Legal

Financial Services Group's CEO Arrested In Gibraltar In Tax Case - Media

Tom Burroughes, Group Editor, London, 31 October 2017

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The firm reportedly has stated the allegations against have no merit.

The chief executive of financial services firm STM Group, which is listed on London’s Alternative Investment Market, has been arrested in Gibraltar for allegedly not disclosing information on a client involved in an international tax dispute. 

Media reports said that Gibraltar authorities have arrested Alan Kentish. The client, who has not been named and wasn’t identified in media reports on the matter, was involved in a tax dispute between two countries about their right to tax Kentish from 2008 to 2013.

STM has offices in centres including Gibraltar, Malta, Cyprus, Jersey and Spain. There appeared to be no reference to the matter on the firm’s website, as far as this news service could establish. WealthBriefing has contacted STM and may update in due course.

One media report (www.protactiveinvestors.co.uk) said that before it clear that the client was involved in a tax dispute, STM said Kentish had followed compliance procedures in filing two suspicious activity reports with the company's money laundering reporting officer, which was sent to the Gibraltar Financial Intelligence Unit. The GFIU did not respond within 14 days so the company was in its rights to continue with business as normal, STM was quoted as saying.

The report added that STM said the allegations against Kentish have “no merit”.

 

 

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