Malita Investments, the government-owned company responsible for a series of delayed affordable housing projects, said on Christmas Eve that it may have secured a temporary financial lifeline, months after running out of cash and halting construction works.
In a brief statement to the market, the publicly listed company said it expected to be in a position to resume work on housing developments in Ħal Farruġ, Luqa, Kirkop and Bormla. Malita did not provide details of the arrangement, describing it only as a temporary solution.
Finance Ministry sources said the financing could involve a new loan amounting to several million euros, potentially provided by Bank of Valletta. The loan agreement has not yet been finalised and remains subject to guarantees and changes to Malita’s internal structure, including a reorganisation of its operations.
The announcement followed a board decision, though most directors have yet to accept responsibility for the financial difficulties that left the company unable to complete projects originally due several years ago.
While former chairman Johann Farrugia resigned earlier this year following allegations by his predecessor that housing minister Roderick Galdes had interfered in Malita’s operations, other government-appointed directors – including GWU president Victor Carachi – have remained in place.
The Shift has revealed that, at the height of Malita’s liquidity crisis, board members approved a 16% increase in their own remuneration. It remains unclear whether that decision has since been reversed.

Malita is also facing legal action from Calibre Industries, which had won a multimillion-euro tender for finishing works at the Bormla project, scheduled for completion in 2022.
The contract was later discontinued and awarded instead to Next Construction, owned by Gozo-based rogue contractors Joseph Portelli and Mark Agius, known as Ta’ Dirjanu.
The company has declined to explain the circumstances surrounding the change, whether public procurement rules were followed, or the value of the new agreement.
Portelli and Agius have previously conducted private business with Minister Galdes, including the sale of a Gozo penthouse acquired at a price well below market value.
The governance of Malita has been under sustained scrutiny, with former chair and ex-Labour MEP Marlene Mizzi accusing Galdes of “hobnobbing” with contractors and interfering in the company’s management.
In 2024, Prime Minister Robert Abela transferred responsibility for Malita from finance minister Clyde Caruana to Galdes, a move that consolidated oversight of the company within the housing ministry.
Galdes has built a substantial private property portfolio since joining the Labour Government executive, engaging in several real estate private transactions while serving as housing minister.
Robert Abela has repeatedly refused to sack the Minister and insisted that Galdes continues to enjoy his full confidence.
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Tags
#Affordable Housing Minister Roderick Galdes
#Bank of Valletta
#Hal-Farrug
#Johann Farrugia
#liquidity
#Malita Investments plc
#Next Construction
#Victor Carachi
Calibre could not start on the project before August 2024, for the simple reason , that construction works were not ready, and the disaster on site is well documented in emails. There where changes in the project managers, one of which hardly ever visited the site, and the other was overwhelmed withthe problems on site. The M&E contractor was not yet chosen before may 2024. There were various design flaws with the metal works, and items given to to other contractors at random. I do hope that the concrete and structures are well tested.
Oh look, Bank of Valletta providing another bail out for the Goverment – should we be surprised ?
“Robert Abela has repeatedly refused to sack the Minister and insisted that Galdes continues to enjoy his full confidence.” Of course. Most likely Abela is Galdes’s mentor.
Hands off our deposits and investments at BOV !!!! You created this whole mess…and now you fix it through your own funds without undermining our savings!!!
A pack of wolves.
Qatta kriminali dak li huma! No wonder pajjiz mifni bil-bini ma kullimkien ghax kollha mdahlin fih u l poplu issa sar kuntent ukoll ghax hu wkoll sar parti mil kantun! Issa kullhadd iridhom l barranin halli jkomplu jisolhuhom mil kirja!! Kullhadd ibiegh daru lil l izviluppatur u mbad jmur joqghod go gebuba! Ir-rebgha ghal flus saret fuq kollox, fuq is-serenita, l paci w s sliem! X poplu ehh!! Imbad nghidu l pajjiz spicca! Spicca l-poplu mhux il-pajjiz! Kullhadd qed jahseb li ser joqghod hawn! Kullhadd kelma wahda, jien bhalhom naghmel kieku, easy money!! Jaqq!! Kudos li dawk li jaqtghu one way ticket to the moon! Ghax il-poplu kullimkien sar tat-tqaallih!