A €52 million freezing order imposed on businessman Christian Borg and several of his companies has been revoked following an out-of-court settlement reached with Malta’s tax authorities under a legal mechanism introduced last year by the government.The freezing order, originally issued in 2024 and later revised in 2025, covered bank accounts, properties, and hundreds of vehicles linked to Borg’s business network, including companies such as No Deposit Cars, Zing Rental, Princess Construction, Princess Holdings, and Princess Operations according to The Shift News.Earlier this month, Magistrate Leonard Caruana ruled that criminal proceedings against Borg and several of his companies could no longer continue after a settlement agreement with the Commissioner for Tax and Customs was accepted. The court subsequently revoked the freezing orders tied to the case.No details regarding the settlement reached by Borg were disclosed in court, including the amount paid or the taxes recovered. The only figure made public concerned co-accused Monique Mizzi, who agreed to pay a €1 million administrative penalty.Borg and his companies had been facing charges related to alleged income tax and VAT evasion, false tax declarations, fraud against the government and money laundering. Investigators had alleged that fraudulent invoices amounting to hundreds of thousands of euros were used to claim VAT refunds.The case had previously been described by police and prosecutors as one of Malta’s major financial crime investigations, with prosecutors arguing in 2024 that millions of euros had allegedly been defrauded from the VAT department.The developments have renewed scrutiny over the legal settlement mechanism introduced through Bill 142, which allows individuals accused of financial crimes to negotiate administrative settlements with tax authorities and avoid criminal prosecution.The case has also drawn political attention due to Borg’s past links to Prime Minister Robert Abela. Before becoming prime minister, Abela acted as Borg’s legal adviser and had entered into a property deal with him. Borg had also publicly referred to Abela as a friend during the Labour leadership campaign.Despite the lifting of the freezing order and the end of the tax fraud proceedings, Borg still faces separate criminal proceedings linked to a 2022 kidnapping case, which he denies.What do you make of this?•