Lovin Malta’s New Owner: Alexandre Dreyfus’ Acquisition Should Have Sparked Questions About Media Integrity But Not in Malta

In a significant development within Malta’s media landscape, Alexandre Dreyfus, a prominent entrepreneur known for his ventures in blockchain technology, has acquired a majority stake in Lovin Malta through his investment firm, Qamar Ventures. This acquisition, representing 72% of the company, is set to be completed over the next year. 

Dreyfus, who has resided in Malta for 17 years, is the founder of blockchain companies Chiliz and Socios.com. He has expressed a commitment to investing 10 million in Malta’s media, technology, entertainment, sports, and e-commerce sectors through Qamar Ventures.

However, Dreyfus’s career has not been without controversy. In 2022, he faced allegations of withholding payments to maintain the price of Chiliz tokens, leading to accusations of cryptocurrency price manipulation. Additionally, during his association with Binance in Malta, the company was scrutinised for regulatory issues, including breaches of U.S. anti-money laundering laws, resulting in significant fines. 

Established in 2016, Lovin Malta has often criticised individuals and entities it perceives as corrupt. Given his controversial background, Dreyfus’s acquisition raises questions about the dynamics of media ownership and its potential influence on editorial independence.

This development highlights the complex interplay between media integrity and ownership, particularly when the acquiring party has faced public scrutiny. It underscores the importance of transparency and accountability in media operations to maintain public trust. However, no one seems interested in questioning what such an acquisition means for Malta’s press freedom and journalistic integrity. On the contrary, specific negative articles published in the local press about Alexandre Dreyfus have already disappeared and are no longer accessible on the internet.

Let’s not forget that during his time in Malta, Alexandre Dreyfus maintained close ties with Labour ministers who have been embroiled in political controversies and accused of corruption. Among them is Clayton Bartolo, the former Minister for Tourism, who was forced to resign, and Silvio Schembri, the Minister for the Economy, who spearheaded the unsuccessful attempt to transform Malta into a “Bitcoin Island.” Dreyfus is on record praising both Bartolo and Schembri on social media, publicly endorsing their work. Now, he has become the de facto owner of a media outlet that previously informed its readers that these same ministers were corrupt.

As Lovin Malta transitions under new ownership, it remains to be seen how this will impact its editorial direction and role in Maltese journalism. The situation serves as a reminder of the critical need for media outlets to uphold ethical standards, regardless of ownership structures.