Liquidator gives evidence in Marrache case

Liquidator gives evidence in Marrache case

Jyske Bank’s handling of the accounts of Marrache & Co in the run-up to the law firm’s collapse continued to be put under scrutiny in court yesterday.
Liquidators for Marrache & Co are suing Jyske and insist the bank should have asked more questions of Marrache & Co and been more suspicious of the actions of its three senior partners, Benjamin, Isaac and Solomon Marrache, all of whom were later convicted of fraud.
The bank insists that it acted properly throughout and in compliance with the law, adding that the liquidator’s case is “coloured by hindsight”.
But on the third day of hearings in the Supreme Court, liquidator Adrian Hyde took the witness stand and insisted the bank and its employees dishonestly assisted the three brothers as they defrauded clients of Marrache & Co.
The claim against Jyske Bank was lodged by liquidators in 2014 and alleges that as a consequence of Jyske’s conduct, some clients of Marrache & Co suffered substantial loss and damage.
Mr Hyde and fellow liquidator Edgar Lavarello expect to recover $995,000, £2.7million and €3.8million from Jyske Bank. Millions more is sought in interest.
Jyske Bank held client and office accounts for Marrache & Co for nine years.
Court documents show the office account was for years routinely overdrawn by millions of pounds.
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