Two Malita Investments directors have resigned, with the company also replacing its chairman.
The company said in a statement to the market that Victor Carachi and Tania Brown have been succeeded by Roderick Psaila and Carmela Ciantar.
Psaila will serve as non-executive chair, taking over that role from Marvin Gaerty, who will stay on as a board member.
Gaerty, a former Inland Revenue Commissioner, was appointed as the company’s executive chair in November after Johan Farrugia handed in his resignation as the company made headlines under a cloud of controversy.
Gaerty then moved to a non-executive chairmanship role earlier this month. That role is now being taken over by Psaila.
The company said Carachi resigned for personal reasons, while Brown stepped down following her recent acceptance of a new position that precludes her from continuing to dedicate the requisite time and attention to her responsibilities within the company.
They are the latest in a string of resignations at the company.
Malita’s former CEO had quit in December 2024, its CFO resigned the following April, and its board secretary stepped aside in December.
Earlier this month, Malita appointed Marlene Attard as its new CEO and Stephen McCarthy as chief financial officer
As of this week, Desiree Cassar, who was appointed company secretary in December, will instead serve the company as non-executive director.
Mauro Magro has been appointed company secretary in her stead.
Malita Investments is a public company that is 80 per cent state-owned.
Originally set up as a special-purpose vehicle to help fund major public infrastructure projects, in more recent years its focus has narrowed more specifically to social housing projects.
The company risked going off the rails over the past 18 months after massive cost overruns and delays on a social housing project in Luqa, which it obtained millions in EU funding for, left it illiquid. Various contractors involved in that project have since filed court action, claiming they are owed millions for works carried out in Luqa.
Concurrently, the company’s former chair, Marlene Mizzi, accused former housing minister Roderick Galdes of trying to meddle in the firm and “hobnobbing” with contractors engaged by Malita.
Both Galdes and Malita denied the allegations.
Galdes has since resigned from his ministerial post, and the National Audit Office launched an investigation into Malita Investments Ltd.
