Freezing order against Christian Borg reduced to €52 million, properties and cars

Alleged kidnapper and multi-million-euro fraudster Christian Borg, along with his girlfriend Monique Mizzi, had the seizure and freezing order regarding serious criminal charges they are facing reduced to the amount believed to be connected to the proceeds of the crimes they are accused of committing.

However, the large size of their ‘reduced’ asset freeze reveals a significant amount of wealth that Borg, at just 31 years old, has somehow managed to accumulate under very questionable circumstances.

According to a variation of the original freezing order, issued in August 2024, which initially covered all of the Borg-Mizzi assets, the sum of financial assets, primarily deposited in various bank accounts across the local banking spectrum, has now been set at a staggering €52 million.

This mainly consists of various bank accounts that Borg holds either personally or through his numerous companies, including Princess Construction Limited, Princess Holdings Ltd, Zing Rental Ltd, No Deposit Cars Ltd, and Lion Funding Ltd.

Additionally, the court ordered the seizure and freezing of numerous immovable properties owned by Borg or his companies, including villas, maisonettes, penthouses, flats, and garages across the island, in Manikata, Bahrija, St Julian’s, Swieqi, Mosta, St Paul’s Bay, Marsascala, Qormi, Luqa, and Valletta, among other localities.

Hundreds of cars, which Borg uses in his car rental business, operating under the names of Sicily by Car or No Deposit Cars, have also been included in the new freezing order.

Last year, Borg, together with his 27-year-old girlfriend from Paola, was arraigned in court accused of a raft of criminal charges, including defrauding millions in VAT and tax, as well as other money laundering activities. Both denied the claims.

According to the police, an investigation prompted by the tax authorities had uncovered millions of euro of alleged fraud, with Borg under-declaring his earnings, falsifying VAT returns, and allegedly defrauding the exchequer.

The police also noted that, apart from his tens of millions of assets, the young businessman had business activities and financial connections with banks in Germany, England, and Cyprus.

(Caption: Borg celebrating Robert Abela’s election in 2021, and his girlfriend Monique Mizzi)

Before last year’s arraignment, Borg had already become notorious for his flaunting of his immense wealth and connections to elements within the governing Labour Party, particularly Prime Minister Robert Abela, Joe Camenzuli, a businessman turned personal photographer of disgraced former prime minister Joseph Muscat, and top civil servants such as former tax commissioner Marvin Gaerty.

In 2022, Borg, together with four others, was also arraigned and charged with kidnapping a man, torturing him, and threatening to rape his sister.

During the 2020 Labour leadership contest, Borg publicly displayed his support and closeness to Robert Abela, describing him as a friend.

It later emerged that, before becoming Prime Minister, Robert Abela had conducted real estate business with Borg, even though he was also a client. This relationship contravened the lawyers’ code of ethics.

Through his various companies, Borg also became a regular recipient of multiple government tenders.