Tag: investment

  • FATTI: Has Mental Health Investment Achieved a Transformation?

    FATTI: Has Mental Health Investment Achieved a Transformation?

    In October, Prime Minister Robert Abela was hugging people near the parliament, promoting the message “Your mental health matters”.

    It’s a message we’ve heard before. A focus on mental health and the introduction of a new hospital were offered in both the 2017 and 2022 ruling Labour Party’s electoral manifestos. Malta has had a mental health strategy in place since 2020.

    The government promises ‘transformation’, but is it delivering on key mental health needs?

    “None of us can feel secure unless we know that mental health is taken as seriously as physical health by our healthcare systems,” the Prime Minister said in his 2023 speech at the UN.

    “To help provide [the needed] reassurance, in Malta we have implemented a comprehensive mental health strategy to build capacity, address causes, and offer continuing support to individuals with mental health needs, and their families,” he added.

    Lydia and Robert Abela

    His wife, Lydia Abela, also proclaimed, “Going for a mental health check-up should be as normal as going to see your doctor.”

    For Health Minister Jo Etienne Abela, the Government’s strategy is based on the protection of mental health in every aspect of society: “Mental health care is a national priority. We believe in one healthcare system, and the first step to breaking the stigma is to combine healthcare that includes mental health as well as physical health.”

    Minister Jo Etienne Abela. Photo credit: DOI

    However,  when conditions in Mount Carmel hospital, the facility that currently provides inpatient treatment for acute cases (among other services), were criticised, Minister Abela told journalists that “we’re talking about a ward that is giving refuge to people who would otherwise have problems on the streets”, adding that “these are not patients, these are not persons who have been committed to a mental institution”, and are free to leave.

    “Many of these people will be suffering from what is known as a dual diagnosis [substance use disorder (addiction) combined with a psychiatric disorder], but their acute phase of the psychiatric disorder is over.”

    What is Malta’s state of mental health?

    The share of Maltese who reported emotional or psychosocial problems over the past year is 67% – far higher than the EU’s average of 46%. Of those who did, Malta reported a larger share of those who did not seek or find help.

    According to Eurobarometer 530, roughly one in eight Maltese respondents saw a psychiatrist for their mental health problems over the past year, and 7% saw a psychotherapist.

    A third of Maltese respondents reported they or their family had experienced difficulties accessing mental healthcare – a higher proportion than across the EU. Over half of them complained of long waiting lists and high costs, and a third tried to wait out the problem.

    Photo credit: Africa Studio

    According to the government’s consultation paper, over 15% of adults live with a diagnosed mental disorder – anxiety is the most common among them.

    Between 2010 and 2024, Malta recorded 437 suicides (365 male, 72 female). This peaked at 35 in 2021. Comparatively, Malta’s suicide rate is low.

    In 2024, there were 26 suicides among residents (22 male, 4 female) and 6 among non-residents (5 male, 1 female), the highest non-resident count on record.

    The number of people using services at Mount Carmel has steadily increased over the years, almost doubling from 1,129 in 2010 to 2,171 in 2024.

    Meanwhile, the number of persons using Mount Carmel’s inpatient services (both men and women) has increased and exceeded pre-pandemic levels, suggesting continued reliance on hospitalisation.

    The number of helpline users, and the number of persons making use of community mental health clinics grew as well.

    According to the National Youth Council’s 2018-19 survey, many young people in Malta believed there were insufficient mental-health services, and fewer sought help than the number of those who needed it. Subsequent awareness campaigns have been implemented to increase help-seeking, though publicly reported data confirming an increase in service uptake remain limited.

    Key mental health services are provided in the following facilities:

    • During the first year of its operation, the Crisis Resolution Home Treatment Team, which can address acute mental health crises without hospitalisation, received 276 cases, and 17 of them had to be hospitalised;
    • The Crisis Resolution Home Treatment (CRHT) served 409 patients in its inpatient service in 2024 – the number has been increasing since 2022;
    • The number of children aged 10-17 using inpatient services jumped between 2015 and 2016, initially peaked in 2017 before starting to decline before and during the pandemic, and grew again to 120 in 2024;
    • Usage of inpatient psychogeriatric services leaped from 42 in 2023 to 169 in 2024;
    • As of 2021, there were eight hostels housing 35 mental health patients; data from 2025 shows that 152 people live in mental-health-supported accommodation in Malta, showing NGOs carry a major share of long-term psychiatric housing;
    • The use of outpatient services at various clinics soared five times between 2021 and 2022 and grew to 23,429 users in 2024;
    • Helpline usage jumped by 29% between 2023 and 2024;
    • Patients needing help with eating disorders were predominantly female throughout the years. The number of patients using residential services has been declining, but the use of outpatient services has bounced back post-pandemic, reaching 262 in 2024, the largest number since 2014. A small number of patients used day services. 

    Noticeably, men make up roughly 83.5% of suicides in the data. This reflects the overrepresentation of men in other areas.

    Between 2010 and 2024, 17,358 men utilised services at Mount Carmel Hospital, compared to 7,593 women.

    On the other hand, according to an OECD report, depression is more commonly reported to affect women and people on low incomes.

    Patients at Mount Carmel Hospital. Data provided by the Ministry for Health and Active Ageing

    Addictions & Dual Diagnosis:

    As noted in the mental health strategy and reiterated by Minister Abela, “Mount Carmel Hospital is partially serving as a place of last resort and final safety net for a significant number of individuals who… do not require hospitalisation in a mental health institution”.

    “This situation places further strain on the already stretched resources and can detract attention from seriously ill mental health patients who require hospitalisation.”

    Some estimates suggest that dual diagnosis patients (addicts) may constitute between a third and a half of Mount Carmel Hospital’s patients.

    For example, the 2023 annual report from the Commissioner for Mental Health found that around 37 patients subject to involuntary admission were found to be homeless.

    A study published by the Ministry for Social Policy and Children’s Rights stated that 1,927 individuals were treated for ‘problem drug use’, with the primary drug predominantly being heroin. In 2022, Malta registered four overdose deaths.

    Department of Health’s data shows that as of 27 October 2025, 240 patients (176 male, 64 female) were admitted for addiction treatment. Men made up about 73% of all inpatient admissions for addiction treatment.

    Community mental health clinics (Paola, Qormi, Floriana, Mtarfa, Mosta, Qawra) handled cases of drug addiction, alcohol addiction, gambling disorder, and dual diagnosis. The Bormla Community Mental Health Clinic separately reported dual diagnoses cases: it handled 45 males and 34 females this year.

    Alcohol addiction cases are concentrated among older men (50+), particularly in Qormi and Mtarfa. Drug addiction cases span up to age 77, indicating ongoing treatment needs in older adults.

    Figures from Sedqa, Malta’s national agency for substance misuse, show the number of cases worked with, including both inpatient and outpatient interventions, has fluctuated over the past decade, with inpatient cases falling sharply from 287 in 2011 to 119 in 2020, before rising again to 313 in 2024.

    Meanwhile, outpatient cases have steadily increased, reaching 1,737 in 2023, and more people started using Richmond Foundation’s neuropsychiatry services.

    Crisis Resolution Home Treatment (CRHT) handled nine primary addiction crises in 2025: alcohol (3), cannabis (3), cocaine (2), and polysubstance abuse (1). It also handled 15 secondary addiction-related cases (mainly alcohol and cannabis). Overall, at least 24 CRHT contacts involved addiction. Cases span from 20-year-olds to men in their 70s.

    Children & youth:

    Malta has among the loneliest teenagers in the EU, according to the Health Behaviour in School-aged Children study (2022).

    Among 11-year-olds, 11% of boys and 16% of girls in Malta reported feeling lonely most of the time or always, placing them among the higher-ranking EU countries for loneliness in this age group. For 13-year-olds, 13% of boys and 27% of girls reported frequent feelings of loneliness, again ranking Malta above the EU average. Among 15-year-olds, 19% of boys and 30% of girls reported feeling lonely, higher than in other small countries such as Cyprus and Slovenia.

    Although the situation for 15-year-olds is somewhat less severe compared with some other EU countries, the proportion of adolescents reporting loneliness remains concerning. Data on 15-year-olds’ mental health well-being indicate that Malta also ranks relatively low within the EU.

    UNICEF data based on estimates from the IHME, Global Burden of Disease Study, 2019 shows that more than one in six of Malta’s adolescents (aged 10-19) had a mental disorder and that over 7,000 children and teenagers were in need of care. 

    In response, specific services target young people:

    • The Child and Young People’s Services  at St. Luke’s Hospital offers multidisciplinary services available by referral from a general practitioner;
    • The Child & Adolescent Psychiatric Emergency Services offers emergency services for young people aged 3 to 18 years;
    • The Crisis Intervention and Home Treatment team offers an intensive intervention to young people recently discharged or require extra support;
    • The Generic child and adolescent mental health clinics offer an assessment and intervention to all young people aged 3-18 years;
    • Family Focused Clinic provides a service to children and young people whose mental health is being negatively impacted by family dynamics;
    • The Anger Management Group Therapy trains young people to control their anger outbursts better;
    • The Young People’s Unit at Mount Carmel Hospital separates young patients between the ages of 12 and 18.

    Malta’s two public education institutions, the University of Malta and MCAST, run their own mental health services. According to official data, 33 MCAST students are currently in active follow-up with the Paola mental health clinic (19 males, 14 females). The University of Malta’s Health and Wellness Centre recorded 4,165 student consultations since 2020, with 44 students seen in 2024.

    Non-Maltese residents:

    A Mental Health Strategy for Malta 2020-2030 acknowledged that “The risk of admission to the psychiatric in-patient facility, Mount Carmel Hospital, for non-Maltese persons is 2.2 times that of the general population, whilst for persons from low and middle-income countries residing in Malta, the admission rate is 5-fold that of the general population”.

    Mount Carmel Hospital. Photo credit: Wikimedia

    The Commissioner for Mental Health’s 2023 report states that among patients subject to involuntary admission, almost 30% were non-Maltese (188 patients), and over half of them came from non-European countries.

    How does Malta invest in mental health?

    In the mental health strategy, the government acknowledged that “the focus of the mental health sector regretfully remains somewhat hospital-centric” while community care services were “generally understaffed”.

    A 2022 study stated that substantial reform in mental health services only started during the pandemic, despite attempts starting in the early 1990s. “Past attempts at reforming this sector were stifled due to insufficient and unsustained political commitment, leaving it direly under-resourced,” the authors wrote.

    The budget for mental health services has been gradually growing: from more than €42 million in 2019 to €71 million in 2025. However, the demand for outpatient services skyrocketed between 2021 and 2022, with an increasing overall trend.

    Mount Carmel Hospital is the institution that provides inpatient mental health services, residential treatment centres, community mental health centres, and outpatient clinics.

    Budget documents over the years show that investment in the Mount Carmel hospital skyrocketed in 2020, then declined, and picked up again in 2023, when “acute psychiatric hospital” became a separate expense category. Crisis intervention’s budget has been stable since 2019, except for a temporary dip in 2022.

    Clyde Caruana. Photo credit: DOI

    The Commissioner for Mental Health noted that, as of 2023, the lowest-quality treatment wards suffered from “poor facility upkeep, poor ventilation, lack of designated smoking areas, lack of activities and privacy in the bathroom and toilet areas, as well as in the sleeping areas.”

    The Commissioner went on to call for “increased allocation of funds in the next national budget to better assist patients with a dual psychiatric disorder and substance misuse.” 

    However, the only time substance abuse/ misuse is mentioned in the budget 2026 document is the allocation of funds for the Advisory Group/Committee on Substance Abuse. It will receive less money than in 2025.

    The 2022 study showed that the sector suffers from a shortage of nurses and social workers – key staff essential for the desired transformation.

    The study’s authors noted that the government was not leading the way in the reform – it reacted to pressure from the mental health commissioner, the National Audit Office, local media, non-governmental organisations (NGOs) and professionals.

    Politicians’ recent claims on mental health policy concerned promises of a ‘transformation’ in service provision with an inclusive, patient-centred approach. Robert Abela spoke of a mental health strategy that has already been implemented.

    According to researchers, “The lack of sustained political commitment and investment greatly undermined mental health reform in the past, while strong advocacy from stakeholders was key to bring mental health back on the political agenda”. 

    Since then, the government has promised to integrate physical and mental health, build capacity, and make the system more accessible. A range of services for children and young people is available to address the pressing needs of this population.

    Meanwhile, data shows that Malta’s state of mental health is rather alarming: a significant share of individuals experiencing problems do not seek or find help, and available resources are not addressing key gaps: social isolation among adolescents, exclusion of migrants, and complex needs of substance addicts.

    Allocations for mental health services have been increasing over the years, and funding for Mount Carmel Hospital recovered in 2024 after a decrease. However, crisis intervention, which experiences a high demand, has not seen an increase in its budget. 

    Despite financial improvements, there is no evidence of earmarked budgets to address the most pressing needs, namely, training and recruiting more nurses and social workers to address the shortages of this essential personnel. Some efforts to recruit cultural mediators are included in the integration strategy.

    Thus, although a reform has been taking place and resources have increased, the impacts fall short of a fully fledged transformation. The claim is only somewhat true.

    This project is supported by the European Media and Information Fund. The sole responsibility for any content supported by the European Media and Information Fund lies with the authors and it may not necessarily reflect the positions of the EMIF and the Fund Partners, the Calouste Gulbenkian Foundation and the European University Institute.

  • Scam Empire: Multi-million Investment Scam Used Maltese Companies To Cash In

    Scam Empire: Multi-million Investment Scam Used Maltese Companies To Cash In

    By Daiva Repečkaitė and Julian Bonnici

    • Reporters spoke to 182 victims of multi-million euro investment scams that earned over €230 million in four years.
    • Two networks: One Israeli-European, the other Georgian targeted victims across the globe, including Malta.
    • Malta-registered companies among payment service providers and banks that enabled operations. One recently terminated relationships with alleged scam operators.
    • Three victims of various scams launched cases with Malta’s financial arbiter.

    Updated with a statement from Payhound Limited

    A Maltese-registered company was key in transferring funds extracted from victims of a massive investment scam targeting victims across dozens of countries, including Malta.

    A collaborative investigation by Swedish Television (SVT), OCCRP and its media partners, including Amphora Media and the Times of Malta, has revealed unprecedented insight into how these extensive investment scam networks operate – and how chilling, professionalised, and far-reaching the industry has become.

    Visit the project’s website

    Reporters have contacted 166 victims of the two networks who say they’ve been scammed approx. €18 million by an Israeli-European network and a network in Georgia.

    Financial records in the leak show that in four years, the two scam networks raked in a total of about €230 million from would-be investors.

    Illustration of a call centre, including headphones, a person smiling with a headset, and hands holding a phone with a message that reads "Payment successful"
    Credit: James O’Brien / OCCRP

    People from every walk of life have fallen victim to these scams, which leads them to lose their savings and, in many cases, their mental health.

    Victims include a Canadian crane operator living with a disability, a retired finance professor, a Swedish pensioner who needed money for dental procedures, and an Estonian lawyer who was targeted while in the hospital. 

    Far from dingy ‘boiler rooms’, leaked data and communication obtained by OCCRP’s partner Swedish Television (SVT) shows that investment scam call centres are based in slick office buildings, including in countries in the European Union, with marketing firms, payment service providers and high street banks enabling their operations.

    One of these providers was the Malta-registered OpenPayd – another is Payhound.

    OpenPayd acknowledged its relationship with entities linked to the scheme. However, it said it terminated its relationship with them, “all for reasons related to their failures to maintain adequate controls”- and stressed that it did not deal with individuals and only serviced corporate clients. 

    Update: After the publication of the articles, a representative of Payhound Limited contacted our partner, the Times of Malta, explaining that reporters’ questions were filtered into the recipient’s spam folder. The company added the following statement: “Payhound maintains the highest standards of compliance, adheres to industry best practice and has consistently met all applicable legal and regulatory requirements.”

    A headset with the word 'scam' written with its cable
    Credit: James O’Brien / OCCRP

    How the scheme works

    The scam centres see perpetrators pose as legitimate brokers and contact potential investors to encourage them to deposit funds on trading platforms such as Rivobanc and Stoxinvest. Most exist only as websites not linked to any corporate entity and are falsely located in financial centres like London and Zurich. 

    Scammers gain access to vast amounts of personal information from their victims’ computers via remote access software called Anydesk, which they ask them to install, supposedly to help them with transactions. 

    The software system they use can be manipulated to create illusory profits on traders’ initial investments, offering false claims about higher returns or blocked withdrawals — a technique to encourage them to send more.

    The leaked records detail how “recovery agents” even contact existing victims, pretending to be from financial authorities. They promise to help recoup the money — for an upfront fee — only to scam them again.

    In some cases, unsuspecting victims are convinced to transfer money to other victims, unwittingly aiding the scammers in layering and moving funds.

    Leaked financial documents reveal Maltese-registered companies acting as crucial links in funnelling funds stolen from victims of the scams, with entities like OpenPayd acting as payment providers.

    Victims were often led to believe that they were making payments to accounts they held at certain financial institutions that belonged to them when, in reality, they belonged to the scammers in question.

    They argued that the financial institutions in question, like OpenPayd, failed to stop the payments while continuing to offer accounting facilities to the scheme’s beneficiaries.

    Leaked spreadsheets, payroll data, and deposit databases show:

    • Over 26,000 would-be investors from 34 countries were targeted, with the largest sums taken from Canada, Spain, Australia, the U.K., and South Africa.
    • Between January 2021 and December 2024, this network received €230 million in payments.
    • Only about 2% of deposits are ever returned, sometimes labelled as “loans” or “upselling”, to lure victims into investing more.

    The impact is huge.

    The OCCRP investigation revealed a disturbing snapshot of the emotional and financial harm inflicted by these networks.

    Victims frequently express suicidal thoughts and describe being left penniless while scammers taunt them or subject them to verbal abuse, mocking them for “falling for” what is ultimately a well-coordinated fraud.

    An illustration of four individuals at computers
    Credit: James O’Brien / OCCRP

    Malta’s fintech companies and neobanks play a role in transferring stolen funds.

    Reporters found that scammers directed victims to open accounts with so-called neobanks – technology-driven banking companies that aim to disrupt the traditional banking sector.

    The Malta-based OpenPayd Financial Services Malta Limited is not a traditional neobank – it does not target individuals. Its U.K. licence to provide e-money services was cancelled, but in Malta, it works as a financial institution licensed to offer e-money and payment services. 

    Reporters found that numerous scam victims, many in Spain and the U.K., transferred large amounts to the account of CurrencyRock UAB, a Lithuania-based company trading as Insirex. 

    Financial reports leaked from one of the scam centres show that payment service providers had separate tabs – CurrencyRock’s Insirex was one.

    In some cases, OpenPayd did not execute transfers as intended but was indicated as the provider of choice for Insirex transfers. Leaked internal chats show the scam team exchanging instructions relating to Insirex transfers.

    In filings to the Lithuanian registry, CurrencyRock claims to have only one employee, and its volume of paid taxes is low. However, the leak shows victims transferred thousands of euros at a time to the company, and in only three months, the company sent and received €2.5 million. Attempts to reach the declared owner by our Lithuanian partner, Siena, were unsuccessful.

    From this account, held in OpenPayd, funds were transferred to a Malta-based Payhound Limited, which is licensed to provide nominee services and execute orders on behalf of clients

    The term ‘nominee services’ means that the company is holding money or investment in someone else’s name, separating the nominee’s and client’s money – effectively obscuring ownership.

    Payhound Limited did not reply to reporters’ questions about whether CurrencyRock held an account with them and what actions are taken when a client company is suspected of scamming victims.

    Blue Whale Tech Inc., a Canadian company running the Cratos cryptocurrency exchange, was another company used in the scheme with an OpenPayd account. Responding to reporters’ questions, a representative of Cratos said, “our clients are 100% individual clients who wish to purchase and/or sell digital currencies” and denied working with scamming enterprises. OpenPayd’s representative said that Blue Whale Tech’s account was terminated in 2023, also for the failures to maintain adequate controls.

    In its reply, OpenPayd stressed that it did not deal with individuals and only serviced corporate clients. 

    “We have our own regulatory responsibilities to manage financial crime risks posed by Clients,” the company’s representative wrote. “We monitor all transactions to/from our Clients for fraud or other financial crime flags (e.g. sanction screening), including through a comprehensive Fraud Monitoring Programme designed to combat fraud from End Customers.”

    Asked about the specific companies mentioned in the leak, OpenPayd representative wrote that Currency Rock and Blue Whale Tech Inc. “are no longer customers of OpenPayd. We terminated Blue Whale Tech Inc. […] in 2023 and CurrencyRock in 2024, all for reasons related to their failures to maintain adequate controls.”

    Euros

    Victims filed complaints against OpenPayd with Malta’s Financial Arbiter

    In 2024 alone, three victims of various scams filed complaints before the Financial Arbiter in Malta after having studied the account numbers of their scammers and identifying OpenPayd as the service provider that opened these accounts. 

    In all cases, OpenPayd argued against any obligations to the victims because they did not have a business relationship with them. Instead, OpenPayd only had a business relationship with the alleged scammers. 

    In one case, which concerned Hasbix Analytics sro, OpenPayd declared to the Arbiter that the accused company had been added to OpenPayd’s Fraud Monitoring Programme. 

    “Hasbix was seemingly left operating without suspension under a ‘60-day grace period’ permitted by OpenPayd before the relationship and account of Hasbix with OpenPayd was eventually ‘fully terminated on 29 May 2024’ after ‘a 60-day notice for Hasbix to cease operations and stop any transactions on the account, in line with OpenPayd’s terms and conditions’,” according to the case documents.

    “If the Client fails to improve their management of fraud and/or reduce its fraud rates within a reasonable period of time, we terminate the relationship,” the representative added before specifying that relationships with 21 clients were terminated due to fraud-related reasons over the past three years and that its monitoring system identified 0.07% of transactions on their platform as fraudulent.

    In all three cases, the Financial Arbiter concluded that the victims were ineligible to seek justice in Malta by not individually being the financial service provider’s customers. 

    “I am concerned not only with the quantity but also with the quality of these fraud schemes,” Financial Arbiter Alfred Mifsud wrote in the institution’s newsletter

    “Get-rich-quick schemes are invariably too good to be true. They are carefully laid out to tempt vulnerable consumers to try their luck with a small sum. Once inside the scheme, it gets progressively more difficult to extricate themselves out, and they are quite often convinced to continue paying into the false scheme until, finally, the truth is exposed, with hurtful results – both financial and psycho-social.”

    However, the legal loophole that left OpenPayd without responsibility for facilitating payments demanded from victims by alleged scammers may eventually be closed. 

    “The necessary changes to CAP 555 (Arbiter for Financial Services Act) will form part of Budget Measures Implementation Act,” financial arbiter Alfred Mifsud wrote in reply to the reporters’ questions, clarifying that “The aim is to render all victims of fraud as eligible customers of any licensed  financial services provider involved in the suspected fraudulent payment transaction.”

    The arbiter added, “A decision on case no. 155/2024 should be issued shortly being a case which for particular circumstances was not blocked by ineligibility criteria and proceeded to be adjudicated on merits.”

    If you have been a victim of this or similar scams, please reach out to julian@amphora.media or daiva@amphora.media. You can consult a handbook of scams by the eSkills Malta Foundation here, or contact the Victim Support Agency.