Category: Investigations

  • Short lets In Numbers: How Tourist Rentals Reshaped Malta

    Short lets In Numbers: How Tourist Rentals Reshaped Malta

    By Daiva Repečkaitė, Julian Bonnici and Sabrina Zammit
    Photo credit: Joanna Demarco

    • Tourism has more than doubled in a decade. Now at 3.5 million a year, or an average of 62,000 extra people per day.
    • Today, there are more than 9,300 active listings on Airbnb.
    • Short-term rentals now make up a third of the tourist accommodation market.
    • The market generates an estimated €47 million over a year.
    • Sliema’s Airbnb market is the largest, worth €7.3 million, followed by St Julian’s (€5 million) and St Paul’s Bay (€3.8 million).
    • In Valletta alone, 1 in 6 homes is part of the tourism market. In tourism hotspots, like Sliema, Gżira and others, that number is now at 1 in 10.
    • Nearly 200 clusters where multiple short-lets are concentrated in a single building or street.
    • Four main arteries in Sliema, Tower Road, The Strand, Triq Robert Arrigo, and Triq Manwel Dimech, host 401 Airbnb listings.
    • Local councils report mounting complaints over waste, noise, vandalism, and safety, while revenues eclipse budgets.

    Malta now boasts more than 9,300 active listings on Airbnb alone, a figure that underscores just how deeply short-term rentals have reshaped the island’s housing landscape, with some localities carrying a disproportionate share of the burden.

    Amphora Media’s latest investigation, carried out with support from Journalismfund Europe and in collaboration with Centro di Giornalismo Permanente, analysed data collected from Airbnb and provided by an activist-led platform, Inside Airbnb, to offer a closer look at a booming industry reshaping Malta’s tourism accommodation sector and fuelling growing tensions within residential communities.

    Photo credit: Joanna Demarco

    Malta’s tourism, one of the seven priority sectors promoted by the government, has doubled in a decade. The number of visitors has soared from around 1.6 million in 2013 to 3.5 million in 2024, equivalent to an extra 62,000 people in the country every day.

    Accommodating this surge has pushed thousands to convert private residences into tourist lets. According to NSO, in 2024, the number of tourists staying in ‘other rental accommodation’, under which short-lets fall, exceeded a million.

    It now accounts for 33% of the total market, and the figure is growing. The number of tourists staying at hotels and other collective accommodation has also increased over the period, but their share has dropped by 10% over the last five years.

    The market can be highly lucrative. Inside Airbnb data reveals that Malta-based listings generate an estimated €47.3 million annually.

    Yet, most of the money fails to reach the localities and communities.

    For example, estimates based on Inside Airbnb’s data show that the Airbnb market in Sliema, one of the localities overburdened by tourism, generates an estimated revenue of over €7.3 million – dwarfing the 2024 Sliema local council’s annual budget of around €1.6 million. The 2024 budget for local councils was €48.4 million across 68 localities.

    The strain is being felt at the community level. 

    From waste to noise complaints, alleged vandalism and fears over public safety, frustrations are mounting, with residents in Swieqi even taking to the streets in protest.

    “Malta has a reputation abroad as a place where everyone does what they want – everyone smokes cannabis, everyone breaks things – that’s the reputation Malta has,” says St Julian’s mayor Guido Dalli.

    Marsaskala. Photo credit: Joanna Demarco

    “[Short lets are] the most difficult thing, not only in Marsaskala, but around Malta,” Marsaskala mayor Mario Calleja told Amphora. In 2022, his local council was receiving 16 weekly complaints about rubbish on average. 

    “And why do we have these mishaps? The owners of these apartments do not inform tourists of the proper days to dispose of waste. They just take it out on whatever day. This is the most common problem for local councils.”

    In response to parliamentary questions about Airbnbs disrespecting municipal waste collection schedules, Owen Bonnici, in charge of local government, replied with promises to distribute information stickers and increase enforcement.

    Swieqi: A residential neighbourhood transformed

    “If residents are happy, tourists will come,” says veteran hospitality expert Marie Avellino. But protests, petitions and media reporting about locals’ grievances show that for many locals, mingling with tourists is less than a happy experience.

    Even the government’s tourism 2021-2030 strategy acknowledges that the “signs of uneasiness by local residents having to cohabit with tourists accommodated in residential apartment blocks or similar” is one of the ‘areas of concern’ 

    Swieqi, once a quiet residential suburb neighbouring St Julian’s, has morphed into a hotspot for short-term rentals, a byproduct of its proximity to Paceville, Malta’s nightlife capital, which has gained notoriety online for clips of rowdy tourist behaviour. 

    Over a third of Swieqi listings mention Paceville in their description. Some listings even warn that the proximity to Paceville makes the place unsuitable for families and older people.

    Airbnb did not reply to Amphora Media’s questions about these developments.

    Our analysis shows 432 active Airbnb listings in Swieqi, accounting for approximately 6% of all livable residences in the area. That figure excludes other platforms such as Booking.com, for which we could not obtain comparable data. 

    Davcar Developments Ltd, whose brand is Holiday Letting Malta, is a major player, with 80 active listings, 62 in Swieqi. 360 Group comes next with 24 properties in Swieqi, but their estimated revenues are the largest, approaching €99,000 in Swieqi alone.

    Cross-checking the numbers with Malta Tourism Authority (MTA) records suggests that, by conservative estimates, more than 9% of Swieqi rentals are unlicensed.

    In August, weeks before a protest over the issue took place, an activist who asked to be called JC reached out to Booking.com and Airbnb to complain about suspicious listings and the negative impact of short-lets.

    In response to our questions, Booking.com said, “In the very rare instance that we are made aware of any unlawful behaviour taking place at a property listed on our site – including house parties – we investigate thoroughly, cooperate with local authorities or law enforcement, and when necessary block the customer account from our platform.”

    “We also have a solid process in place for authorities to report any concerns, taking swift action to remove properties if they are found not to be operating in compliance with local laws.”

    MTA did not reply to Amphora Media’s questions.

    Valletta: built by gentlemen, housed for short lets

    The rise of short-term rentals has reshaped neighbourhoods while directly draining the supply of homes available to residents.

    Historically, tourist accommodation in Malta concentrated along the coast, as tour operators channelled their sun-seeking clients for standard-length holidays at beachside hotels.

    Photo credit: Joanna Demarco

    However, in 2006, low-cost airlines began operating in Malta, attracting city break seekers. To keep up with the demand, short-term rentals have soared, now comprising a third of the market.

    In Valletta, Malta’s state and cultural capital, nearly 570 properties are listed on Airbnb, meaning around one in six liveable homes in the city is now part of the tourism market.

    According to official statistics, Valletta is in second place in terms of tourism intensity, with its effective population in 2023 nearly doubling.

    This is mainly driven by tourists. Census data shows that as of 2023, Valletta has just over 5,000 residents, smaller than what it was in 2013. A fifth of them are over 70 years of age.

    The five largest operators have 130 listings among them.

    VREM Ltd has the largest portfolio in Valletta, with an estimated annual revenue of around €108,000 from the city. Valletta Vintage emerged as the highest earner, estimated to generate over €324,000 per year with just 10 listings.

    The combined revenue of the top 10 earners from Airbnb exceeds the 2024 allocation to the Valletta local council from the central government.

    “The private sector is proliferating in residential zones, which is clashing with the community,” says Valletta resident Billy McBee, who founded Residenti Beltin and unsuccessfully ran for the last local elections with this movement.

    “I remember a time when we used to have good quality tourists. I mean, very respectful ones, they used to leave tips, they used to go for retail, but the quality kind, you know, they never gave any problems to anyone. Nowadays, you get horrible quality tourists.”

    “Waste management is quite an issue. If the private sector truly honours the private collection, then there wouldn’t be any problem. But during summer, you’ve got pests, cockroaches, rats, smells, and liquids. These are really, literally getting out of hand,” he says.

    In 2024, 44 waste contraventions were issued in Valletta, and three resulted in court cases. Valletta’s budget for waste disposal and refuse collection was €120,000 in 2024.

    We asked 12 major operators about their approach to licensing, neighbourhood disturbance policy, and waste management. None of them replied.

    “You have nightlife, without ensuring enforcement,” McBee continued. “They [policymakers] keep adding so many things to the pot, which is now boiling. People are getting fed up. Valletta is not managing its infrastructure, like energy, electrical waste management, drainage system, and traffic.”

    MTA did not reply to questions about licensing so many short lets in Valletta.

    Sliema, St Julian’s, Gżira and St Paul’s Bay: Localities overwhelmed

    Swieqi and Valletta, however, are far from the worst affected. Sliema tops the list with 1,268 Airbnb properties, followed by St Paul’s Bay with 1,007 and St Julian’s with 947. The next highest concentrations are in Gżira (684) and Valletta (569).

    In Gżira, Sliema and St Julian’s, roughly one in ten liveable homes is now listed on Airbnb.

    Gżira. Photo credit: Joanna Demarco

    Estimates from Inside Airbnb data show that Sliema’s Airbnb market is the largest, worth €7.3 million. Airbnb listings are estimated to generate around €5 million in St Julian’s and €3.8 million in St Paul’s Bay.

    The numbers also reveal heavy clustering. In nearly 200 cases, multiple listings are concentrated within the same location, suggesting that operators may run residential buildings as de facto hotels, but with fewer regulations or oversight than traditional accommodation providers must follow.

    St Julian’s, Sliema and St Paul’s Bay top that list with 69, 68, and 68 listings in such clusters, respectively.

    The concentration of short-term rentals is starkest at street level. In Sliema alone, four main arteries, Tower Road, The Strand, Triq Robert Arrigo and Triq Manwel Dimech, account for 401 listings between them.

    Photo credit: Pablo L. Mendoza

    Tower Road tops the national list with 145 Airbnbs, followed by The Strand with 114. Similar patterns emerge elsewhere: Triq d’Argens in Gżira hosts 70, while St Julian’s has three streets, Ġorġ Borġ Olivier, St George and Triq Spinola, each exceeding 50 listings.

    Gżira Mayor Neville Chetcuti warns that, similar to Valletta, there is a larger transformation of his locality set in action.

    “It’s an ageing population in Gżira. There aren’t many young people, obviously, because every place is being demolished and rebuilt into hotels or flats or guesthouses. So they move out of here, and the number keeps going down,” he told Amphora Media.

    Credit: Joanna Demarco

    A Battle on Two Fronts: Poor Enforcement In Communities Facing Overtourism And Overpopulation

    Many localities facing the burden of over-tourism are facing challenges from a ballooning population, despite significant gaps in enforcement.

    St Julian’s and Swieqi fall under the same police district, yet between 2013 and 2025, the number of officers assigned there fell by four despite the locality being under “very high risk” of crime. This decline comes despite a sharp rise in demand: police reports in the district increased by 2,670, from 5,937 in 2020 to 8,607 in 2024.

    Sliema. Photo credit: Roberto Sorin
    Sliema. Photo credit: Roberto Sorin

    Meanwhile, across Malta, the number of noise complaint reports has increased over the years, climbing from 341 in 2021 to 473 in 2024. 

    Nowhere is the strain felt more than in Paceville. Despite being Malta’s nightlife hub, notorious on social media for clips of drunken brawls, vandalism and public urination, it has no police station of its own.

    Instead, the St Julian’s station and Swieqi officers serve as first points of contact for those requiring police intervention in the area.

    The government has refused to disclose exactly how many officers are deployed in Paceville. Replying to a parliamentary question in May, Home Affairs Minister Byron Camilleri said only that numbers “vary according to the need and particular circumstances”, noting that patrols there include district and community police as well as the Rapid Intervention Unit.

    He also promised that a CCTV network for Paceville would finally be operational by next summer.

    Valletta, which has become its own entertainment hub in the years before and following V18, faces similar shortages. Police numbers in its district fell by 32 between 2013 and 2025, even as incident reports to the police rose by 797 between 2020 and 2024.

    Sliema, Gżira and Msida, grouped together in Police District 7, are also under strain. The district, which combines dense residential areas with heavy tourist inflows, has 67 officers in total. 

    With a total population of 49,000, that means there’s one officer for every 731 residents. According to Euronews, the EU had an average of 341 police officers per 100,000 people, or one officer every 293 residents.

    Photo credit: Joanna Demarco

    In response to parliamentary questions about Airbnbs disrespecting municipal waste collection schedules, Owen Bonnici, in charge of local government, replied with promises to increase enforcement for those disposing of waste on the wrong day.

    “I’m not saying Maltese don’t litter, because they do as well, but the majority for sure are tourists. Especially those in short lets, they’re the ones who cause the most problems,” Gżira mayor Neville Chetcuti told Amphora Media.

    Tourism researcher Avellino cautions against blaming tourists for the waste problem when the door-to-door collection system confuses them. 

    “Imagine that as a tourist, I don’t know what to do with the garbage bag. I walk along the streets and see garbage bags outside. ‘Ah, that’s what people do there! Okay, I will do the same.’ And they think they’re doing a good thing,” she said.

    Tourism’s growth “places stress on key resources”, Deloitte acknowledged in a carrying capacity study, published in 2022. “Already at 2019 tourism levels, tourists’ and residents’ satisfaction were impacted by excess volume,” the study’s authors noted.

    “Key issues impacting both residents and tourists (to varying degrees) include traffic, littering, waste management, poor urban environment (overcrowding, overdevelopment and uglification) and the lack of authenticity of experience,” Deloitte noted. In response to the negative effects, there are increasing calls to calculate touristic locations’ carrying capacity again. 

    Avellino warns that this may not be a silver bullet.

    “Carrying capacity changes. It’s not like you’ve got an apartment with three bedrooms, therefore the carrying capacity of that apartment is six persons.”

    She says that coming up with an objective figure of how much tourism the islands can sustain is very difficult, and even if it could be done, it may upset some:

    “Governments and politicians traditionally went by volume. So if the carrying capacity exercise had to be done – and it’s very complex to do it – and all of a sudden the carrying capacity, for example, turns out to be two million tourists – it hurts them.”

    This investigation was developed with the support of Journalismfund Europe.

  • Lawless Lets: Unlicensed Short-Term Rentals Boom And Outpace Enforcement

    Lawless Lets: Unlicensed Short-Term Rentals Boom And Outpace Enforcement

    By Daiva Repečkaitė, Julian Bonnici and Sabrina Zammit
    Photo credit: Joanna Demarco

    • Approximately 1 in 5 Airbnb listings in Malta lack an MTA licence.
    • Hotspots such as Gżira (46%), Sliema (30%), and St Paul’s Bay (28%) show even higher rates.
    • MTA enforcement is struggling to keep up with the pace of the market.
    • Between 2022 and 2023, not a single license was revoked.
    • From 2026, new EU law will require platforms like Airbnb and Booking.com to share detailed monthly data with authorities.

    Malta’s tourist boom is spilling far beyond its hotels and guesthouses. From Marsaxlokk to Mellieħa, ordinary homes are being converted into holiday rentals on Airbnb – often without a license and outside the very rules meant to regulate them.

    Our investigation shows that about one in five listings across the island of Malta are unlicensed. The picture is starker in the main tourist hubs: nearly a third of all listings in Sliema and St Paul’s Bay are unlicensed, rising to almost half in Gżira.

    Boats and apartment blocks in St.Paul’s Bay. Nearly a third of all AirBnb listings in Sliema and St Paul’s Bay are unlicensed. Photo credit: Joanna Demarco

    Still, enforcement remains lacking, with officials expected to monitor all of Malta and Gozo’s catering establishments, kiosks, travel agencies and other establishments, not including the over 9,300 listings on Airbnb alone.

    Amphora Media’s investigation, carried out with support from Journalismfund Europe and in collaboration with Centro di Giornalismo Permanente, shows that almost every fifth liveable dwelling in Valletta, every ninth in St Julian’s, and every tenth in Sliema and Gzira has been converted into a short-let rentals advertised on Airbnb.

    In Malta, the law clearly states that no one can run a holiday premises without the proper licence. When Airbnb listings include a field for licence numbers, it is tracked by Inside Airbnb. However, this field was blank across all listings in Malta.

    On its website, Airbnb says, “the absence of a registration number does not mean the Host is not compliant—they’re just not required to register.” 

    In Istanbul, which was the focus of our partner’s investigation, the licence field was active and licence numbers were visible. Airbnb did not explain why Maltese listings do not show license numbers.

    Calculating the absent licences

    Our analysis is based on a conservative estimate of the gap between listings advertised and licences issued by the Malta Tourism Authority (MTA). To get a licence, properties must comply with rules on minimum bathrooms per person, emergency exits and lighting, and even a refuse collection service.

    For holiday premises of the standard class, the annual licensing fee is €130 per year per unit if it is in Malta and €104 if in Gozo – a higher rate is charged for villas with pools and farmhouses; lower fees per unit are charged for clusters of various sizes.

    A new EU law, which will apply from next year, will require large short-let platforms to send monthly data about this market to authorities. 

    “Cities are experiencing a spike in illegal short-term holiday rentals. This is making cities across Europe harder to live in and less affordable,” MEP Kim Van Sparrentak, who led the European Parliament’s work on the new law, said when it was adopted.

    As part of the investigation, Amphora Media and partners analysed data collected from Airbnb and provided by an activist-led platform, Inside Airbnb, and publicly available government and census data to offer a closer look at a booming industry reshaping Malta’s tourism accommodation sector and fuelling growing tensions within residential communities.

    Inside Airbnb has collected data on over 9,300 active listings advertised on Airbnb in Malta. Separately, Inside Airbnb collected data on hosts who identified as businesses and provided their details to Airbnb.

    Read more about how short lets are reshaping Malta

    MTA’s list of short-term rental licenses shows nearly 80,000 bed covers across 7,552 establishments. Among them, 7,116 are holiday homes. Guesthouses and hotels can also advertise on Airbnb.

    How did we calculate this?

    Total listings – Number of Licenses – Hotel/Guesthouse listings = Total Unlicensed

    If you just subtract the number of licences from the number of Airbnb listings, the result can be misleading, because one licence can cover many rooms or apartments in the same place (like a hotel).

    To fix this, we grouped listings that were at the same address or very close together (called “clusters”) and checked whether those with more than five belonged to hotels, hostels, or guesthouses

    Our analysis indicates that in some areas of Malta, nearly half of the Airbnb listings are unlicensed. 

    From the total 9,376 active listings found on Inside Airbnb’s database, 50 listings could be traced to licensed hotels, 79 listings identified themselves as rooms in hotels or b&bs.

    This is a conservative estimate, subtracting the number of MTA-licensed holiday homes from the total number of listings, after we identified & removed all collective accommodations and any listings that could not be confirmed or otherwise identified as such (390).

    Sliema. Photo credit: Roberto Sorin
    Sliema. Photo credit: Roberto Sorin

    In Malta: 

    There are 8,044 active listings.

    With 5,649 officially licensed holiday homes, it is estimated that around 1,925 listings are likely to be unlicensed – a quarter of all listings of the island and one in every 500 livable homes.

    The Malta Hotels and Restaurants Association (MHRA) puts that figure even higher. Using data from VRBO to supplement that of Airbnb, an MHRA study conducted by Deloitte estimated that there could be as many as 10,043 short-term rental properties, around half of which are licensed.

    “Alternatively, if one were to consider NSOs data on guest nights spent in private rented accommodation during the peak July and August period, then there should be at least 8,900 – 10,000 private rented accommodation units available to support the market demand,” the report reads. 

    The data on unlicensed short-term rentals in Gozo is more complicated, hinting that many short-lets, licensed or unlicensed, are not advertised on Airbnb.

    Gozo has 1,332 listings on the platform, but there are 1,465 MTA licences for holiday homes in Gozo. A search on Booking.com for a two-person stay at “Entire homes & apartments”, “holiday homes”, “apartments” or “villas” shows a total of 1,261 properties in Gozo.

    MTA enforcement is not keeping up with the surging supply

    Limited enforcement by the Malta Tourism Authority has led to a proliferation of unlicensed holiday accommodation providers.

    According to data tabled in parliament, MTA carried out 1,771 inspections on new licensees and 2,839 routine inspections in 2023. However, this covers the licensing of catering establishments, kiosks, travel operators and other establishments.

    Blue Lagoon. Photo credit: Jaroslav-Moravcik

    Meanwhile, there were just 474 inspections based on complaints in 2023. That’s over nine a week, despite there being an estimated 62,000 tourists on Malta’s streets every single day. 

    The numbers for Gozo are even weaker, with just 32 inspections on complaints across a calendar year. The southern region is even less, at just 24.

    In 2022-2023, no licence was revoked. 

    Between January and March 2024, 250 tourist rentals were inspected. Details on whether any fines were issued or whether any licenses were revoked are yet to be provided following a freedom of information request.

    It should be noted that the Inside Airbnb datasets used for this investigation are accessible to MTA as well. In 2023, laws changed, so the MTA must share all holiday premises data with local councils on request.

    Ian Borg. Source: DOI

    Tourism minister Ian Borg promised action in April, saying on an episode of Il-Kazin that the government has “the data from the platforms; the data we don’t have, we will continue to obtain. And whoever is renting [to tourists] without being registered faces fines that reach €23,000 — meaning we are not going to be joking about this.”

    In August, Swieqi residents reached out to Booking.com and Airbnb to complain about suspicious listings and the negative impact of short-lets. Soon after, Swieqi’s Deputy Mayor wrote on Facebook that “Several listings from around six apartments have already been blocked, particularly those with just one or two registered guests, pending further investigation.”

    Booking.com told Amphora Media that it has “a solid process in place for authorities to report any concerns, taking swift action to remove properties if they are found not to be operating in compliance with local laws.”

    The Malta Tourism Authority and Airbnb did not respond to a request for comment. 

    Amphora Media also contacted 12 major short lets operators to ask how they manage licensing for their listings. None of them replied.

    This investigation was developed with the support of Journalismfund Europe.

  • Airbnb Barons: How A Handful Dominate Malta’s Multi-Million Euro Short-Let Market

    Airbnb Barons: How A Handful Dominate Malta’s Multi-Million Euro Short-Let Market

    By Julian Bonnici, Daiva Repečkaitė and Sabrina Zammit
    Photo credit: Joanna Demarco

    • Listings based in Malta generate an estimated €47 million annually
    • Nearly one-third of Malta’s estimated €47 million annual Airbnb revenue is collected by just 63 hosts. 
    • The top three operators alone collect around €3.7 million each year.
    • Malta’s short-let sector is dominated by property management firms and developers managing hundreds of listings.
    • Leading operators include 360 Group (650+ listings, generating €1.7m revenue), Buena Vista Holidays (300+ listings, €950k revenue), and ShortletsMalta Ltd (79 listings, €520k+ revenue).
    • Companies like Zzzing and GetawaysMalta manage dozens of short-lets in concentrated areas.

    When most people think of short-term rentals, often called “Airbnbs” after the company that popularised the model, they imagine a friend or relative renting out a spare room or apartment for extra cash. In reality, the industry is dominated by property managers who control hundreds of listings. Their portfolios generate hundreds of thousands, sometimes millions, in revenue each year.

    Amphora Media’s latest investigation, carried out with support from Journalismfund Europe and in collaboration with Centro di Giornalismo Permanente, analysed data collected from Airbnb and provided by an activist-led platform, Inside Airbnb, to offer a closer look at a booming industry reshaping Malta’s tourism accommodation sector and fueling growing tensions within residential communities.

    Airbnb claims that the “vast majority of Hosts are regular people” and around “three quarters of EU Hosts share only one listing”.  According to Airbnb data, listings based in Malta generate an estimated €47 million annually. 

    Nearly a third of the  €47 million generated goes to just 63 hosts; 23 of whom each earn more than €200,000 a year. Hosts are the public-facing entities (individuals or businesses) that communicate with customers.

    The top 3 earn an estimated €3.7 million in annual revenue. Inside Airbnb does not have information on listing ownership. The revenues collected from Airbnb are shared between the owners and property managers.

    This only scratches the surface. Similar data from Booking.com, another major player in the sector, is not currently accessible. A quick search on their website shows there are at least 3,745 listings in Malta under the “entire homes & apartments”, “holiday homes”, or “villas” banner.

    “Matthew ThreeSixty Estates” and its six other profiles top the list of “Airbnb Hosts”, with more than 650 listings and an estimated annual portfolio revenue of over €1.7 million. The profiles are tied to 360 Group LTD, a Malta-registered company owned by Matthew Zammit, whose most recently published accounts date back to 2020.

    360 Group operates across several areas of the short-term rental market. According to the 360 website, services include property management, where owners hand over day-to-day responsibilities in exchange for a fee; subletting, which guarantees owners a fixed monthly payment under a long-term contract while the company uses the property for short-term lets; and a development arm. “Earn more. Stress less” is the company’s pitch to owners.

    The company’s representatives did not reply to Amphora Media’s questions.

    Buena Vista Holidays Ltd, another property management company offering services similar to 360 Group, which is owned by Aaron and Paula Xuereb, ranks second with over 300 listings and an estimated annual portfolio revenue of nearly €950,000.

    It operates on Airbnb under two profiles. ‘Buena Vista Holidays Malta’, which is registered under Buena Vista Holidays Ltd, and ‘Paola’, registered under ‘Paula Xuereb Management Services’, which provides no company number and cannot be found on Malta Business Registry.

    The company’s representatives did not reply to Amphora Media’s questions.

    The third-highest estimated earner is ShortletsMalta Ltd, owned by Franco Grech and Ralph Vella. 

    The firm, which brands itself as “one of Malta’s foremost developers of luxury residential apartments, homes and properties,” has moved into the short-term rental market. With 79 listings on Airbnb, it is estimated to generate more than €520,000 annually from this portfolio.

    The company’s representatives did not reply to Amphora Media’s questions.

    ‘Gwennoline’ and ‘Ryan’, who appear on behalf of Gobnb Ltd, a Maltese company owned by Ryan Seguna, Fabiano Bugelli and Roderick Bartolo, have the third most listings on Airbnb. Together, they manage 117 listings with an estimated annual portfolio revenue of more than €468,000.

    The company’s representatives did not reply to Amphora Media’s questions.

    Zzzing, another property management outfit, has 115 listings and their portfolio is estimated to generate over €260,600 a year. Zzzing promises its clients to take care of licensing.

    Run by VH Company Ltd, owned by Edward Cauchi, Bikram Arora and Jonathan Sammut, Amphora Media’s analysis of the data shows that Zzzing operates several Airbnb clusters: multiple short-let accommodations in a single location, sometimes covering multiple apartments in a residential block. It tops the list in this category.

    Amphora Media’s analysis, which mapped listings by geolocation, found that Zzzing ran 36 listings across 10 different clusters. Zzzing also has a significant presence on other platforms such as Booking.com, where it manages 116 properties. 

    The company’s representatives did not reply to Amphora Media’s questions.

    Sliema. Photo credit: Roberto Sorin

    GetawaysMalta, a host listed under an individual operator, Neville Galea, also operates significant clusters.According to the data, GetawaysMalta and GetawaysMalta Neville operate 87 listings across two profiles, generating an estimated revenue of €204,000 per year. Analysis shows that 32 of Getaways’ listings are spread across 8 locations. 

    To comply with EU law, Airbnb requires hosts to declare themselves as an individual or a company. Individual profiles should only be created for hosts whose primary activity is not short-term lets.

    As a host, Galea (a.k.a. GetawaysMalta Neville) and GetawaysMalta are registered as individuals despite Airbnb’s listed criteria stating that anyone whose main activity is short-lets, including solo traders, should register as a business. Galea’s listings come with a warning for guests, “Consumer protection laws don’t apply to reservations hosted by individuals”. 

    AirBnB did not reply to our questions about commercial hosts registering as individuals.

    GetawaysMalta’s representatives did not reply to Amphora Media’s questions.

    Some cases highlight serious gaps in Airbnb’s regulatory oversight. 

    One host, ‘Fabian,’ claims his properties are managed by SF Properties, but lists an invalid company number and cannot be traced on the Malta Business Registry despite identifying as a company in Malta. His 112 listings are estimated to generate around €110,000 annually. 

    The company’s representatives did not reply to Amphora Media’s questions.

    Data from Booking.com, another major player in the sector, is not yet accessible through similar scraping.

    However, upcoming EU legislation will require the platform to share such information with governments, a crucial step, given that our investigation found that 19% of short-term rental accommodations on the islands of Malta operate without a license from the Malta Tourism Authority.

    Speaking to Amphora Media, tourism researcher Marie Avellino explained:

    “If you’re running a business … or you are commercially managing lots of apartments… whoever is managing it has to address how they are going to cater for the collection of garbage – like you manage how the sheets are going to be washed, how the apartment is going to be cleaned. They charge very good money for managing. (…) So this has to be integrated into the contract””.

    Short-let managers “need to realise what harm is happening”, and when it does, customers will not return, she says.

    “If people come to the island and they think it’s dirty, full of rubbish and so on, they won’t come. [Managers] might not realise it, or they’re just thinking about what money they’re going to get now.”

    MEP Kim van Sparrentak (member of the Dutch Greens) led the development of the new EU law on mandatory data sharing between platforms and local authorities. Commenting on the Amphora Media investigation into enforcement gaps, she said, “The European rules that oblige Airbnb and other platforms to share data can help local and national authorities to enforce the rules can be a real game changer once these enter into force next year. Everything however starts with the political will to combat over-tourism and ensure that housing is for people, nor for profit.”


    This investigation was developed with the support of Journalismfund Europe.

  • Malta Hasn’t Revoked a Single Medical Licence in 15 Years: Investigation Reveals How Banned Doctors Cross Borders Unchecked

    Malta Hasn’t Revoked a Single Medical Licence in 15 Years: Investigation Reveals How Banned Doctors Cross Borders Unchecked

    Daiva Repečkaitė, Julian Bonnici and Sabrina Zammit

    When patients file a complaint alleging mistreatment by their doctor, it cannot undo the harm, but it can offer a pathway to justice. In Malta, however, some of these complaints have remained under investigation for over a decade.

    No doctor in Malta has had their licence revoked or suspended for malpractice since 2010, despite allegations.

    This can have repercussions. An unprecedented international investigation led by OCCRP, VG in Norway, and The Times in the UK, exposes how doctors who have lost their medical licenses due to major wrongdoing, including patient harm, can easily relocate and practise in different countries. Amphora Media was the Maltese partner in this investigation.

    Reporters gathered more than 2.5 million records, which OCCRP’s data team built into a database to help trace banned doctors practising in a different country.

    Read the story by OCCRP here

    The team found at least three doctors who have lost their licences to practice abroad but are currently licensed practitioners in Malta, according to the latest register published by Malta’s Medical Council.

    Malta is also one of four EU countries, together with Estonia, Greece and Liechtenstein , that sent no alerts to the EU’s Internal Market Information System (IMI) about any doctor between 2016 and 2025.

    “It is very worrying to discover that, although we have a European alert mechanism for serious cases in the healthcare system, it is full of loopholes and is used inconsistently,” Nicolae Ștefănuță, vice president of EU Parliament, told OCCRP’s Romanian partner Public Record.

    “I call on Member States to treat these alerts with the utmost responsibility and not to let serious cases go unpunished,” he added.

    This is not due to a lack of patient complaints. The Medical Council’s latest annual report lists complaints that were filed as early as 2013 but have not been deliberated upon. At the time the 2024 annual report was filed:

    • The board of inquiry was still to start working on a case where a patient`s mother alleged unethical and unprofessional behaviour by a medical practitioner towards her daughter during treatment back in 2013.
    • A complaint about “unsafe medical practice to the community,” filed in 2017, was still pending at the committee level.
    • In 2018, a complaint reached the Medical Council about an unlicensed practitioner issuing medical reports, but the case was still being “discussed”.
    • A patient filed an allegation of sexual abuse in 2020, but the Medical Council had failed to initiate a board of inquiry.

    Neither the Medical Council nor the Ministry of Health and Active Ageing’s spokesperson replied to Amphora’s request for comment about these doctors.

    The Medical Council did not explain why investigations were taking so long. The spokesperson for the health ministry also ignored Amphora Media’s questions about the adequacy of the Medical Council’s procedures in investigating these cases.

    Credit: James O’Brien / OCCRP

    When in trouble, change countries

    OCCRP and its partners confirmed that over 100 doctors who are currently banned or suspended from practising medicine in one or more jurisdictions for a range of serious reasons – including cases of sexual assaults during their medical work, botched medical treatments and inserting breast implants without consent – are licensed to practice elsewhere. Some of them relocated to a country where they already had a license after being banned, while others managed to obtain new licenses.

    By calling their new workplaces, making online appointments or visiting their practices in person, reporters confirmed that the majority of those doctors were not only still licensed, but actively practising medicine. 

    “The fact that someone who has negatively impacted so many lives with their behaviour when they were in a position of care over those people, and myself being one of them, has then been allowed to keep practising and potentially harm more people is abhorrent,” said John, a British patient who spoke to reporters about a traumatic experience of unnecessary invasive procedures in the care of doctor Iuliu Stan, whose licence in the UK has been revoked but who is now practising in Romania. John requested his name to be changed.

    “It makes it feel like the people in charge don’t care and that they think nothing of the people that have already been his victims,” John added.

    Lawyer Tom Fletcher of Irwin Mitchell law firm, a specialist in abuse cases, is representing John and Stan’s other victims. Fletcher said that if a doctor had been struck off in one jurisdiction for sexual abuse, they should not be able to work as a doctor in another country. He said the experience has discouraged victims from seeking medical help when they need it.

    Read more about British cases in the story by our partner, The Times

    The investigation reveals that most countries did not publish data on doctors who had their licences suspended or revoked. This means that patients and reporters cannot easily see which doctors ever faced disciplinary action. 

    Only seven countries made data on inactive, banned or suspended doctors available to the public. Reporters filed dozens of freedom of information requests, but only nine were successful.

    The price of this secrecy is high. Among the examples uncovered by reporters was the case of Bernhard Scheja, a German doctor who was given a lifetime professional ban in Switzerland in 2023 for sexually assaulting an 18-year-old female patient, leaving the victim “severely traumatised”, the court found. He was given a suspended sentence of 22 months in prison for indecent assault in 2020, which was reduced on appeal. Scheja works at a private medical centre in Germany. He did not respond to requests for comment.

    EU’s notification system underused

    There is an information exchange system that covers the 30 countries of the European Union and the wider European Economic Area, which could alert authorities about suspended or banned doctors.

    Member states are required to file alerts about suspensions and bans on qualified professionals in their own jurisdictions to that online tool, which is called the Internal Market Information System (IMI) and is designed for collaboration between national authorities to protect public health and safety. But when reporters requested the alert history for doctors, they found that some countries had rarely or never sent one.

    Malta is one of them. Together with Estonia, Greece and Lichtenstein it sent no IMI alerts about any doctor between 2016 and 2025.

    A closer look reveals that there was nothing to alert others about: no medical licence has been revoked in Malta during that period.

    Even in cases in which reporters were able to verify that an alert had been sent about a ban on a doctor in one country, either via the IMI or another route, it did not necessarily lead to action by the doctor’s current jurisdiction. Member states are not obliged to consult the IMI alert system before approving a doctor’s qualifications, and have differing revocation standards.

    If a doctor loses their licence for abuse or for otherwise putting patients at risk, then they will be just as dangerous in another country,” Sjur Lehmann, who used to work as a doctor and is now head of Norway’s board of health supervision, told reporters. “The system we have today is better than no system at all, but there are clearly sides to it that can – and should – be further developed and improved.”

    A report last year by the European Court of Auditors found that national authorities were “overwhelmed by alerts” through the IMI and did not check them when reviewing applications for recognition of professional qualifications, nor was it mandatory for them to do so.

    The European Commission said that it was “monitoring the situation concerning the fulfilment of the obligation by member states to send alerts via IMI” and that it may start infringement procedures if there is evidence that states are not fulfilling their obligations. It confirmed that infringement proceedings are currently in place against Greece. 

  • Former Lands CEO Received Payments From Fortina’s Boss the Year Sliema Land Was Undervalued By €13M

    Former Lands CEO Received Payments From Fortina’s Boss the Year Sliema Land Was Undervalued By €13M

    • James Piscopo, former Lands Authority CEO, received thousands from Fortina CEO Edward Zammit Tabona’s company in 2019.
    • That same year, Parliament approved a cut-price deal allowing Fortina to redevelop its Sliema hotel site into apartments and offices.
    • The government valued the land at €8.1 million, but independent estimates placed it at €18–23.8 million, a discrepancy of nearly €13 million to Fortina’s benefit.
    • Piscopo had business ties with Zammit Tabona, co-owning a company together until 2018.
    • Months after resigning over corruption allegations, Piscopo received an €11,800 a month consultancy contract for Ozo Group, which is part-owned by Zammit Tabona.
    • NAO report found Lands Authority officials withheld higher valuations, and that Fortina received inside information about the deal.

    An intelligence report details how former Lands Authority CEO James Piscopo received payments from a company owned by Fortina’s CEO in the very year Parliament approved a cut-price deal for the group to redevelop its Sliema hotel site into lucrative apartments and offices.

    Piscopo and Zammit Tabona confirmed the payments. However, both said the payments were private and legitimate and had no connection to the waiver.

    In 2019, Parliament approved Fortina Group’s request to convert its Sliema site for €8.1 million. It was first purchased from the government in three deals from 1991 to 2000 for a total value of around €1.4 million. 

    The land was sold for the sole purpose of extending its hotel on the site, into apartments, offices, and commercial spaces. The request was first submitted in April 2017 by Charles Mangion, a Notary Public, who was a government MP at the time and now chairperson of the Malta Tourism Authority, who acted as Fortina’s notary.

    Mangion told Amphora Media that “ at no point did such engagements give rise to any conflict of interest” and that “the Auditor General never deemed it necessary to summon [him] or to request any clarification regarding the professional submission”.

    Fortina in 2013 – Source: Wikipedia

    The government settled for €8.1 million, taking into account only one out of the four sites. But an independent valuation, which the Lands Authority suppressed, placed the land’s worth between €18.3 million and €23.9 million, depending on the payment terms.

    The National Audit Office estimates the site at €21 million, compared to the Lands Authority’s €8.1 million, a discrepancy of nearly €13 million to Fortina’s benefit.

    As part of the deal, Fortina paid €1 million upfront and would pay an additional €7.1 million within ten years. By the end of 2024, Fortina had paid approximately €2.9 million, leaving a balance of around €5.1 million, which is to be settled in full by July 2029.

    Independent Audit Valuation on Fortina waiver by Grant Thornton
    Independent Audit Valuation on Fortina waiver by Grant Thornton

    An investigation by Amphora Media and Times of Malta has uncovered a series of transactions between James Piscopo and companies co-owned by Edward Zammit Tabona from 2017 to 2022, including details of the company they owned together while the former was heading Transport Malta and later the Lands Authority.

    Piscopo confirmed the payments in reply to questions sent by Amphora Media. However, he stressed that they concerned his “private affairs, private individuals, private companies, and events that are entirely unrelated to the Fortina waiver process”.

    Piscopo stated that the payments were related to a €46,541 investment in 2017 and a subsequent divestment in 2019, which he made with Edward Zammit Tabona, co-owner of BBF Ltd. He added that he had declared the conflict of interest in September 2018. Piscopo said this came at “the earliest opportunity”. However, the NAO report confirms this came after media questions were sent regarding his involvement.

    “My role in the group is exclusively that of CEO of Fortina Investments Limited. I maintain separate business interests independent of the Fortina Group,” Zammit Tabona said via his spokesperson. 

    “Piscopo was briefly a partner/shareholder in BBF following its formation in 2017. In 2018 he sold his share within the company and was subsequently paid for it”, which were “duly returned to him by 2019”.

    “All payments from BBF to any Piscopo-related entity were legitimate and properly due as evidenced above.”

    James Piscopo

    Piscopo was the CEO of the Lands Authority in 2019 when the Fortina waiver went through. Between 2016 and 2018, while serving as Transport Malta CEO, he was a shareholder in a private company, BBF Ltd. The shareholders of BBF were companies whose UBOs were Piscopo, Zammit Tabona and others.

    The intelligence report indicates that he received in excess of €50,000 from Zammit Tabona-linked firms in 2019. A few months after being forced to resign all public roles, Piscopo was also awarded an €11,800-a-month consultancy with Ozo Group, part-owned by Zammit Tabona.

    Piscopo confirmed his employment with Ozo Group, which he said continues to this very day “on business development and strategic guidance, while providing support to various connected companies, specific project management initiatives, and internationalisation”.

    “James Piscopo has been a senior member of the Ozo Group team since 2021, and to this very day, he provides the group with a professional contribution backed by his academic background and demonstrated senior management experience,” OZO Group’s spokesperson wrote in response to reporters’ questions about the transactions, rejecting any claims of wrongdoing.

    Piscopo’s Conflict of Interest

    Piscopo only declared his conflict of interest with Fortina’s owners in September 2018, after journalists raised questions months into his appointment. He insisted that he did not engage “in any conduct that could have influenced the course of decisions or actions” but could “not exclude the possibility of having been asked to provide [Fortina] updates”.

    Piscopo divested his shares in BBF Ltd., the company he co-owned with Zammit Tabona, when he took over as Lands Authority CEO in July 2018. The documents were submitted to MBR in October 2018, the month following the discovery of the conflict of interest. 

    In submissions to the NAO, a Fortina representative admitted approaching Piscopo “for assistance on Fortina’s request for the rescission of conditions burdening its site”.

    “One of the representatives of Fortina conceded that he had known the CEO Lands Authority for several years and that the latter was a close friend of his. He admitted that he had had a business connection with the CEO Lands Authority, but emphasised that this had ended long before and that, at this juncture, this posed no conflict of interest.”, the report reads.

    Fortina said Piscopo refused to intervene, instead directing them to Lino Farrugia Sacco, the Chairman of the Lands Authority. Farrugia Sacco, who died in 2021, was later found by the NAO to have withheld a report showing higher valuations, warning it “would create problems for him.”

    Despite this, Piscopo was provided with the minutes of the Board of Governors meetings discussing the deal. The NAO also noted that in September 2018, Piscopo disclosed to the media that negotiations with Fortina were ongoing, even though he was supposedly not party to the process.

    Email showing Piscopo receive minutes on valuation in April 2019

    Keith Schembri, the former chief of staff for the Office of the Prime Minister, also told the National Auditor that he held weekly meetings with then-Prime Minister Joseph Muscat, the Deputy Prime Minister, the Lands Minister, the PA CEO and Piscopo, in his capacity as Lands Authority CEO, to discuss major development and investment projects, including that of Fortina.

    The NAO highlighted inconsistencies in Schembri’s timeline and later contradictions in his testimony. In later submissions, Schembri, considered by the NAO as part of a wider effort to conceal the valuation by the audit firm, said that Piscopo’s friendship with Fortina “rendered resort to the OPM redundant”, raising NAO concerns.

    Keith Schembri

    The NAO report has determined that Fortina were the recipient of a significant information leak.

    The Auditor General noted that, by 4th February 2019, Fortina was already in possession of the €8.1 million valuation by the Architects’ Lands Authority, before the Board of Governors meeting, since its counterproposal explicitly referenced the figure.

    Fortina later confirmed that this valuation triggered its own €2.7 million counter-valuation.

    Fortina told Amphora Media that “Edward Zammit Tabona has always conducted himself in a correct manner as CEO of the Group” and that while it was not in a position to comment, it stressed that Piscopo abstained in discussions or decisions on the waiver.

    It went to raise doubts about the conclusions of the NAO report, insisting that it “ identified inconsistencies and serious flaws” in the methodology.

    2017 Fortina Waiver application
    2017 Fortina Waiver application

    The €46,000+ Payment And The €11,800 A Month Contract: Piscopo’s Links to Zammit Tabona

    At the heart of the payments between Piscopo and Zammit Tabona was Roswell Management Limited, formerly known as Undecim Five Investments Limited, Piscopo’s private company. 

    An intelligence report shows that between 2017 and 2022, Piscopo’s companies had transactions with three entities linked to Fortina’s owners:

    • BBF Limited – a company Piscopo co-owned and founded with Fortina’s Edward Zammit Tabona, Sharlon Pace, and others. He divested in July 2018.
    • Shed Investments Limited – a company founded and, at the time, co-owned by Zammit Tabona.
    • Ozo Group – a company where Zammit Tabona is a 12.5% shareholder.

    Zammit Tabona is the CEO of Fortina Investments Ltd – the holding company behind the Fortina Hotel and the surrounding development, which includes the Bet365 office block, and is involved in OzoGroup, Captain Morgan ferries, and other ventures.

    An intelligence report shows that in 2017, Piscopo’s company issued several cheques totalling €64,541 in favour of BBF Limited. Piscopo says this figure was €46,541.

    In 2019, the year Fortina was awarded the €8.1 million deal, Piscopo’s company received €46,541 from BBF Limited and a further €8,642 from Shed Investments Limited.

    By 2021, Piscopo began to receive structured payments from Ozo Group, another company part-owned by Zammit Tabona, for “strategic, general and project management advisory services”.

    OZOMALTA Limited, a company wholly owned by Ozo Group, paid Piscopo’s Roswell €11,800 each month from April 2021 to March 2022.

    “My independent [of Fortina Group] business interests include minority shareholdings and directorship in BBF, and minority shareholding in OZO Group,” Zammit Tabona wrote in response to Amphora’s questions. “All payments from BBF to any Piscopo-related entity were legitimate and properly due as evidenced above. Regarding OZO Group, Mr Piscopo provided and still provides professional services to the company.”

    The contract began a few months after Piscopo resigned from his public roles following revelations that he was under investigation by the police concerning his alleged ties to corruption.

    “When the process for the waiver of the two restrictions was initiated, Mr Piscopo did not form part of the Lands Authority. When he subsequently became CEO, he had no part in the decision over the rescission of the conditions. Any suggestion that my relationship with Mr Piscopo was leveraged for Fortina’s benefit is, to say the least, unfair,” Zammit Tabona said.

    The payments were made via standing order, two by cheque. Piscopo reportedly provided authorities with a contract detailing the provision of strategic, general, and project management advisory services. An invoice was also provided explaining that the €10,000 related to the services and €1,800 was the 18% VAT Tax Rate.

    Joseph Muscat – DOI

    The Times of Malta had previously revealed how former Prime Minister Joseph Muscat allegedly received payments from Fortina soon after stepping down as Prime Minister in 2020.

    “Your assertion seems to indicate to your readers that I receive ‘payments’ for nothing.  I can confirm that wherever I receive payments, it is as remuneration for professional work that I would have carried out,” Muscat said at the time.

    Over five years, Roswell’s accounts were mainly credited by: BBF, Ozo Group, Shed Limited and Reanda, a company part-owned by Robert Borg, an accountant and former secretary of Transport Malta who has served on numerous entities’ boards and councils. (read more about business dealings involving Piscopo and Borg).

    Investigators reported that there was no activity in Roswell’s bank accounts in 2018 and 2020. This raised suspicions among investigators that “Roswell Management may have been set up for dubious purposes”.

    The Lands Authority and the Malta Police Force did not respond to questions.

    A timeline of events can be found below:

    12th June 1991: Fortel Services Ltd, which then operated Fortina, purchases the first site, which includes land and airspace, from the government for €256,231.
    25th January 1996: Another contract of sale was entered into by the Government and Fortel for 2,992 square metres of public land for €249,243.
    15th February 2000: Through the third contract of sale and transfer, the Government sold a portion of land measuring approximately 1,421 square metres for €931,749.
    18th August 2016: James Piscopo co-founded BBF Ltd, which included Edward Zammit Tabona as a shareholder.

    3rd February 2017: Lands Authority was established, replacing the Government Property Department (GPD).

    22nd March 2017: Fortina request clearance from the GPD to submit ​​a development planning application for the site.

    3rd April 2017:  Charles Mangion, at the time a Government MP and now MTA Chairman, submitted a request on behalf of Fortina to the Lands Authority for the waiver of certain restrictions imposed on the area earmarked for development. 

    2017: Piscopo’s company issues several cheques totalling €64,541 to BBF Limited.

    20th April 2018: Revised valuation from the Lands Authority architect is submitted, putting it at €8,100,000. They include only one part of the site in this valuation, on the order of the then-Lands Authority CEO Carlo Mifsud. 

    1st July 2018: James Piscopo is appointed as Lands Authority CEO 

    27th September 2018: PA approves Fortina development. That same day, the media sent questions regarding Piscopo’s business connections with the owners of the Fortina Hotel.

    28th September 2018: Piscopo discloses that he has two companies with common shareholding as Zammit Tabona.

    4th February 2019: Unprompted, Fortina prepared feedback in response, citing the €8,100,000 valuation despite this not being disclosed by the Authority.

    25th March 2019: An independent audit firm submits valuation – €18,341,559 in present terms or €23,887,942 if settled on completion.

    17th July 2019:  Parliament approves a deal under which Fortina would pay €1,000,000 up front and another €7,100,000 over up to 10 years (following the Deed of Amendment) in return for the rescission of certain development/use restrictions on its site. 

    2019: Piscopo’s company receives €46,541 from BBF Limited and €8,642 from Shed Investments Limited, two companies linked to Fortina’s CEO, Edward Zammit Tabona.

    April 2021: After resigning from public roles, Piscopo begins receiving  €11,800  a month from Ozo Group, where Zammit Tabona is a shareholder. 

    7th May 2021: Arnold Cassola requests that the National Audit Office investigate the case.

    31st December 2024: By this date, of the €8,100,000 payable, Fortina has paid the Government €2,925,424, leaving a balance of €5,174,576. The outstanding amount is to be settled by July 2029.

    15th September 2025: The NAO publishes a report finding that Lino Farrugia Sacco (chair of the Lands Authority Board) and other officials withheld an audit-firm valuation and recommended that relevant authorities investigate further, given the seriousness of the discrepancy.

    Old sign Hotel Fortina
    Old sign Hotel Fortina

    The Fast Ferry and Marina di Valletta: The Zammit Tabonas Major Contracts Under Piscopo

    Zammit Tabona family has been the recipient of other government tenders while Piscopo was at the helm at first at Transport Malta and then at the Lands Authority.

    • In 2021, the Zammit Tabonas and their partners, including Malta Public Transport, launched a fast ferry service between Malta and Gozo. This was after at least three requests for proposals by the government issued under Piscopo’s tenure were shot down. The Shift News reported claims from competitors Virtu Ferries Limited that they were “written to fit a particular company”. Virtu and Gozo Fast Ferry have since merged to form Gozo High Speed. “Virtu’s position on the matter is clearly outlined in the appeal which was filed by Virtu before the Public Contracts Appeals Board (and the subsequent related proceedings),” the company’s representative wrote in response to Amphora’s questions.
    • Zammit Tabona and his mother, Veronica, are shareholders in the consortium that won the bid to operate Marina di Valletta in 2015. The shares were transferred to Zammit Tabona in 2023.

    Piscopo served as the Labour Party’s CEO in the run-up to its 2013 electoral victory and was a key member of Joseph Muscat’s inner circle. He was appointed executive chairman (CEO and chairman) of Transport Malta from 2013 to June 2018 and then later the CEO of the Lands Authority from July 2018 to December 2020, when it was revealed that he was subject to a Police investigation.

    James Piscopo received suspicious cheques while contracts from Malta Public Transport and Kappara Junction were awarded 

    Amphora Media revealed earlier this year that Piscopo received €30,000 in suspicious cheques from Robert Borg, the same year the contracts for both the management of Malta Public Transport and the development of Kappara Junction were awarded.

    Borg has been charged in connection with the Vitals Global Healthcare case and has previously faced controversy due to his lucrative earnings from the General Workers Union’s publicly funded community work scheme.

    In seven of the nine cheques cashed by Piscopo, Borg was both the payer and payee – effectively writing them out to himself. They were then endorsed to Piscopo, who deposited them into his account. Investigators suspect this method was intended to obscure the transactions.

    Borg also transferred €20,000 to Piscopo’s Roswell/Undecim Five company, while Undecim Five transferred €10,000 to Borg.

    At the time of the earlier publication, Piscopo confirmed that he received the payments from Borg, with whom he said he has a longstanding friendship. However, he insisted that the payments were linked to a consultancy firm he operated with Borg while serving as CEO of Transport Malta and the Lands Authority. Borg denied any wrongdoing.

  • Maltese Fish Farm’s €650,000 ‘Loan’ To Convicted Mafia Associate Exposed In Asset Seizure

    Maltese Fish Farm’s €650,000 ‘Loan’ To Convicted Mafia Associate Exposed In Asset Seizure

    By Julian Bonnici

    A €650,000 loan routed through a Maltese company linked to one of the country’s fish farm operators is now under scrutiny. This follows the seizure of approximately €50 million in assets tied to convicted mafia associate Emanuele Catania in Sicily.

    Court documents analysed by Amphora Media and IrpiMedia reveal how Medina Ridge Holding Limited, a Malta-registered company now in dissolution, financed Emanuele Catania’s purchase of shares in Azzurra Pesca, a company that operated a tuna-farming vessel, named ‘Angelo Catania’, in 2012.

    Medina Ridge Holding has had the same shareholders as Fish & Fish Limited, which holds 10 aquaculture permits and is one of Malta’s five fish farm operators, primarily dealing in bluefin tuna. 

    Medina Ridge was founded in 2012, the same year it lent money to Emanuele Catania. At the time, it was owned by Emanuel Azzopardi and Joseph Caruana. Both men have since died, with their heirs now serving as the shareholders. David Azzopardi, now a minor shareholder, was the company secretary at the time of the deal and has been serving as the company’s director since 2018. 

    David Azzopardi confirmed the transactions when responding to questions from journalists. He said that “any funds lent to the representative of the company for the purpose of acquiring additional shares in Azzurra Pesca Srl have either been repaid or settled through services rendered”.

    “The companies I represent have a quota to manage aquaculture farms in Malta, and the business has always been conducted in compliance with legal requirements,” he said.

    He stressed that neither he nor the companies he represents were aware “of any investigations or allegations against the company [Azzurra Pesca]”.

    How €650,000 From Malta Ended Up in Mafia-Linked Fishing Firm

    Azzopardi and Caruana took over Fish and Fish in 1996 and remained the primary shareholders until their deaths. Azzopardi and Caruana’s shares were transferred to their heirs in 2019 and 2021, respectively.

    According to official documents, the €650,000 “loan” was transferred from Malta in two tranches via Bank of Valletta. A €400,000 transfer was made on 19 April 2012, followed by a €250,000 transfer on 27 July; Medina Ridge ordered both.

    These sums were used to purchase the full shareholding of Azzurra Pesca for €643,000. The exact source of the €650,000 remains unknown to investigators.

    Azzurra Pesca and Catania himself would later come under investigation by Italian anti-mafia prosecutors. 

    Catania was convicted of mafia association for his role in helping the Rinzivillo faction of Cosa Nostra infiltrate Sicily’s legal economy and launder illicit proceeds through the seafood trade.

    He was ruled to be an active member of the Rinzivillo mafia clan. He was found to have played a key entrepreneurial role in supporting the group’s infiltration of the legal economy, using legitimate businesses to launder illicit funds.

    Court records describe the Catania family as long-standing operators in the fishing industry in the Southern Sicilian town of Gela, beginning with the launch of the seafood business ‘Fratelli Catania’ in 1978, represented legally by the same Emanuele Catania.

    In court documents, Catania is also described as having allegedly acted as a trusted man for the Rinzivillo mafia clan, including expansions into Morocco.

    A Guardia di Finanza press release has revealed that Italian police have seized assets worth approximately €50 million. This includes real estate, fishing vessels, company shares, and business complexes with operations spanning Sicily, Italy, and Morocco.

    Azzurra Pesca, Fish & Fish and The ‘Angelo Catania’ Vessel

    The document also names the ‘Angelo Catania’, the fishing vessel purchased with funds transferred through Medina Ridge.

    David Azzopardi confirmed that Fish & Fish purchased fish from “quotas assigned annually to the fishing vessel ‘Angelo Catania’ by the Ministero dell’Agricoltura, della Sovranità Alimentare e delle Foreste and registered with ICCAT, the international governing body regulating the conservation of bluefin tuna.”

    He added that the fish purchases from Azzurra Pesca Srl  “were carried out in compliance with all regulatory requirements.”

    “These transactions were registered in the e-BCD system and monitored by both ICCAT observers and regional observers appointed by the Italian Government. Official documents will show that fish were purchased as part of a quota both when the assets of the company were under management and during the period when a court-appointed curator managed the company’s assets between 2007 and 2014, and then again from 2019 to 2021.”

    He stressed that neither he nor the companies he represents were aware “of any investigations or allegations against the company”. 

    Azzopardi says Italian or Maltese authorities have never contacted him or the companies he represents. 

    Medina Ridge Holding’s corporate accounts for 2012, published around seven years late in 2019, following Catania’s 2017 arrest, appear to reflect the loan, with a €650,000 entry under “other receivables”.

    There is scant record of the €650,000 beyond that year, and it could have been absorbed into a growing line of “Loans to third parties”, which ballooned over subsequent years to €4 million by 2016 and remained at that level until being fully repaid in one single year in 2020.

    Meanwhile, borrowings “due to shareholders” hit €5.33 million by 2023, and were entirely waived in 2023.

    Malta’s Police said it was not in a position to confirm or otherwise when asked for a response on the court documents.

    Who Is Behind Medina Ridge?

    At the time of the 2012 loan, Medina Ridge Holding Limited was owned by two Maltese nationals: Joseph Caruana and Emanuel Azzopardi. Both are now deceased.

    The two men were the owners of Fish and Fish, one of Malta’s main fish farm operators, from 1996 until their deaths. Their shares in Medina Ridge were transferred to their heirs in May 2024.

    Medina Ridge is currently in dissolution, which was announced after the heirs took over in June 2024.

    The company did not publish audited financial statements for the first seven years of its operations. Accounts for 2012 were published in 2019, while accounts from 2013 to 2024 were published in 2024.

  • Malta-Registered Betting Company Named in Italian Criminal Investigation

    Malta-Registered Betting Company Named in Italian Criminal Investigation

    By Amphora Media, IRPI Media

    Malta-registered betting company E-Play 24 ITA Ltd has surfaced in an investigation by Italian prosecutors into a Malta-Italy network suspected of illegal online gambling operations, an investigation by Amphora Media and IRPI Media has found. 

    According to media reports, the alleged scheme detailed by Italian prosecutors mirrors another identified in previous law enforcement investigations into gambling-related tax evasion.

    In the alleged scheme, betting sites with the Italian web domain “.it”, which is a legal requirement for Italian gambling sites, are used as a facade for bets that are actually sent to sites with the global commercial domain “.com”.

    Prosecutors suspect that this allows operators to evade Italian tax authorities.

    Investigative records in the ongoing probe, named “Kappa”, show that two Italian sites were allegedly used in such a scheme. Both sites were owned by E-Play 24 ITA, according to a judicial ordinance authorising arrest warrants from a court in Messina, Italy.

    The investigation into the online gambling network’s activity spans the period from 2018 to this year.

    Iosif Galea, the former MGA official convicted of tax evasion and currently facing financial crime charges in Malta, had links to companies connected to E Play 24 ITA during the period when it was under investigation.

    However, his most prominent roles within E Play 24 ITA took place in 2015, which was three years before the period Italian investigators are focusing on. He is not mentioned in the documents reviewed by reporters.

    Company records show that several companies were linked by shareholding and can be considered affiliated. Malta Business Registry records analysed by Amphora Media and IRPI Media show that from May 2014 to November 2021, Galea was a director of one of the companies affiliated with the firm. He was the director of a second affiliated firm between 2016 and 2021.

    Records show that Galea’s executive position as a director at E-Play 24 ITA was in June and July 2015, three years before the period Italian investigators are focusing on. He also held executive positions in another firm that had the same shareholder as the company. 

    He was also the director and legal representative of E-Play 24 ITA’s then main shareholding company between July and August 2016. 

    The affiliated companies are not mentioned in the Kappa investigation. Galea did not respond to requests for comment in time for publication.

    Role of Directors

    According to Maltese law, directors of Malta-registered companies, such as E-Play 24 ITA, are responsible for the general governance of the company and the supervision of its affairs. They are bound to “act honestly and in good faith.”  

    Under Maltese gaming regulations, directors of companies holding a gaming license are “required to have full knowledge, understanding and access to the [license holder’s] operations”.

    Ambrose Muscat, a Maltese financial compliance and anti-money laundering expert, explained: “The role of the board of directors is to approve a business plan, agree on a strategy to achieve it, and ensure the business has adequate resources to meet its objectives whilst remaining compliant with the various laws and regulations applicable to the company.”.

    “All directors are deemed to be accountable for any malfeasance or lack of compliance by the company on whose board they sit,” Muscat added.

    While E-Play 24 ITA is named in the Italian prosecution documents, company representative Donato Menechella said the firm “is completely unrelated” to the investigation, and has “not received any requests from the judiciary.”

    He added that, in 2022, E-Play 24 ITA “was acquired by an international group whose majority shares are held by the Cirsa Group.” 

    Founded in 1978 in Spain, Cirsa Group describes itself on its website as an international network of companies involved in manufacturing and managing recreational products and centres. Cirsa Group did not respond to a request for comment before publication.

    E-Play 24 ITA said that, upon reading media reports naming some of the individuals under investigation, the company acted by “immediately suspending all commercial relations with them.”

    Galea’s other business operations under law enforcement scrutiny

    In 2022, Galea was found guilty of evading over 1.7 million euros in taxes through an unrelated Malta-registered company he ran. The firm offered sports betting to customers in Germany, where operators of the company’s software forwarded the bets they collected to its branch in Malta, the German judgement shows.

    In 2023, Galea was charged with financial crimes in Malta, according to an August 2023 court order that froze his assets and is still in force. Local media reported that Galea has denied the allegations against him, which include unexplained transfers of more than €150,000 to a Malta Gaming Authority official and his wife. 

    While Galea did not respond to questions about his pending case in Malta, it does not appear to have been resolved yet. The court has not published its judgement, as is customary when a case is resolved, and the order to freeze his assets is still listed on Malta’s Asset Bureau website.

    Iosif Galea, 44, currently faces money laundering charges in Malta, according to a court order freezing his assets. He has pleaded not guilty in the case, which reportedly involves unexplained payments to a gaming official..

  • We Media, Producers Of Istrina And Xarabank, Issued Payments To Maksar Family And Associate

    We Media, Producers Of Istrina And Xarabank, Issued Payments To Maksar Family And Associate

    By Amphora Media

    • Denise Agius, the wife of Robert Agius, received €207,000 from We Media as “consultancy fees” and “wages”, as well as a €24,000 “loan advance”.
    • Robert Agius received a €4,975 payment from We Media, and a suspected further €6,000 from a company linked to We Media’s owner.
    • Evidence in police possession suggests Jamie Vella funnelled payments to the partner of a convicted drug trafficker with the aid of We Media.
    • We Media owner Edmond Mugliette (also appearing as Mugliett) is subject to an investigation order on “reasonable suspicion” of money laundering and handling the proceeds of crime. The probe is ongoing.

    The owner of a significant production company, Edmond Mugliett, has been investigated for links with a suspected organised crime group convicted of journalist Daphne Caruana Galizia’s murder. Among others, the company has produced popular shows like Xarabank and Istrina.

    Transaction records show that production company We Media sent €207,000 to Denise Agius, the wife of Robert Agius, one of the Maksar brothers, in 63 separate transfers between November 2016 and September 2021.

    The payments were listed for “consultancy fees”, “wages”, as well as a €24,000 “loan advance”. By August 2019, Agius was receiving a monthly net salary of €4,000.

    Denise Agiuse – Source: Times of Malta

    The trial and eventual conviction of Robert Agius, Adrian Agius and Jamie Vella have shone a light on the family business operations, which authorities suspect of having ties to international organised crime groups. 

    Public documents analysed by Amphora Media, OCCRP, and The Times of Malta reveal Denise’s property deals and private loans, all while holding jobs ranging from hairdresser in Rabat to consultant at We Media.

    Robert Agius also received a €4,975 payment from We Media Ltd. for “camera equipment”. Information in the possession of investigators shows that Agius received an additional €6,000 for the same reason from another company where Mugliette is a nominal shareholder. 

    The transactions were found mixed among legitimate business transactions by We Media.

    We Media – Source: Times of Malta

    Encrypted communication in the possession of investigators suggests that Jamie Vella, another suspected gang member, funnelled payments to a convicted drug trafficker with the aid of We Media.  

    Vella communicated with drug trafficker Ronnie Galea about money on several instances in 2020. As proof of payment, Vella sent Galea three bank transfer confirmation documents from We Media’s Bank of Valletta account. The transfer confirmation documents sent by Vella were printed by “Edmond Mugliette”. 

    Asked about the transactions, BOV’s representative said, “the Bank is unable to comment publicly on client matters due to data protection regulations. We reaffirm that we have in place very strong due diligence and credit governance processes that meet regulatory requirements and expectations.”

    Jamie Vella – Source: Times of Malta

    Neither Vella’s lawyer nor Mugliette replied to reporters’ questions. 

    Transaction records show that We Media transferred funds to Edina Szegvari. Galea’s Facebook posts indicate that he’s in a romantic relationship with a woman by that name. 

    Investigation documents list several recipients of funds from Denise and Robert: one of them is Edina Szegvari, who received €1,000 from each of them, in 2014 and 2015 respectively. Jamie Vella and Adrian Agius are also listed among recipients of funds from Denise Agius.

    Denise Agius, Szegvari and Galea did not respond to reporters’ questions.

    Robert Agius, his brother Adrian, and Vella have long been suspected of leading the Maltese operations of an international criminal network suspected of drugs and contraband trafficking, weapons smuggling, and other crimes.

    Robert Agius and Jamie Vella have been found guilty of complicity in the car-bomb assassination of Daphne Caruana Galizia.

    Adrian Agius has been found guilty of the murder of lawyer Carmel Chircop in a case which counted Vella and hitman George Degiorgio as accomplices. Neither of the brothers’ lawyers responded to reporters’ questions.

    Robert Agius Tal-Maksar
    Robert Agius – Source: Times of Malta

    Owner under investigation

    We Media’s owner, Edmond Mugliette, is the subject of multiple intelligence reports focusing on suspect financial transactions and, according to one July 2022 report, “participation in an organised criminal group.”

    In March 2022, a court authorised an investigation order sought by the Attorney General compelling all local banks and financial institutions to hand over any financial information they have on Mugliette, We Media, and five other companies linked to him. 

    The order was approved due to a “reasonable suspicion” that Mugliette was involved in money laundering and handling the proceeds of crime. 

    Sources familiar with the investigation told Times of Malta that the probe is “ongoing” and the police have already questioned Mugliette.

    Another intelligence report details how Mugliette was caught with €38,000 in undeclared cash while travelling from Malta to Türkiye in December 2021. The cash stash, according to the report, included €30,000 worth of €500 notes.

    Eurozone banks ceased issuing €500 notes in 2019, amid concerns that the notes facilitated the transportation of large amounts of cash by criminals. 

    The police and customs spokespersons did not reply to reporters’ questions.

    Edmond Mugliett

    A January 2022 intelligence report indicates that Mugliette was helping Denise Agius recover money owed to her husband by James Zammit, whose company provided a €1.3 million loan to Ages Investment, a company owned by Denise.

    According to the report, Robert Agius used to give Zammit, a car dealer, vehicles to sell on his behalf, thereby preventing his name from appearing on any paperwork. Denise Agius was seeking to close the business relationship. 

    Mugliette met with Zammit to terminate the “business relationship” so that funds that belonged to Robert Agius are transferred into Denise’s account, the report states. In response, James Zammit said the meeting was about a loan and not about car business.

    “I categorically deny any involvement – not only to the fact that I never did any illicit trade with the said Maksar gang, but also with anyone,” Zammit said in response to reporters’ questions, adding, “our companies have gone public in 2024, entailing a very meticulous 14-month DD [due diligence] exercise by FIAU, MFSA, Malta Stock Exchange and other bodies, which as you surely know work in tandem with the police prior to any such public call.”

  • Inside the ‘Tal-Maksar’ Money Web: How The Agius Family Moved Millions Despite Asset Freezes

    Inside the ‘Tal-Maksar’ Money Web: How The Agius Family Moved Millions Despite Asset Freezes

    By Amphora Media

    • Robert and Adrian Agius, known as the Maksar brothers, generated millions through property deals and private loan agreements.
    • The Maksar brothers and their accomplice Jamie Vella are placed in a trafficking network with international organised crime groups.
    • Loans, car deals, and real estate transactions masked the brothers’ operations.
    • Ages Investments Ltd., whose sole shareholder is Denise Agius, Robert’s wife, handled over €2.5 million in property and loans.
    • Deals continued even after the Agius brothers were charged with the murders of Daphne Caruana Galizia and Carmel Chircop.
    • Maksars appear to have leveraged indirect streams to sidestep financial oversight, including:
      • Property deals and private loans with Brian Cutajar, who helped settle debts linked to the Chircop murder.
      • James Zammit and his Finance House issued a €1.3 million loan to Ages Investments.
      • Businessman Hugo Chetcuti issued a private loan to the Maksar family and purchased a boat yard from them.

    Two helmeted gunmen push through the doors of a Birkirkara bar. Shots are fired. Raymond Agius, a suspected contraband smuggler, is murdered, leaving behind a wife and two sons, Adrian and Robert Agius. 

    Over the next decade or so, the brothers, known by their family nickname Tal-Maksar, amassed a fortune through suspect property deals, private loans and various enterprises, with the assistance of family members and financial instruments.

    Investigators have placed the Agius brothers, along with co-convicted Jamie Vella, within a sprawling international trafficking network of fuel, cigarettes, and drugs – with ties to organised crime groups in the UK, the Netherlands, Albania and Libya.

    At one point, a document in the possession of investigators shows that the family claimed to hold almost €9 million in assets and an annual turnover of €1.7 million.

    Robert Agius Tal-Maksar
    Robert Agius – Source: Times of Malta

    Robert Agius, a self-declared taxi driver from at least 2013 to 2018, had his assets frozen multiple times. First, from 2013 to 2018, over cigarette smuggling charges, and then from 2017 to 2020 over a 2012 heroin smuggling case. He was cleared in both cases.

    Robert and his brother Adrian, at one point clients of Prime Minister Robert Abela, also had their assets frozen after being arrested for the murders of Daphne Caruana Galizia and Carmel Chircop in February 2021, when they were both listed as working in construction. 

    Robert has since been found guilty of supplying the bomb that murdered Caruana Galizia, and Adrian has been found guilty of the murder of Chircop. They have been sentenced to life in prison.

    Adrian Agius – Source: Times of Malta

    Each moment could have marked an end to the brothers’ illicit financial activities. However, their operations appear to have merely shifted course into the hands of Robert’s wife, Denise, who investigators suspect was a regular collaborator, and a company called Ages Investments Ltd., which was set up months after Robert’s assets were frozen in 2017.

    Official records, public registry filings, and other documents analysed by OCCRP, Amphora Media, Times of Malta, and IrpiMedia have uncovered how Denise, an associate and accomplice, played a central role in acquiring, financing and selling off properties worth millions.

    The documents further expose how the brothers and their family members employed private loans and property deals to finance their operations, and often used the same channels, including Brian Cutajar, James Zammit, and the murdered tycoon Hugo Chetcuti.

    Neither of the brothers’ lawyers responded to the reporters’ questions. Hugo Chetcuti’s heirs could also not be reached for comment. Meanwhile, James Zammit replied to “categorically deny any involvement – not only to the fact that I never did any illicit trade with the said Maksar gang, but also with anyone.”

    Maksar, Denise Agius, and Ages Investments: €2.5 Million in Real Estate Deals, a €1.3 Million Loan, High-Value Cars and a We Media ‘job’

    Ages Investments Ltd. was registered in 2017, five months after Robert’s assets were frozen, with Denise listed as the sole shareholder. Denise and Robert, married in 2011, have a separation of assets.

    From 2019, the company acted as a vehicle for several asset purchases and sales. Between 2021 and 2024, it sold €1.3 million in assets.

    Police and intelligence records analysed by reporters indicate she has worked as a hairdresser, making 50 euros a day, and that before registering Ages Investment, she told a bank she was a bingo hall cashier or receptionist. 

    Denise Agius did not reply to requests for comment.

    Denise Agiuse – Source: Times of Malta

    The company’s first significant activity was the purchase of a €470,000 villa in Baħrija, listed as the registered residence of Robert Agius, from James Zammit’s company. Zammit has been involved in several other transactions with Ages Investments & the Agius family. 

    Ages Investments would purchase €765,000 worth of assets between March and October 2020, with the aid of a €1.29 million loan through Finance House p.l.c. Zammit, who is managing director at Finance House, said that only €892,000 of the loan was utilised. 

    Some of the transactions happened while Robert Agius was subject to a freezing order, and ended around four months before both Agius brothers were charged in connection with the murders of Carmel Chircop and Daphne Caruana Galizia.

    The brothers are believed to have had informants within the police force.

    In a secret testimony to a public inquiry, ex-assistant police commissioner Ian Abdilla admitted that the Agius brothers “are well connected within the police to be honest. Well-connected within customs, and well-connected with politicians from both sides”.

    The police spokesperson did not reply to reporters’ questions.

    Over the period, Ages Investments acquired:

    • A garage in Qawra (€30,000);
    • Airspace to develop apartments in Rabat for €300,000;
    • Airspace to develop a maisonette and apartment in Mosta for €185,000;
    • The purchase of a penthouse in St Paul’s Bay for €250,000 from a company owned by Adrian Agius, Denise’s brother-in-law.

    The €1.29 million loan James Zammit’s Finance House issued to Ages Investments Ltd financed several other deals, including:

    • Payment on the remaining €270,000 balance on Zammit’s Baħrija property;
    • Acquisition of a portion of land along Triq L-Imdina;
    • Acquisition of a Mercedes GTR worth €190,000;
    • Acquisition of the two sites in St Paul’s Bay, including Adrian’s apartment;
    • And settling outstanding €330,000 debts.
    Denise Agius. Photos from social media

    The loan, of which Zammit says only €892,000 was utilised, was guaranteed on a property subject to the lifelong usufruct of Polly Agius, known as Paola or Pauline, who is the mother of Robert and Adrian Agius, and their co-shareholder in Ter-Nova Holdings, and numerous other companies with her sons.

    Polly Agius could not be reached for comment via the family’s lawyers.

    Zammit categorically denied any involvement or complicity with the brothers’ criminal activities, stressing that his companies had undergone a “meticulous” due diligence process and had been subject to audits.

    He added that there were no freezing orders or criminal proceedings against Denise that would have been flagged by their AML specialist. Denise and Ages Investment were not subject to any freeze order.

    “The time has now come to discuss a settlement plan with Ages Investments Ltd for the full outstanding amount plus interest and charges,” Zammit said.

    Zammit also said that since some of the facility covered a debt which was secured by Pauline Agius, it meant that she had “ a direct interest in acting as guarantor”.

    Ages Investment continued its activities beyond the brothers’ arrest and further asset freezes.

    In 2021, Ages bought land in St Paul’s Bay and Ħaż-Żebbuġ worth a total of €460,000. Between 2021 and 2024, the company sold four properties for a total of €1.09 million, through separate projects in St Paul’s Bay, Mosta, and Rabat. 

    Investigators suspected Denise was representing Robert in the Żebbuġ deal.

    Denise, Robert and Adrian acquired several high-value vehicles

    Between 2010 and 2017, Denise acquired and transferred 14 cars, and as of December 2017, had four more registered in her name. 

    One of the car transfers involved Adelina Pop, the then-partner of George Degiorgio, who has pleaded guilty to murdering Daphne Caruana Galizia. 

    In 2017, Denise transferred her car, valued at €55,000, to Adelina – and raised suspicions among investigators. Pop did not reply to questions about the transfers.

    Court sittings have revealed that seven vehicles, valued at approximately between €184,000 and €213,700, were found in Robert’s possession when he was arrested in 2021. 

    Sources have also described how Robert and Adrian controlled several high-value vehicles over the years.

    Nine cars, including a Mercedes and a BMW, were acquired by Robert over one calendar year, with one car bought and sold on the same day.

    The moving of assets by companies owned by the brothers or their family members highlights possible shortcomings in Malta’s enforcement of financial crime regulations, experts said.

    Kathryn Westmore, who leads the financial crime policy work of the UK NGO Royal United Services Institute (RUSI), said the transactions should have attracted the scrutiny of banking compliance teams.

    “If you are banking [Ages Investment] you need to ask what are the purposes of the loans and transactions, what is their commercial rationale. If you’re a bank that has that company as a client, you would hope that your [client] onboarding process would pick up the links to someone under an asset freeze, and then the transactions would merit further investigation; you need to check someone’s made sure they have a legitimate purpose,” she said.

    Manfred Galdes, the former head of Malta’s Financial Intelligence Unit, said “freezing orders very often fail to identify the assets that might have already been transferred to third parties. If not preceded by a parallel financial investigation that traces the movement of assets, the effectiveness of the freezing order is extremely limited.” 

    Any failure to trace and target assets means that there would be “lots of gaps for people to transfer assets to companies,” he added.

    Leaked transaction records also show that We Media, one of Malta’s most prominent media companies, which has produced shows like Xarabank, acted as a facilitator, sending €207,000 to Denise in 63 separate transfers between November 2016 and September 2021, registering her as a full-time employee.

    This includes a €4,000 per month ‘salary’ she received between August 2019 and September 2021 as ‘wages’ and ‘consultancy fees,’ as well as €24,000 as a ‘loan advance’.

    Robert Agius also received a €4,975 payment from WeMedia Ltd. for “camera equipment”. Information in the possession of investigators suggests that Agius received an additional €6,000 for this from another company where Mugliette is a nominal shareholder.

    Neither We Media nor its owner Edmond Mugliette replied to requests for comment.

    We Media – Source: Times of Malta

    A Web of Different Money Flows: From Carmel Chircop to Brian Cutajar, James Zammit and Hugo Chetcuti 

    The story of the Agius empire does not begin—or end—with Ages Investments. Rather, it was the latest vehicle to generate and move funds throughout the years.

    George Degiorgio – Source: Times of Malta

    The murder of Carmel Chircop: More Supermarkets & the villa in Bahar ic-Caghaq 

    Documents seen by journalists lay out several transactions linked to the failed More Supermarket venture, of which Adrian Agius was a shareholder, and the €750,000 debt tied to the murder of Carmel Chircop.

    Adrian and his partners in More Supermarkets, which included Ryan Schembri, who has since been charged with fraud, had taken out €2.8 million across four loans from Banif. In all the loans, property belonging to Agius, including a villa in Baħar iċ-Ċagħaq, is listed as collateral.

    In March 2014, Adrian received a further €750,000 loan from Chircop, with the same villa also listed as collateral. 

    Chircop was murdered a year and a half later on Adrian’s orders. The legal procurator told the court that Chircop was requesting to take over the villa at the time of his murder. 

    Self-confessed collaborator Vince Muscat, who said he participated in reconnaissance before the murder, told the court that Adrian Agius was especially keen to have Chircop killed and would pull him [Muscat] aside and tell him “Cens, come on let’s get it over and done with.”

    According to court experts’ testimony, the constitution of debt, a formal contract recognising the amount owed by Adrian Agius and two bills of exchange, signed by Schembri, were found locked in the drawer in Chircop’s office. 

    The entire debt was waived in 2017, with his widow receiving a €165,000 payment with the help of Brian Cutajar, who purchased the property off Agius for €1.8 million in September 2017, a month before the murder of Caruana Galizia.

    Data indicates that Adrian and Robert Agius regularly employed a constitution of debt, which is a formal, notarised document that acknowledges an existing debt between a debtor and a creditor. 

    Unlike traditional lending facilities, it does not involve the same level of bank paperwork or due diligence checks, making it vulnerable to misuse.

    The loans are often repaid and cancelled quickly, sometimes even within months. Certain legal instruments in Malta, such as the constitution of debt, are not obliged to be done in the presence of lawyers or notaries, so there is no one to verify whether the debt is real.

    Carmel Chircop

    The Brian Cutajar Connection: Million euro loans and payments 

    Brian Cutajar, part-owner of Regina Auto Dealer, is identified as participating in several Maksar deals and financing.

    Over the course of more than a decade, he and his family provided loans and engaged in property deals that enabled the Maksar network to accumulate substantial wealth.

    According to documents, the families bought and sold property together since at least 2005. However, they would later use private loans and property transfers to shuffle equity and funds.

    Between 2010 and 2012, Brian Cutajar and his wife, Roseanne, issued five private loans to Ter-Nova Properties Limited, totalling almost €1.29 million. 

    Some of the loans were paid back in full within a year or so, while the entire debt was settled by 2017, official property records show. Ter-Nova Properties Limited is owned by both Agius brothers and their mother via a holding company.

    A Maltese court had also once rejected a warrant of prohibitory injunction that Cutajar, through Regina Auto Dealer, filed against the family over a “manu brevi loan” of €500,000 he claimed to have provided. That loan, unlike a constitution of debt, would not require filing and signing by a notary.

    The case did not burn bridges between the two families. In 2017, the same year the Agius family settled their debt with the Cutajars, Brian Cutajar purchased the Baħar iċ-Ċagħaq villa for €1.8 million, and settled the €165,000 debt that Agius had eventually settled with Chircop’s widow, according to court testimonies.  

    James Zammit: The  €1.29 million loan and other deals 

    The financial relationship between the Agius family and James Zammit dates back over a decade and extends beyond the 2019 property purchase and the €1.29 million loan in 2020.

    Transactions between the Agius brothers and Zammit date back to 2014, when Zammit provided around €335,000 worth of loans through separate companies.

    In 2014, Zammit lent Adrian Agius €108,000, with an apartment in St. Paul’s Bay serving as collateral. Agius would sell the apartment one month later for €140,000 – and repay Zammit the same year.

    Two months later, a separate firm controlled by Zammit lent Agius a further €230,000, with the Baħar iċ-Ċagħaq villa again being used as collateral. On the same day, Adrian Agius sold a 1,000 sqm piece of land in Naxxar, known as ta’ Xmajna, to Zammit’s company for the cut price of €20,000.

    Zammit stated that the transaction involved a promise of sale he signed to acquire Agius’ Massiabelle Villa in Baħar iċ-Ċagħaq. He said that he had paid a €230,000 deposit and would pay the remaining €1.1 million within a year. He said that the deal fell through once he discovered significant loans on the property from Banif Bank and Carmel Chircop. 

    Eventually, Zammit agreed to acquire the ta’ Xmajna land and several cars as settlement of the amount due.

    Several transactions around the murder of Chircop in 2015 have raised investigators’ eyebrows.

    In September 2015, BNF issued a €250,000 bank draft to Oyster Trust in the name of Pauline Agius, reportedly intended to settle a banking facility related to More Supermarkets. Instead, the cheque was deposited into James Zammit’s account.

    The bank declined to comment on client transactions. Still, it reiterated that it “has always acted within its legal rights and in full compliance with all applicable legal and regulatory banking requirements.”

    A few days after the deposit, Zammit withdrew €150,000 in “cash to be kept at home” – and in October, he transferred a further €128,000 to an account belonging to his company.

    Zammit confirmed the transaction but said that one of his licensed business activities included cashing cheques issued by the Government. He said it involved withdrawing sizable cash amounts, especially during particular periods of the month, to offer this service.

    The Malta Financial Services Authority declined to comment on the specifics, but said, “Should any issues or potential breaches arise during such examinations, appropriate regulatory and enforcement action is taken in accordance with our mandate.”

    Investigators also flagged several payments Finance House plc issued for the legal services of Keith Borg understood by investigators to be on behalf of Robert Agius and/or Denise Agius in May 2022.

    Zammit categorically denied that he had ever paid for any legal services for anyone other than for “myself, my companies, my wife and/or children. The payment here mentioned was for a personal matter.”

    The police did not reply regarding the status of the investigation.

    Source: Times of Malta

    Hugo Chetcuti & the Vella Farm

    One significant transaction within the Agius’ portfolio that raised eyebrows was a series of payments from Hugo Chetcuti, a businessman murdered in July 2018, or his company, All Round Entertainment Ltd. 

    On 8th May 2014, Chetcuti handed the Agius brothers an €800,000 brevi-manu loan, with a farm in Magħtab, known as ‘Vella Farm’, listed as collateral. It was repaid with interest of 6% by the start of 2017. 

    A few months later, on 10th October 2014, the Agius brothers sold the farm to Hugo Chetcuti’s company for €700,000. The brothers had acquired the property in 2008, months after the death of their father. 

    That means Chetcuti transferred some €1.5 million to the Agius brothers over those few months. The deals happened while Robert was subject to the freezing order.

    Chetcuti had various interests around the island, from nightclubs and strip clubs to restaurants. While his killer has been convicted, the motive was never established. His heirs and All Round Entertainment did not reply to reporters’ questions.

  • Did John Dalli Finance Mercury Towers? Backdated Contract Sparks Suspicions Over Dalli & Portelli Transactions

    Did John Dalli Finance Mercury Towers? Backdated Contract Sparks Suspicions Over Dalli & Portelli Transactions

    By Julian Bonnici and Daiva Repečkaitė.

    • Joseph Portelli issued over €637,000 in payments to John Dalli, via their companies, between 2017 and 2022
    • A 2017 lease contract, which officials believe to have been forged, references COVID-19, almost three years before the pandemic was even declared.
    • Bank officials flagged irregularities, including continued payments after the lease ended.
    • Almost 30 companies had the same registered address as the lease agreement, including one reportedly linked to a Ponzi scheme.
    • Portelli denied “ever doing business” with John Dalli in a 2021 interview.

    A backdated contract. Hundreds of thousands in unexplained payments. Banking officials believed transactions between former EU Commissioner John Dalli and developer Joseph Portelli were tied to a suspected financing agreement on Mercury Towers.

    Bank records seen by Amphora Media and The Times of Malta show that Portelli’s Mercury Contracting Projects transferred at least €637,200 in annual payments to Dalli’s company, Tabor Consult, since 2017.

    • 2017: €70,800
    • 2018: €129,800
    • 2019: €94,400
    • 2020: €94,400
    • 2021: €129,800
    • 2022: €82,600

    John Dalli refused to answer the specific questions sent regarding the contract and the discrepancies flagged by banking officials, saying it was “appalling” to ask him to provide documentation to counter the official report. He insisted that the report was an “inquisition” and told reporters, “you are ignorant of the business practices and the operations of professional offices”. 

    Joseph Portelli did not reply to questions sent. 

    Who is Joseph Portelli?

    Raised in Canada, Joseph Portelli emerged as the poster boy for Malta’s development boom after Joseph Muscat swept to power in 2013, with his forays into sports club ownership, through Hamrun Spartans and Nadur Youngsters, bringing further attention.

    He enjoys a close relationship with politicians and has boasted of his frequent meetings with them to “speed up the process” and “argue for [his] rights.
    The Shift News had revealed that Prime Minister Robert Abela even attended a fundraising dinner in Gozo organised by Portelli and his associates to support the Labour Party’s electoral campaign.

    Who is John Dalli?

    A Maltese accountant-turned-politician, Dalli served in a long line of Nationalist government cabinets between 1987 and 2010 under Eddie Fenech Adami and Lawrence Gonzi. He was later appointed European Commissioner in 2010 and resigned in 2012.

    Dalli was forced to resign as EU Commissioner amid claims of bribery and trading in influence with a Swedish company in return for seeking to influence EU legislation.  An anti-fraud investigation recommendations were forwarded to the Maltese judiciary, and a court case is ongoing. Dalli denies the charges.

    After leaving the Commission, he was appointed as an official consultant to then-Prime Minister Joseph Muscat, shortly after he came to power in 2013.

    The transactions raised concerns among officials, notably as Dalli’s Tabor Consult has never submitted audited accounts. Dalli established the company, a consultancy firm, in 2014, two years after he resigned from the EU Commission over bribery charges that are still underway.

    The latter remains true today, with the Malta Business Registry confirming to Amphora Media that it had issued administrative penalties to Tabour Consult for failing to do so.

    2017 Agreement Included COVID-19 Reference Two Years Before Pandemic

    To justify the payments from Portelli, Dalli provided officials with a lease agreement dated the 30th June 2017, which claimed that Portelli’s Mercury Contracting Projects rented his office at Portomaso for €10,000 per month. The company indeed used this address from its incorporation in 2016 until 2024. 

    Officials believed that the agreement was retroactively edited or even forged. The 2017 contract included an explicit reference to COVID-19 in its force majeure clause—a full two years before the pandemic began.

    Source: Times of Malta

    Marcel Bonnici, the CEO of Mercury Towers, confirmed with Amphora Media that there was no contract when the lease began, and the one provided to authorities was produced retroactively. However, he insisted that there was “nothing suspicious in the nature of the agreement”, despite the reference to COVID-19. 

    An analysis by Amphora Media and The Times of Malta found that almost 30 companies shared the same registered address, many of which were during the period of the agreement.

    Bonnici confirmed that the address was used as the registered office of several companies, but stated that it was “completely normal.”

    These include several companies of Dalli, his daughters, and Portelli, including Tabor Consult and Mercury Towers, and other companies not linked to the payments, which include Vitals Global Healthcare’s Shaukat Ali.

    The inquiry into the Vitals Global Healthcare/Steward hospitals deal revealed that Dalli and Ali had long-standing business ties, with Asad Ali, Shaukat’s son, once serving as a shareholder in Interactive International Corporation Limited, later Corporate International Consultancy Limited, alongside Dalli’s daughters, Louisa and Claire, in 2009.  Dalli’s company also introduced Shaukat’s wife to HSBC.

    Experts in the inquiry also believe that Dalli introduced Ali to former Prime Minister Joseph Muscat and his chief of staff, Keith Schembri.

    Officials raised concerns over missing documentation to explain the transactions between Dalli and Portelli.

    These include why payments continued for at least three years beyond the lease’s expiry, despite Dalli not providing an extension agreement; and why Portelli, a construction magnate with an extensive portfolio across Malta, would even need to rent the premises in the first place.

    Meanwhile, documents show that Mercury Contracting Projects listed the Portomaso premises as its future official address in company documents almost nine months before the signing of the agreement.

    Previous transaction reports had also flagged that Dalli was “lending funds to Mercury Towers” and charging an interest of more than the 8% allowed by law, and would not be subject to taxation. Authorities were informed. However, it appears the case did not progress further.

    Source: Times of Malta

    Questions about Mercury Towers’ finances, which have been raised on the back of several public bonds, are not new.

    In 2024, developer Joseph Portelli floated a €20 million public bond to refinance part of the project’s debt with Bank of Valletta. 

    Company filings show liabilities reaching more than €190 million by 31 December 2023—more than twice the figure reported two years earlier. Assets rose in tandem, reaching €269 million, which is also approximately double the 2021 level.

    Initially slated for completion in 2019, the development’s structural works were not finished until November 2023. Management then set a target for a full launch by the end of 2024, but that deadline has also been missed.

    Conflicting Statements and Ongoing Probes: Portelli Said He Never Did Business With John Dalli 

    Despite the significant transactions, Portelli denied ever doing business with John Dalli in a September 2021 interview with the Times of Malta.

    “I have never done business with John Dalli,” he said.

    “Sixteen years ago, I had knocked on his door to tell him I wanted to develop projects in Libya. Shortly afterwards, he invited me to go with him on a trip to Libya to meet with people who would be interested in my projects. That’s how I know him.”

    The data directly contradicts Portelli. At that point, at least €389,400 had been transferred between Portelli and Dalli’s companies.

    There are further links between Portelli and Dalli. Notably, Claire Gauci Borda, Dalli’s daughter, serves as Chief Financial Officer at J Portelli Projects.

    Gauci Borda faces separate legal difficulties, accused, along with her sister, of running a Ponzi scheme in a high-profile case that has also drawn intense media attention due to delays in prosecution.

    Eloise Corbin (left) with John Dalli (centre) and his daughter Louisa Dalli (right)

    Bank officials also raised concerns over the operations of Corporate Group Limited—another entity linked to Dalli and owned by his daughters, which is reportedly connected to the Ponzi scheme case.  

    The company transferred a €750,000 “loan” to Tabor Consult shortly before closing its bank account in mid-2018. This transaction heightened concerns among banking officials about possible money laundering or unreported financial arrangements.

    Claire Gauci Borda and Louisa Dalli did not reply to the questions sent.

    Malta’s investigative authorities were informed of the transaction. It appears no further action was taken. Both the Police and FIAU said they could not disclose or confirm information on such investigations.

    BOV also said it was unable to comment publicly on client matters due to “data protection regulations”, but insisted it has “in place very strong due diligence and credit governance processes that meet regulatory requirements and expectations”.

    Following publication, Mercury Towers Contracting Projects Ltd, owned by Joseph Portelli, categorically rejected “any insinuation of wrongdoing in relation to the commercial lease agreement our group of companies had with Tabor Consult”.

    In the statement, Mercury admitted that the lease provided which referenced COVID-19 was produced retroactively, but said this was a “simple administrative oversight and does not, in any way, suggest intent to mislead or falsify documentation”.

    “Suspicious Transaction Reports (STRs) are not evidence of wrongdoing. In fact, we have not been contacted by any authority with concerns about this agreement.”

    It said that Portelli’s comments in 2021 referred to  business partnerships, not administrative leasing arrangements.