While Malta has long been synonymous with picturesque beaches, throughout the last 10 to 15 years, the small island nation has emerged as a key business hub, a location with highly favourable business rates and a thriving entrepreneurial environment.
Businesses and entrepreneurs alike have flocked to Malta’s shores. Beyond the sun-kissed coastline, Malta’s new reputation has successfully facilitated an economic boom. Indeed, the island has quietly surged ahead to become the fastest-growing economy in the EU.
Scratch beneath the surface however, and you may find an undercurrent of something more malign occurring in Malta: the absence of transparency, a lack of public trust, and a few businesses acting with little regard for public good.
Citizens have recognised, and lamented, this change. According to Eurobarometer, 83% of Maltese citizens now consider unethical practices to be widespread in Malta, significantly higher than the EU average of 69%.
Evidently, the private sector is directly implicated in the Maltese public’s loss of faith. Politico has analysed the impact of Malta’s laissez-faire business culture, noting that the island’s rapid economic “growth spurt has led to serious deformities,” including a pervasive “grab grab grab” mentality and broader concerns about unethical corporate practices.
At the centre of many controversies in Malta is the Corinthia Group, the hotel chain set up by Alfred Pisani that owns property both in Malta and across Europe.
In 2022, The Shift reported that QPM Management (QPM) had received nine direct orders from the Building and Construction Agency, with payments totalling approximately €36,000. Notably, QPM is an architectural firm owned by the Corinthia Group’s holding company IHI plc and features Marcus Pisani, the son of Corinthia chairman Alfred Pisani, on its board.
The 2022 agreement was not an isolated instance. In 2024, the Gozo Ministry issued a direct order worth €800,000 to construct a new airstrip, despite the architecture business having no demonstrable experience in projects of this nature.
The problem with both these deals is that public procurement regulations forbid the issuing of direct orders larger than €10,000. Whilst there is a notable caveat to the regulation, namely that it would not apply in an “exceptional case,” neither the 2022 nor the 2024 agreements were by any means exceptional.
Direct orders above this threshold are granted with alarming regularity in Malta. The European Court of Auditors has questioned the pattern, noting how the same contractors were repeatedly winning tenders and direct orders from certain contracting authorities. Yet the responsibility does not rest with political institutions alone. Equally troubling is the willingness of certain businesses to consciously bend the rules to their own advantage.
This pattern shows little sign of abating. Most recently, in February 2026, the Planning Authority unanimously approved Corinthia’s redevelopment of the former Ħal Ferħ complex. Corinthia acquired the land in 2015 under uncertain circumstances, paying just €1.3 million for land which was valued at €10.3 million. The deal drew scrutiny from The Shift, which alleged that the acquisition potentially breached stringent EU laws, including “unfair competition, below-market prices and advantageous payment terms”. In turn, it appears that the Corinthia Group not only had an unfair advantage, but potentially an “illegal” one too.
Business enterprises like the Corinthia Group have an opportunity in Malta. Rather than profit from murky procurement processes and ethically ambiguous deals, enterprises have a chance to do something more valuable. They have the potential to contribute to the rebuilding of public trust through attaining their own sense of corporate responsibility.
The Corinthia Group is just one example, albeit a prolific one, of an enterprise which has perhaps failed to fully reckon with their own role in eroding public trust. While their conduct warrants scrutiny, the Corinthia Group alongside other major Maltese businesses must do more to protect the fragile code that enables businesses, governments and the public to coexist on a shared understanding of the common good.
