Updated 1230
148 million in client cash still frozen at Pilatus Bank: €148 million in client funds remain frozen at the now-defunct Pilatus Bank, which was shut down in 2018 after its owner, Ali Sadr, was arrested in the US on money laundering charges. PwC, appointed as administrators by the MFSA, stated that depositors continue to seek fund releases, but legal and regulatory restrictions prevent this. Depositors may have to wait until the ongoing criminal case concludes. While the bank and an ex-official face charges, its clients have not been investigated. In 2021, Pilatus was fined €5 million for failing anti-money laundering safeguards, a penalty upheld last month. The bank was found to have processed large transactions without scrutiny, primarily serving wealthy Azerbaijani clients. (Times of Malta)
Offshore fish farm proposed 22km from Birzebbuga: A proposal for Malta’s first deep-water offshore fish farm, 12 nautical miles off the island’s southeastern coast, is under review by the Environment and Resources Authority (ERA). Proposed by Seaculture Ltd, the farm will cover 90,000 square metres and use patented technology to withstand rough seas. It will produce 5,000-8,000 tonnes of fish annually for local and international markets, using a multi-trophic system to reduce environmental impact. Concerns arise due to its overlap with a Natura 2000 site for seabirds. Mitigation measures include acoustic deterrents and controlled lighting. The farm will be solar-powered with hybrid generators for emergencies. While the species farmed will vary, environmental assessments may not fully capture their impacts.(Maltatoday)
‘Unauthorised’ chemical discharge into Grand Harbour: Unauthorised antifouling chemicals were discharged into the Grand Harbour from Palumbo Shipyards Malta, prompting enforcement action by the Environment and Resources Authority (ERA). Footage showed a brown liquid spreading from the shipyard around docked vessels. ERA confirmed the unauthorized discharge and ordered immediate remediation while continuing to monitor the situation. The shipyard attributed the issue to a potential drydock filtration failure but claimed it acted swiftly to contain the spill. Discharging such chemicals into the sea is prohibited, and enforcement measures are ongoing. Transport Malta stated it would support ERA in ensuring necessary mitigation actions are implemented. The discharge has since reduced, with containment measures in place.
Morning Briefing
Parliamentary committee suspends Competition authority chair appointment
A parliamentary committee suspended Carmen Ciantar’s appointment as executive chair of the competition authority after the Nationalist Party claimed she was already acting in the role. During Tuesday’s public appointments committee (PAC) meeting, PN MP Adrian Delia presented government records listing Ciantar as chair of the Malta Competition and Consumer Affairs Authority (MCCAA), despite her appointment not yet being approved. “We cannot be part of a rubber-stamping exercise,” Delia said, requesting the hearing be paused until an MCCAA representative—ideally the current chair—explains the situation. He called it a “complete disrespect” to the committee, the Speaker, and Parliament. (Times of Malta)
Archbishop Emeritus Paul Cremona passes away
Archbishop Emeritus Paul Cremona passed away on Tuesday night at 79. He served as Malta’s archbishop from 2007 until his resignation in 2014. The Church announced he died at 11:55pm at Mater Dei Hospital and is mourning his loss. His funeral will be held on Saturday at 9:30am at St John’s Co-Cathedral. During his tenure, Cremona led the Church through major challenges, including the divorce referendum, which diminished its influence. Maltese Ambassador to the Vatican, Frank Zammit, called his passing a great loss for the local Church. (Maltatoday)
Government launches agency to regulate real estate sector
The government has launched the Property Market Agency to regulate Malta’s real estate sector and introduce new rules for intermediaries to protect buyers, sellers, and market operators. Justice Minister Jonathan Attard announced the agency at an industry event, calling it a major step toward a more transparent and professional property sector. The new regulatory framework aims to prevent malpractice, set clearer industry standards, and enhance ethical responsibility. Attard emphasised that the property market is a key investment for families and businesses, and the agency will ensure compliance with well-defined regulations to strengthen public confidence. (The Malta Independent)
