Stephen Carter, the former frontman for the controversial multi-million euro Smart City residential property project, has been charged with money-laundering, fraud and misappropriation.
The land on which this project is being built was originally meant to be used as an IT hub, under a deal signed between the Government of Malta and SmartCity in 2007.
Sources familiar with the case told Times of Malta that the charges related to a 2008 transfer of a property that is suspected to have derived from criminal activity.
Mr Carter, who is fighting the accusations in court, has also been charged with defrauding a Gozitan couple, a source said.
The Shift News first flagged Mr Carter’s troubles after an asset freezing order was published on the FIAU’s website in May.
The charges were filed against Mr Carter on February 23. Just four days later, Mr Carter resigned as a director of Shoreline Residence, which was promoting the Smart City property project.
Shoreline Residence was formerly known as Ricasoli Properties.
His shares in the company were transferred to a fellow investor.
Mr Carter was also a director and shareholder in Shoreline Holdings, the holding company behind the project.
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