Marrache brothers imprisoned

(Agencies & Gibraltar Chronicle / Photo: www.gibraltar.gi) The Marrache saga continues. Benjamin and Solomon Marrache, the two brothers facing multi-million pound fraud charges, were refused bail and remanded to Moorish Castle prison by the Magistrates Court yesterday. Stipendiary Magistrate Charles Pitto said there was a high risk of the two men fleeing Gibraltar as the police probe into the affairs of Marrache & Co intensified. Attorney General Ricky Rhoda, QC, said the scale of the alleged fraud appeared to be larger than investigators first thought. If convicted, the brothers could spend up to 10 years in jail, Mr Rhoda told the court.>

The two men appeared in court yesterday jointly charged with falsely accounting $5.6m Canadian dollars and €2.1m belonging to Malory Holdings and Remus Enterprises. Prosecutors claim they falsified ledgers to show that they held the clients' money when in fact it was missing.

The brothers, who were first arrested almost a fortnight ago, were already facing charges of falsifying documents to conceal €1.8m of missing money belonging to another client. After their initial arrest they were released on bail having supplied hefty sureties and accepted strict restrictions on their movements.

In the meantime, police are keen to interview the senior partner of Marrache & Co, Isaac Marrache, brother to Benjamin and Solomon, but have been unable to do so because he has been away from Gibraltar and has not returned since, the Magistrates Court was told yesterday. If he does not return, "no doubt his presence will be obtained in other ways," said the Attorney General.