Jonathan Goldberg QC said in a statement that Isaac Marrache had engaged him as counsel, and had returned to Gibraltar “entirely of his own free will to assist the police fully and in a spirit of total cooperation with their enquiries”, the Chronicle says.
The whereabouts of Marrache & Co’s Isaac Marrache had been a mystery since early February, when the Gibraltar-based firm with offices in London, Spain, Lisbon, Prague and Luxembourg saw its assets frozen and two other partners – Isaac’s brothers Benjamin and Solomon – arrested.
According to the Chronicle, the missing Marrache brother flew into Malaga airport last night ahead of crossing into Gibraltar, where it said he would “face police questions and confront his imprisoned brothers”. In his absence, he has not been charged with any offence.
However, brothers Solomon and Benjamin last week accepted personal civil liability for €1.8m missing from Marrache & Co’s client accounts, the paper says. It adds that Isaac had been expected to make an early court appearance today to face civil law applications to declare him bankrupt.
“If granted, an order against him would be enforceable in UK where he has assets,” the paper said.
The Marrache saga became public on 8 Feb, when Gibraltar’s Financial Services Commission cancelled nine of Marrache’s licences after an investigation that it said had disclosed “serious and persistent breaches of Gibraltar’s financial services legislation”. As reported, the cancellation of the licences came after weeks of rumours of difficulties at Marrache. Solomon and Benjamin Marrache have been held without bail since 18 Feb.
Statement
In its report, the Chronicle reported Goldberg as saying in his statement that Isaac Marrache was “mortified that the once highly successful and reputable firm he established on his own many years ago has apparently been plundered to the extent that clients have lost their money and loyal employees their jobs. The fact that certain close members of his family may be implicated is heartbreaking to him.”
Isaac Marrache ran the London office “where no client lost a penny, and he lived with his wife and children mainly in London and he was misled regarding the true position in Gibraltar. Once made partially aware of the situation he immediately ordered an audit,” The Chronicle quoted Isaac as saying.
“He has a very different side of the story to tell from what has hitherto been reported,” the barrister added.
