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MICHAEL AVERY: The Malta Job part II — the wild horses of Malta
A forensic audit should be launched into MAS Real Estate’s transactions with Prime Kapital
After last week’s column on MAS Real Estate’s aborted €291m transaction with Prime Kapital, I expected some blowback (“The Malta job: how to hollow out a company’s independence and value (https://www.businesslive.co.za/bd/opinion/columnists/2025-04-29-michael-avery-the-malta-job-how-to-hollow-out-a-companys-independence-and-value/)”, April 29). What I got instead was a deluge of calls, messages and discreet winged visitors flapping onto my balcony with more disclosures than a circular under section 10 of the JSE listings requirements.
While I’d love to report that the company is finally turning a corner, the evidence suggests otherwise. The rot runs deeper than a single failed transaction. This is a systemic problem, part misaligned incentive, part opaque governance, part boardroom theatre of the absurd. ..
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