Tuna rancher facing money laundering charges allowed to transfer assets to father

A court-approved transfer of shares involving a director linked to a major tuna ranching operation, currently under a freezing order, has raised fresh questions about the handling of assets tied to ongoing criminal proceedings.

Court documents show that Magistrate Lara Lanfranco authorised 39-year-old Giovanni Ellul to transfer all his shares in ELL Investment Ltd to his father, Salvu Ellul, a prominent developer widely known as ‘Salvu Ta’ l-Elbros’.

The approval was granted despite Ellul being subject to a court-imposed freezing order in connection with money laundering and other alleged offences.

While the court confirmed that the transfer is legally permissible, it stressed that the shares would remain subject to the same freezing order.

Nevertheless, the move has raised eyebrows within the industry, particularly because Giovanni Ellul’s father, Salvu Ellul, is not personally subject to a freezing order, even though his company, Malta Fish Farming Ltd, is itself facing criminal proceedings and has its assets frozen.

No explanation was provided in court for the transfer request, and records at the Malta Business Registry indicate that the change in shareholding has not yet been finalised.

The development comes amid heightened scrutiny of the Ellul family’s business interests, particularly in connection with a controversial pending government deal involving public land at the Malta Freeport.

Just weeks ago, The Shift reported that a parliamentary resolution concerning the transfer of industrial land and surrounding sea areas to Malta Fish Farming Ltd was abruptly removed from the agenda of the National Audit Office Accounts Committee without explanation.

The proposal, put forward by Economy Minister Silvio Schembri, would grant the company a 40-year temporary emphyteusis over approximately 3,800 square metres of public land at the Freeport. It also includes plans to reclaim approximately 1,400 square metres of the sea to construct a quay to support tuna ranching operations.

Sources familiar with the negotiations described the last-minute removal as “strange”, particularly given that discussions had already progressed despite the company being subject to a court-ordered asset freeze.

Under the proposed agreement, Malta Fish Farming Ltd would commit to investing around €30 million in infrastructure, including €13 million earmarked specifically for the Freeport site. The company also agreed to pay an annual ground rent of €46 per square metre, subject to inflation adjustments.

The deal, now on hold, has drawn further attention because Giovanni Ellul and the same tuna company are facing serious criminal charges linked to an alleged international scheme to export illegal tuna.

Ellul has pleaded not guilty to charges including money laundering, participation in a criminal organisation and falsification of documents.

The case also involves former Fisheries Department Director-General Andreina Fenech Farrugia, who faces charges of bribery, trading in influence and the disclosure of confidential information.

Meanwhile, Salvu Ellul is also engaged in advanced negotiations to take over part of the concession of the former Malta Shipbuilding site in Marsa, currently operated by the Mediterranean Maritime Hub, which is facing significant financial difficulties. However, the deal has yet to be concluded, with the settlement of a €15 million bond looming in the coming months.