Locally-based cross-border financial services provider STM Group will relocate its headquarters “out of Gibraltar”, it confirmed in a statement to investors yesterday.
The announcement, which had been flagged last month, came as the Royal Gibraltar Police disclosed it had released the group’s arrested chief executive, Alan Kentish, without charge.
STM also said it was challenging the Gibraltar Financial Service Commission’s [GFSC] decision to investigate compliance and governance concerns.
Mr Kentish had been arrested in connection with allegations stemming from a tax dispute between two countries dating back several years and relating to a client company of which he was a professional director.
He robustly defended that there was no merit to the allegations and his release from arrest came after an application was filed in the Supreme Court for judicial review of the RGP’s decision to arrest.
A second STM employee arrested by the RGP was released without charge, the Chronicle understands.
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