Marrache London angry over Gibraltar scandal
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A partner in the London office of Marrache & Co has reacted angrily to news that the firm’s Gibraltar-based founding partners have had their Financial Services Commission licences cancelled, claiming the City base’s reputation is suffering by association.
Founding partners Benjamin and Solomon Marrache were arrested last Tuesday (9 February) and charged with falsely accounting e1.8m (£1.58m) of client money. They appeared in Gibraltar Magistrates Court the next day, when they were granted bail at £300,000 each.
The court also required the brothers to pledge £150,000 each as a recognisance, to hand in their travel documents and report to police twice a week. The case has been set for April.
Steven Daultrey, a partner in Marrache’s London office, which is linked to Gibraltar only through the brand, 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 said. “The Gibraltar firm has nothing to do with the London office - [Benjamin and Solomon Marrache] aren’t signatories here. We do English law work only.
“I’m concerned for the London office clients too, but at the moment they’ve been 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’s awful - it’s guilt by association.”
The Marrache brothers are alleged to have falsified documents to hide missing money belonging to shipping company Portino Comercio Internacional.
Readers' comments (7)
Anonymous | 15-Feb-2010 11:40 am
that is a lie. Your office has everything to do with the gibraltar office. Of course on paper you are independant, but everyone knows that you are more than just two law offices sharing the same name. You owe your whole success to these two brothers. Nice to see you sticking your knife into them after all they have done for you
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Anonymous | 15-Feb-2010 1:35 pm
I personally feel that it will all work out fine and everyone will be able to give loginal reasons why the documents where not tampered with.
I think Steven Daultrey is getting a bit hot under the collar
Does he not know if you can't laugh you should not have joined up
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Anonymous | 16-Feb-2010 7:37 pm
It seems somwhat stupid to work for a company named Marache & co and be upset that someone called Marrache works for similar named company in Gibraltar. Also I heard that people were innocent until proven guilty. Whatever their name.
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Anonymous | 25-Feb-2010 4:03 pm
The london branch is related to the Gib office, what Steven Daultrey needs to remember before he denies links between the two compants is the what about the e-mails sent to the Gib branch (work related) and his signature on clients files... Still no connection Steven ????
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Murielle MEDINA | 11-Mar-2010 6:50 pm
Solomon and Benjamin Marrache will proove their innocence. They are part of Gibraltar and always behave perfectly.
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James Spencer | 12-Mar-2010 11:45 am
A little bit too close to comfort? Daultrey was struck off for mishandling client funds. He was reinstated in 2004.
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Mike Nixon | 18-Mar-2010 2:47 pm
All the Marraches have to do is give the money to the clients who want it back and then they will be seen to be innocent. Simple. Why aren't they doing this? Can some of the well-wishers please explain rather than spew out emoty phrases about how correct they've always been?
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