Chantrey Vellacott liquidators welcome Marrache jail terms

Chantrey Vellacott liquidators welcome Marrache jail terms

Chantrey Vellacott's Adrian Hyde says Marrache sentences sends out 'strong message' that Gilbratar's finance system is robust

ONE OF GIBRALTAR’S biggest and most complex fraud trials has ended up with family members jailed.

Managing partner Benjamin Marrache and finance director Solomon Marrache, of law firm Marrache & Co, were found guilty of two counts of conspiracy to defraud millions of pounds from clients of the collapsed firm. Benjamin Marrache was sentended to 11 years imprisonment and Solomon Marrache to seven years.

Isaac Marrache, senior partner at the firm’s London office, was found guilty of one count of conspiracy to defraud and jailed for seven years.

Co-defendant Leanne Turnbull, a former employee, was found not guilty of both counts.

Marrache & Co was handed over to joint liquidators from Chantrey Vellcaott and PwC in 2010.

“This has been a massive case for Gibraltar – one of the biggest, and certainly the longest it has ever seen,” said Adrian Hyde, insolvency partner who works out of Chantrey Vellacott’s London office and is joint-liquidator of Marrache & Co.

“The sentencing sends out a very strong message that any dishonest conduct which affects Gibraltar’s financial community and reputation will not be tolerated. The conviction is a testament to the development of Gibraltar into a sophisticated financial business centre with the legal and regulatory infrastructure which that requires.

“As far as the liquidation is concerned the appointment has involved many months of full time investigation into the affairs of Marrache & Co and its subsidiaries in Gibraltar and London and we continue to attempt to recoup the assets of the company.”

Related Articles

More bad news for Debenhams

Business Recovery More bad news for Debenhams

2m Emanuela Hawker, Reporter
Insolvency and corporate governance

Business Recovery Insolvency and corporate governance

2m Chris Laughton
Impact of Brexit on restructuring and insolvency

Business Recovery Impact of Brexit on restructuring and insolvency

4m Emma Smith, Managing Editor
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

10m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

11m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

11m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

11m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1y Emma Smith, Managing Editor