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From Hill Insurance website
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GIBRALTAR (GibChronicle/D.Searle) A probe continues in Gibraltar and has extended to Italy in relation to an apparent 10.2 million euro fraud. It has emerged that the Gibraltar Financial Services Commission (FSC) was in early August alerted to suspicions that the bonds banked as paid up share capital might be problematic. The FSC now also believe that “certain controllers of the company have allegedly used fraudulent documents to represent assets of the company.” No arrests have been made in Gibraltar. Some of the founding members of the insurance business are Italian. On August 1 of this summer information led the FSC to initiate inquiries into the bonds which had been entered in to the books of Hill Insurance Ltd, which has it offices at Ocean Plaza in front of the Waterport roundabout. By August 8 suspicions turned to concerns that the bonds might be fake. Shortly after that the FSC stopped Hill Insurance from doing any new business. (Read
the full story here)
1 comment:
Very surprised that neither the FSC or the Auditors bothered to check the validity of the Bond Certificates in the first instance when they were put up ab initio. Why didn't they has to be asked. Even letters from a bank should be double checked. These small capitised Insurance Companies that are attracted to Gibraltar should be checked with the utmost care regarding source and validity of their capital. FSC and Auditors.....questions need to be asked.
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