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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.