The Financial Intelligence Analysis Unit (FIAU), Malta’s anti-money laundering authority, conducted an analysis in 2021 that flagged potential red flags in two major social housing projects: an 84-apartment development in Siġġiewi and a 102-apartment project in Msida. These projects were awarded by Malita Investments to Amici Projects, a subsidiary of established contractor Bonnici Brothers, which then subcontracted works in 2019 to LAM Projects, a company newly established in 2018 with no prior experience in Malta’s construction sector.
€10 million Msida project
LAM Projects was owned by Italian national Lorenzo di Pinto, described by the FIAU as a “close business partner” of Malcolm Galdes, the younger brother of then-Housing Minister Roderick Galdes.
Although Malcolm Galdes was not a shareholder or director of LAM, corporate records showed partnerships with di Pinto in other ventures, including Malta Luxury Construction Limited and a phone retail company sharing the same address as LAM. The FIAU highlighted concerns over subcontracting multi-million-euro public works (including a €2 million advance from Bonnici Brothers) to an inexperienced entity tied to the minister’s family, raising risks under anti-money laundering laws that require tighter scrutiny of public officials’ relatives.
Malcolm and Roderick Galdes
Additional red flags included “cash deposits” into accounts controlled by Malcolm Galdes, LAM’s failure to file financial accounts since 2018, and di Pinto’s continued financial control over LAM until at least November 2020, even after relinquishing shares in May 2020.
Roderick Galdes
The revelations preceded Galdes’ resignation on January 24, 2026, which he attributed to “synchronised attacks” on his family and career, while denying any wrongdoing. A police probe into Galdes’ property portfolio, triggered by claims of unexplained wealth, was reopened based on the FIAU file. Outcomes include a 2023 court order for LAM to repay €450,000 to Bonnici Brothers for uncompleted work, and ongoing scrutiny of Galdes’ dealings.
1 Comment
And he says he resigned to be able to clear his name. He couldn’t have offended those that trusted him any more. Damage done to the party could not be contained till the party kicks him out in disgrace.