Authorities in the British Overseas Territory are taking no further action against the firm, it announced last week.

Financial services firm STM Group, whose chief executive was arrested in Gibraltar last October for allegedly not disclosing data on a client involved in a tax matter, last week said that the jurisdiction will take no further action against him.

Alan Kentish and a colleague – not named in the STM statement – have been advised by Gibraltar police that investigations against them have been completed and no further action will be taken. No charges were made against them.

After the arrest last year, STM, which provides cross-border financial services, moved its headquarters to London from Gibraltar.

STM has offices in centres including Gibraltar, Malta, Cyprus, Jersey and Spain.

As reported by this news service late last October, STM’s client in the matter leading to Kentish’s arrest has not been named and was not identified in media reports. The client was involved in a tax dispute between two countries about their right to tax from 2008 to 2013. STM said the claims had no merit.

In October this year STM, which is listed on London’s AIM bourse, said that it has agreed to acquire UK pension provider Carey Administration from its existing shareholder for £400,000. Carey provides services such as Self Invested Personal Pensions, among others.