According to the Gibraltar Chronicle, Benjamin Marrache, who has been charged along with his two brothers, and senior partners in the now defunct Marrache & Co. law firm, of conspiracy to defraud, wanted to leave the “claustrophobic” confines of Gibraltar to live with a relative in Spain.
However, the judge, Puisne Judge Barrington Black, decided against relaxing Marrache’s strict bail conditions, which have seen all the three brother’s financial assets frozen and their movements restricted to Gibraltar.
Giving his ruling Judge Black said: “There is a lot of money involved in this case. I have to say that having regard to the sums involved, I do believe that a real risk exists.”
The Gibraltar Chronicle reported that in making a case for a relaxation of the bail conditions, Ian Winter, QC, said Marrache had deep family links to the Rock and is committed to fighting the accusations against him and clearing his name.
According to the paper, Winter also highlighted the fact that Marrache’s assets had been frozen as part of the ongoing investigation into the alleged fraud and that he was surviving financially only thanks to help from family and friends.
Winter then added: “The suggestion that he is a flight risk is fanciful. With what is he going to flee?”
Marrache, who was first arrested on 9 February 2010, has been charged along with his brothers, Solomon and Isaac, with conspiracy to defraud. He was granted bail after five months on remand, though subject to strict conditions and hefty sureties.
At the time, Gibraltar-based Marrache & Co had offices in London, Spain, Lisbon, Prague and Luxembourg.
In April 2010, both Benjamin and Solomon accepted personal liability for €1.8m missing from Marrache & Co’s client accounts.
