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Marvin Gaerty, the Former tax Commissioner, has been appointed the executive chair of Malita Investments plc.
He will be replacing Johan Farrugia, who handed in his resignation on Monday
Malita has faced increasing strain despite posting more than €5 million in profit in the first half of 2025. Work on a large housing project in Ħal Farruġ has stalled due to cash flow problems, shareholders received no dividend last year, and several contractors claim they are owed millions. In a statement earlier in November about the housing project, the company had said: “The Company acknowledges that it is experiencing certain liquidity constraints which have led to its decision not to declare an interim dividend earlier this year. As previously advised to the market, these liquidity issues have triggered the Company to reassess its position on the Affordable Housing Project and to undertake a comprehensive strategic review of its positioning.”
In a company announcement on Tuesday evening, Malita Investments said that Johan Farrugia has resigned from his position as Executive Chairperson and Director of the Company, effective 24 November 2025.
“The Board extends its sincere gratitude to Dr Farrugia for his dedicated service and meaningful contributions throughout his tenure. The Government of Malta, as majority shareholder holding a Qualifying Holding in the Company, has nominated Mr Marvin Gaerty to serve as Director of the Company. Following his appointment as Director, Mr Marvin Gaerty will assume the position of Executive Chairperson of the Company.”
“Mr Marvin Gaerty brings extensive leadership experience and a demonstrated commitment to sound governance. The Board looks forward to working with Mr Gaerty in his new capacity and is confident that under his leadership, the Company will continue to pursue its strategic objectives whilst maintaining the highest standards of corporate governance. Further announcements regarding board composition and committee appointments will be made in due course.”
On Tuesday, in response to articles regarding the company in the press, former Labour MEP Marlene Mizzi has claimed that her 2024 removal from the chairmanship of Malita Investments plc occurred shortly after she confronted Housing Minister Roderick Galdes over what she described as improper interference in the company’s affairs and overly familiar dealings with its contractors.
Minister Galdes had issued a statement on social media later on Tuesday in response. He said: “In every communication I had with Malita, my sole interest was to reduce delays and ensure that public accommodation projects progress at a pace that is acceptable for the families awaiting them. The company has its own managerial structure, and as Minister my role has always been one of general political oversight, not operational intervention. That is my responsibility and my duty to the public.”
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