yesterday), Malita thanked Dr Farrugia for his “dedicated service and meaningful contributions,” and said it looks forward to working with Mr Gaerty.

It said Mr Gaerty “brings extensive leadership experience and a demonstrated commitment to sound governance,” stating its confidence that “under his leadership, the company will continue to pursue its strategic objectives whilst maintaining the highest standards of corporate governance.”

Malita Investments hinted as further developments, saying that “further announcements regarding board composition and committee appointments will be made in due course.”

The change at the helm of the listed company, whose majority shareholder is the Maltese Government, comes after a series of developments and allegations that have shaken investors.

Its 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 7 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 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.”

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.