'Marrache case, legal challenge to senior judiciary'

Chief Justice
Anthony Dudley

GIBRALTAR (GibChronicle/Dominique Searle) Gibraltar’s judicial system could be facing the greatest challenge to its standing and ability to run effectively since the 2007-2008 Schofield affair, according to the Gibraltar Chronicle. Allegations include that, until he was challenged, the Chief Justice Anthony Dudley failed to declare that a defendant was his regular lunching partner and that the body that appoints judges was caught in a loop of possible conflicts of interest or bias. Isaac Marrache, the senior partner of the law firm embroiled in one of Gibraltar’s biggest ever fraud cases, is legally testing decisions made by Judicial Services Commission (JSC). (Read the whole story here.)

Gibraltar financial companies have to pay for Marrache debacle

GIBRALTAR The Financial Services Commission (FSC) decreed last month that dozens of local financial companies will have to pay to cover costs stemming from the collapse of Marrache & Co. and its subsidiaries, according to a report by Brian Reyes in The Gibraltar Chronicle. The so-called Special Levy will affect 101 FSC-licensed companies active in investment services, insurance intermediation, money services and fiduciary services. Each will have to pay between £1,500 and £36,281, depending on the services they offer and the volume of business they handle. The companies are furious and have questioned the way the one-off compulsory charge has been calculated, others are asking why they should be forced to pay at all.

Serious Fraud Office called in on Marrache case

GIBRALTAR (Agencies) The Royal Gibraltar Police has asked for help from Britain's Serious Fraud Office  (SFO) to help investigate the alleged multi-million pound fraud at Marrache & Co. A team including a case manager and a forensic accountant is expected to arrive on the Rock next month. The RGP's decision to call in the SFO stems from complications in unravelling the case in preparation for prosecution, and the agency's considerable resources and expertise.>

Marrache brothers granted bail

(Gibraltar Chronicle / Brian Reyes) Chief Justice Anthony Dudley (photo) granted bail on Tuesday to Benjamin and Solomon Marrache who have spent over three months remanded in custody over fraud allegations. The two were bailed on the same terms as Isaac Marrache, a third brother who was granted bail last month. All three face fraud charges. In order to secure their release, Benjamin and Solomon Marrache must each post sureties worth £400,000 and must surrender their travel documents. They must also reside at a specific address. Once the bail is met, it will mean that friends and supporters of the brothers will have put forward a total of £1.2m in sureties, or financial guarantees. Although the money is not actually deposited in court, the guarantors must prove it is available and could stand to lose it should any of the three abscond.>

Woman arrested in Marrache case

A new arrest took place on Tuesday in the Marrache case. Royal Gibraltar Police Financial Crime detectives arrested a 48-year-old former employee of the firm was taken into custody charged with conspiracy to defraud, and released later on police bail. The investigation into the now defunct law firm continues, with the Marrache  brothers still in custody (photo). (To see related articles type Marrache in the Search facility at top of sidebar.)

Marrache brothers declared bankrupt as Isaac returns to Gib

GIBRALTAR
The Marrache law firm saga continues, with more dramatic developments last week. The most significant of these include the return of Isaac Marrache (photo: Gib Chronicle), the firm's founding partner, who had remained outside jurisdiction until last Tuesday, when he returned to Gibraltar to face police questions and his imprisoned brothers, Benjamin and Solomon. The Rock's Supreme Court  had already declared Benjamin and Solomon bankrupt and Isaac almost as soon as he returned, though the latter was given leave to appeal the decision. “I’m mortified about what’s happened to my practice, which I built up over 30 years…and entrusted to my brothers,” he said in court, adding that the future of his career depended on being able to appeal the bankruptcy ruling.

Marrache creditors claim over €33 million

GIBRALTAR
Creditors of Marrache & Co. are seeking to recover over €33million from the suspended law firm. A meeting took place recently at the Eliott Hotel, according to The Gibraltar Chronicle, and elected a Committee of Inspection that includes attorneys representing some of the larger creditors. The figure is expected to grow as more creditors emerge. The authorised administrator of all the companies involved in this major fraud investigation, Freddie White, is understood to be planning to pursue a claim against the law firm by the trust companies he now administers.