Leonard Martel has taken over as deputy chairman of Banque SCS Alliance whilst three of its directors, Jean-Franklin Woodtli, Jean-Pierre Mo...

Leonard Martel has taken over as deputy chairman of Banque SCS Alliance whilst three of its directors, Jean-Franklin Woodtli, Jean-Pierre Mottu and Louk De Wilde, have left the board. Mr Martel replaces Francois Cardis, who has become secretary to the board. Last year, the bank's largest shareholder and former chief executive, Pascal Node-Langlois, resigned as chairman and left the board. The bank has been subject to a number of investigations, including one involving Martin Frankel, a former client now serving a 16-year prison sentence in the US for stealing $200 million from insurance companies. In 2004, liquidators sued the bank and former bank official Jean-Marie Wery for helping Mr Frankel to defraud the companies and launder the proceeds. Mr Wery recently pleaded guilty and was also jailed. In October 2004 a US court threw out the case, ruling that US law did not apply, but the liquidators have appealed. The bank denied any liability.