STM says Gibraltar police end probe of CEO and colleague without charges
The police said matters related to the pair's arrest have been completed and no further action will be taken. No charges were ever made against the two, STM noted.
Back in October 2017, Kentish was arrested by the Gibraltar Police in relation to a tax issue in 2015 involving an STM client company.
At the time, STM said advice received by Kentish and the company was that allegations against him had no merit, with the company saying it was "profoundly disappointed" with the latest development.
In November 2015, the ultimate beneficial owner of STM's client, of which Kentish is a director, was involved in a tax dispute between two unnamed countries for the years 2008 to 2013 over their respective rights to the taxes "correctly" paid by the owner.
STM said Kentish then followed compliance procedures in filing two suspicious activity reports with STM's money laundering reporting officer, both of which were sent to the Gibraltar Financial Intelligence Unit. Under the law in Gibraltar, the GFIU had fourteen days to respond regarding potential action, with a lack of response indicating no action will be taken. STM said it received no response and thus continued as normal.
However, at the end of October 2017, two years after the filing, Kentish was arrested by police in Gibraltar on the allegation of failure to disclose and was released two weeks later. ■