Jens Erik Sorensen's companies have licences cancelled

GIBRALTAR (GibChronicle) The Supreme Court has granted an injunction in favour of the Financial Services Commission against Mr Jens Erik Sorensen, Sorek Services Ltd and a number of other related parties following the FSC's cancellation of the licences held by the Sorek Group. As part of the conditions imposed on the cancellation of these licences the respondents were prohibited from undertaking licensable activities other than in relation to the transfer of client companies to a licensed company manager within a specified time frame, says the FSC. And they add: Investigations conducted by the FSC led to the conclusion that the terms of these conditions were not being met and that licensable activities continued to be conducted without the requisite licence.>As a result, the FSC sought and obtained an injunction to prevent this from continuing. Marcus Killick, the FSC’s Chief Executive Officer comments: “Wilful failure to comply with an agreed transfer process meant that the FSC had no choice but to take steps to protect the interests of clients by ensuring that their affairs are managed by licensed operators in Gibraltar.”