Benjamin Marrache, the firm’s Managing Partner said "we intend to appeal the decision of the FSC. If there are any issues involving any of these companies these will be resolved."A fortnight of frantic activity to establish whether or not client account funds had been compromised followed weeks of rumours that Marrache & Co were in financial difficulty. It is understood the RGP Financial Crime Unit is monitoring developments. The financial hole is believed to run into millions.It was the FSC which yesterday evening formally burst the bubble when it announced that it had cancelled a series of licences mostly related to their trustee services.
The timing was driven by law and came immediately after urgent legislation was Gazetted by the Gibraltar Government creating the power of an authorised administrator. In a separate move related to the crisis, lawyers acting for an Irish based client last Friday sought an injunction against Marraches and at a further hearing today will be seeking to secure property assets valued at over £2m.
The FSC yesterday cancelled nine licences that had been granted to firms and persons operating under the Marrache umbrella.

It was a week earlier on Monday February 1 that, following earlier FSC intervention, Freddie White of Grant Thornton’s, a leading figure in liquidations and administration work, was authorised by the Chief Justice to investigate and then take control of the firm’s finances.