The Supreme Court in Gibraltar has appointed Joint Liquidators to Cabor Trustees Limited.
The move comes in the wake of last year’s probe into the affairs of Gibraltar law firm Marrache & Co, which collapsed amidst allegations of fraudulent activity. In February 2010 the Gibraltar Financial Services Commission (GFSC) cancelled nine of the law firm’s licences saying it believed that there had been “serious and persistent breaches of Gibraltar’s financial services legislation”.
In the intervening period the Authorised Administrator has been responsible for client affairs and the transfer of a large number of trusts to other service providers and the administration of the remaining trusts.
Commenting on the appointment of the Liquidators, Mr Marcus Killick, the Commission’s CEO said; “The issues we have had to deal with in Cabor have been very much more challenging than in other parts of the Gibland group and we are therefore satisfied that we have made every effort possible to accommodate former clients of Cabor in the transfer of their business to other service providers.”
The FSC says it will continue to support and work with the Joint Liquidators.
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