Britons Daniel Rushton and Matthew Daly have been arrested in connection with an armed robbery at a supermarket in Puerto Banus, Spain
Thursday, 18 February 2010
Tuesday, 16 February 2010
Protecting the Rock’s reputation from any fallout as a result of the Marrache case.?
Gibraltar said yesterday that it would work with the Financial Services Commission [FSC] to protect the Rock’s reputation from any fallout as a result of the Marrache case.The statement came amid concerns that an ongoing criminal investigation into the affairs of prominent local law firm Marrache & Co could impact on the Rock’s financial sector.The association said it would encourage members to take on Marrache clients swiftly and at minimum cost if this was deemed appropriate by regulators.
On Monday, the FSC cancelled the licences of seven entities linked to Marrache & Co, as well as the licences of Benjamin and SolomonMarrache. A day later, police arrested the two brothers and accused them of falsifying documents to hide E1.8m of missing money belonging to a client.The men spent a night in custody but were released on Wednesday after providing sureties worth £600,000 and accepting strict bail conditions.The investigation remains open and further charges and arrests are possible, Attorney General Ricky Rhoda told the Magistrates Court.Finance professionals and lawyers fear that the Marrache case, which will take months to investigate before it is heard in court, could unfairly tarnish Gibraltar’s image.
The finance centre is a major employer in Gibraltar and plays a vital role in the local economy.The aim now to reassure international finance clients, both those who are already here and those who are looking to bring business to Gibraltar.In a statement issued by chairman Nick Cruz, ATCOM welcomed the measures taken by the FSC to “robustly” prevent the suspect entities from further trading until the matter was fully investigated.That step had mitigated the potential loss to any clients of Gibraltar’s trust and companies sector, the association said.ATCOM also welcomed the FSC’s decision to appoint a seasoned auditor, Freddie White, as the authorised administrator of all the suspended companies, a step which the association said would minimise inconvenience to clients.Mr White, managing director of Grant Thornton in Gibraltar, will help clients of Marrache & Co’s Gibraltar office to transfer their business to other licensed entities.ATCOM said it would “…happily engage and assist Mr White and the FSC in whatever way is deemed appropriate, including encouraging its members to accept...the business of the affected companies at minimum cost and as expeditiously as possible so as to minimise interference to their business.”Such transfer would be subject to due diligence and standard checks on customer identity.The ATCOM statement added: “Gibraltar was the first jurisdiction to licence trust and company business in 1989 and its members have consistently met the highest international standards of regulation as recognised by numerous international bodies, including the OECD and IMF.” “ATCOM will continue to work closely with the FSC to develop and encourage a well regulated and prosperous trust and company management sector…that does what it conceivably can to prevent rogue businesses putting at risk Gibraltar’s well earned and respected reputation as a safe place to quite properly do business.”ATCOM’s statement came as the Marrache case began to generate media coverage outside Gibraltar.Yesterday, the international legal profession’s leading trade publication, The Lawyer, published a report on the criminal investigation into the affairs of the Marrache brothers.The publication, which is read by lawyers around the world, sought reaction from Marrache & Co’s London office, where partner Steven Daultrey said he felt “anger, rage and incandescence at certain names working in the firm’s Gibraltar office”.
“I have an office here with people whose livelihoods I have to consider,” he told The Lawyer. “I’m utterly speechless.” According to Mr Daultrey, the Gibraltar firm had nothing to do with the London office, sharing only the brand name. “[Benjamin and Solomon Marrache] aren’t signatories here,” he told The Lawyer. “We do English-law work only.”“I’m concerned for the London office clients too, but at the moment those clients have been nothing but 1,000 per cent supportive.”“We haven’t had one client complain, they’re saying they’ll do anything to help.”
“They receive a good level of advice here but, in terms of reputation, the situation is awful.”Marrache & Co’s offices in Spain, Lisbon, Prague and Luxembourg are also understood to be linked to the firm by name only, The Lawyer said.
Two schools, in Manilva and Marbella, had to be evacuated after becoming flooded
Two schools, in Manilva and Marbella, had to be evacuated after becoming flooded, and in Manilva the A7 was closed for a time as underpasses to gain access to Sabinillas and Puerto de la Duquesa were underwater.There were several landslides affecting roads in the Manilva area.
In Marbella the El Ángel college was flooded and evacuated and a wall collapsed close to the Barceló hotel in San Pedro Alcántara. More than 50 litres per square metre was recorded in Marbella and as much as 80 in some areas.In Estepona the marina was flooded and several local rivers and streams burst their banks leading to flooding of homes and businesses, with the Urbanization Marimontes worst affected. Cancelada was also cut off for a time.Last 12 hours rainfall figures to 7am Tuesday morning
82 litres per square metre in Casarabonela., 84 in Coin and 108 in Ojén.The Spanish Meteorological Agency has extended the orange alert for heavy rain in Málaga province until Tuesday midday.
In Marbella the El Ángel college was flooded and evacuated and a wall collapsed close to the Barceló hotel in San Pedro Alcántara. More than 50 litres per square metre was recorded in Marbella and as much as 80 in some areas.In Estepona the marina was flooded and several local rivers and streams burst their banks leading to flooding of homes and businesses, with the Urbanization Marimontes worst affected. Cancelada was also cut off for a time.Last 12 hours rainfall figures to 7am Tuesday morning
82 litres per square metre in Casarabonela., 84 in Coin and 108 in Ojén.The Spanish Meteorological Agency has extended the orange alert for heavy rain in Málaga province until Tuesday midday.
Friday, 12 February 2010
Benjamin and Solomon Marrache, appeared before the Magistrates Court yesterday charged with false accounting in respect of E1.8m of client money.
Two senior executives at a prominent Gibraltar law firm, brothers Benjamin and Solomon Marrache, appeared before the Magistrates Court yesterday charged with false accounting in respect of E1.8m of client money.The two men were arrested on Tuesday and spent the night in police cells before being ferried to court in a police van.
The two Marrache brothers were ushered by police through a side entrance to Central Police station just before 10am and appeared before the magistrate in a crowded courthouse a short while later.Attorney General Ricky Rhoda, appearing for the Crown, urged the magistrate to impose stringent bail conditions for fear that the two men might flee the jurisdiction.Keith Azopardi, the defence lawyer representing the Marrache brothers together with Samantha Sacramento, said there was no risk of them leaving Gibraltar because both were of previous good character and had strong family ties here.Stipendiary Magistrate Charles Pitto granted bail but set tough conditions on each defendant, in the form of two sureties to the value of £300,000 for each brother. The court also set a further financial condition of £150,000 in their own recognizance for each defendant.In simple terms, failure to appear at future court hearings could cost the defendants and their guarantors up to £900,000 in total.Both men also had to hand in their travel documents and agree to reside at their respective family homes, as well as report twice weekly to police.By the end of the day yesterday, a number of persons had stepped up to provide £600,000 in sureties for the release of the two men.At an hour-long hearing in the evening, Mr Pitto questioned the guarantors closely but accepted the sureties. The two brothers were released from custody later that evening.Yesterday’s developments in court were the opening shots in what will undoubtedly develop into a lengthy and complex case.Mr Rhoda said the sums of money involved “could be quite substantial”.
He said the two men were currently facing “holding charges” and that more charges could follow at a later stage. The Attorney General also said there could be further arrests as a result of an ongoing police investigation.Earlier this week police raided several commercial and residential properties linked to Marrache & Co and seized documents and computers.
Prosecutors allege that in January this year, the brothers falsified documents to conceal a shortfall of E1.8m of funds belonging to a company called Portino Comercio Internacional. One document, a letter signed by Solomon Marrache, purported to show that the money was held by the brothers on the client’s behalf. Another document, a letter signed by Benjamin Marrache, purported to give authority to Natwest bank to transfer the client’s money to a bank in Ireland.But prosecutors said that the Gibraltar bank account supposed to hold the company’s cash in fact had a balance of less than nine Euros and no credit facility.
The two Marrache brothers were ushered by police through a side entrance to Central Police station just before 10am and appeared before the magistrate in a crowded courthouse a short while later.Attorney General Ricky Rhoda, appearing for the Crown, urged the magistrate to impose stringent bail conditions for fear that the two men might flee the jurisdiction.Keith Azopardi, the defence lawyer representing the Marrache brothers together with Samantha Sacramento, said there was no risk of them leaving Gibraltar because both were of previous good character and had strong family ties here.Stipendiary Magistrate Charles Pitto granted bail but set tough conditions on each defendant, in the form of two sureties to the value of £300,000 for each brother. The court also set a further financial condition of £150,000 in their own recognizance for each defendant.In simple terms, failure to appear at future court hearings could cost the defendants and their guarantors up to £900,000 in total.Both men also had to hand in their travel documents and agree to reside at their respective family homes, as well as report twice weekly to police.By the end of the day yesterday, a number of persons had stepped up to provide £600,000 in sureties for the release of the two men.At an hour-long hearing in the evening, Mr Pitto questioned the guarantors closely but accepted the sureties. The two brothers were released from custody later that evening.Yesterday’s developments in court were the opening shots in what will undoubtedly develop into a lengthy and complex case.Mr Rhoda said the sums of money involved “could be quite substantial”.
He said the two men were currently facing “holding charges” and that more charges could follow at a later stage. The Attorney General also said there could be further arrests as a result of an ongoing police investigation.Earlier this week police raided several commercial and residential properties linked to Marrache & Co and seized documents and computers.
Prosecutors allege that in January this year, the brothers falsified documents to conceal a shortfall of E1.8m of funds belonging to a company called Portino Comercio Internacional. One document, a letter signed by Solomon Marrache, purported to show that the money was held by the brothers on the client’s behalf. Another document, a letter signed by Benjamin Marrache, purported to give authority to Natwest bank to transfer the client’s money to a bank in Ireland.But prosecutors said that the Gibraltar bank account supposed to hold the company’s cash in fact had a balance of less than nine Euros and no credit facility.
Thursday, 4 February 2010
Killing the Golden Goose More demolition orders have been issued in Albox
More demolition orders have been issued in Albox despite confusing statements by the Town Hall and the Mayor, Sr. José GarcíaIn an interview published on the English language Arboleasnow website , Sr. Garcia is reported to have denied the rumour that nine houses are affected, saying that only eight demolition orders have been issued "by the courts".This statement belies the fact that on the 15th December another of our members was issued with an order not by the courts, but by Albox Town Council itself!And on January 20th, the Official Bulletin board carried an instruction to demolish a building on a plot of land near Alcantarilla, Albox. However, the plot referred to has two homes on it as well as an uncompleted structure.We notified the owners and met with the Town Hall Secretary, who agreed to review the case file and advise us whether the order referred to one, or all, of the structures on the plot. In spite of repeated attempts we are still waiting for a response. The owners have only fifteen days to lodge an appeal and are very worried. They need this information from the Town Hall, and they need it now.
We have been trying to set up a meeting with Sr. Garcia for three weeks. Having cancelled two previous appointments with us, we are now told we cannot speak to him until the middle of February. This, despite the fact that we represent eight of the affected families.It has been because of delays and lack of communication that the legal process in these cases is so advanced it has resulted in people being deprived of their right to defend themselves.Avoiding difficult questions is not an option for the authorities. In order to solve the problem we need ongoing, open and co-operative dialogue to reach a consensual solution involving public bodies, interested associations and all the political parties.
We have been trying to set up a meeting with Sr. Garcia for three weeks. Having cancelled two previous appointments with us, we are now told we cannot speak to him until the middle of February. This, despite the fact that we represent eight of the affected families.It has been because of delays and lack of communication that the legal process in these cases is so advanced it has resulted in people being deprived of their right to defend themselves.Avoiding difficult questions is not an option for the authorities. In order to solve the problem we need ongoing, open and co-operative dialogue to reach a consensual solution involving public bodies, interested associations and all the political parties.
Helen and Len Prior have been ordered to be given a temporary home by a judge’s order.
British Couple Helen and Len Prior have been ordered to be given a temporary home by a judge’s order.Lawyers acting for the couple are claiming compensation from the local council for the loss of their home and also applied for ‘provisional measures’ to house them in a similar property to the one they lost, and it is these measures which the judge has ordered be met. The local council now has to find them a similar property or pay the rent on another one while the case is completed.
AUAN, Abusos Urbanisticos Almanzora No, the protest group acting against the demolition of property in the area, reports that Helen and Len have found a suitable property, and are waiting for the council to agree.
AUAN, Abusos Urbanisticos Almanzora No, the protest group acting against the demolition of property in the area, reports that Helen and Len have found a suitable property, and are waiting for the council to agree.
Spanish real estate developer Habitat filed for protection from creditors which hold 2.3 billion Euros in debt.
The main creditors of the developer are La Caixa, Caja Madrid, Banco Santander, BBVA and Banco Popular, a total of 38 entities. This is not the first real estate company to go into administration. The total debt of real estate companies in administration is over 10,500 million Euros.The president of Habitat, however appears rather optimistic as he announced that “the company will face all their obligations and has enough active capital to confront its debt”.
court has registered a condition of ‘bankruptcy’ for Polaris World Sports Centre, Polaris Development, Polaris World Development, Polaris World Indus
Polaris World returned to court with their creditors with the debt now owed to the Bank of Valencia by the Murcian constructor estimated to be around 62-million euros and around 100-million euros owed overall. According to the economic newspaper Cinco Días, the principle creditors are Caja Mediterráneo, Bancaja Group y Banco Popular.
Polaris World accepted that 15 of its companies, are in a ’state of insolvencia’ and thus the group is seeking to initiate a period of negotiation with their creditors before entering suspension of payments. The insolvency affects four of the urbanizations, two hotels and El Oasis de Alhama commercial centre among others. The debt of the company, that also accounts for some 700 employees, approaches 100 million Euros.
In particular,
It’s still business as usual at Polaris World; the Murcian Government have voiced their support for the complex with the owners and directors are hopeful that new terms can be negotiated to avoid further action and court appearances. Polaris World is known throughout Europe for its golf, football complex, residences and quality hotels and all that can be done shall be, according to the directors and management
Polaris World accepted that 15 of its companies, are in a ’state of insolvencia’ and thus the group is seeking to initiate a period of negotiation with their creditors before entering suspension of payments. The insolvency affects four of the urbanizations, two hotels and El Oasis de Alhama commercial centre among others. The debt of the company, that also accounts for some 700 employees, approaches 100 million Euros.
In particular,
the court has registered a condition of ‘bankruptcy’ for Polaris World Sports Centre, Polaris Development, Polaris World Development, Polaris World Industrial Machinery Rental, Polaris World Concrete, Polaris World Real Estate, Nicklaus Trail Golf, Valley Resort Golf, Green Property, Riquelme Property, Polaris Tower Hotel, El Oasis de Alhama Commercial Centre, Polaris Oasis City and Alhama Resort Golf. These companies have until 22nd March 2010, to negotiate new terms with their creditors.
It’s still business as usual at Polaris World; the Murcian Government have voiced their support for the complex with the owners and directors are hopeful that new terms can be negotiated to avoid further action and court appearances. Polaris World is known throughout Europe for its golf, football complex, residences and quality hotels and all that can be done shall be, according to the directors and management
