Malita chairman quits as governance crisis escalates

Malita Investments plc is facing a deepening governance crisis after its newly appointed executive chairman, Johann Farrugia, tendered his resignation, The Shift is informed.

Farrugia, who was installed in 2024 by Housing Minister Roderick Galdes, submitted his resignation on Monday.

However, the publicly listed social housing vehicle has yet to notify the market via a regulatory announcement – a failure that places it in breach of disclosure rules governing listed entities.

Reached for comment by The Shift, Farrugia declined to confirm his departure and instructed that any questions concerning the company be submitted in writing. When pressed on whether he had stepped down, he terminated the call.

Farrugia succeeded former chair Marlene Mizzi in 2024 following a clash between Mizzi and Minister Galdes over what she described as political interference in the company’s operations.

In a recent social media post, Mizzi said Malita’s finances had been “moving in the right direction” before her departure, implying that the company’s position had deteriorated since Farrugia assumed the role.

To date, Farrugia has issued no public explanation for Malita’s worsening financial condition. Under his leadership, the company is reportedly unable to settle several million euros in outstanding payments and is now confronted with a significant liquidity challenge.

Minister Galdes has told the press that he is “not worried at all” about the ongoing crisis.

Meanwhile, ADPD has called on the Prime Minister to take action against Minister Galdes for his political interference in the running of Malita, and his claimed hobnobbing with contractors.