The cross border financial services provider said it had submitted an application for a judicial review against the Royal Gibraltar Police (RGP) on 9 November 2017.
However, as of more than a month later, the RGP has confirmed to International Adviser it has not received a notice from the courts.
A spokesman for the RGP said: “The position remains unchanged. All we know is what was said in their press release. The investigation continues.”
IA understands the review application process to be prompt.
The police investigation has already seen the arrest and release of two STM employees including chief executive Alan Kentish on suspicion of failure to disclose.
STM has said “the documentation lodged to support the judicial review robustly defends that there is no merit to these allegations”.