Gibraltar concerned over Marrache débâcle

(Agencies) Gibraltar's Association of Trust and Company Managers has announced that it will be working closely with the Financial Services Commission to protect the Rock's reputation following the latter's suspension of nine licences linked to Marrache & Co. and the arrest of two of the firm's principals. Solomon and Benjamin Marrache are accused of falsifying documents to hide €1.8million of missing money belonging to a client and are currently on bail having provided sureties worth £600,000 and accepting strict bail conditions. The police investigation is still open and new arrests and charges could be expected, according to RGP sources, although judicial proceedings may take several months yet. For his part, Chief Minister Peter Caruana said>
Gibraltar's "robust" regulatory framework would help the local financial services sector weather any negative impact as a result of the Marrache case, according to The Gibraltar Chronicle.

Mr Caruana, who is also Gibraltar's finance minister, said the Government had cooperated with the Financial Services Commission and "This will help mitigate, reduce, limit the criticism that Gibraltar can be subjected to, and therefore the reputational damage that we suffer in terms of the jurisdiction."

The Chief Minister said Gibraltar's authorities would learn whatever lessons could be drawn from this case once it is over - he mentioned statutory regulation for the legal profession - but that, with the investigation still ongoing, it was too soon for that. "Right now, it's dealing with the immediate aftermath of the breakout of this distressing news," he added.