STM Group granted stay on appointment of inspectors pending appeal
Following the announcement of 14 November 2017, STM Group, the cross border financial services provider has been advised that the Gibralter Financial Services Commission and associated subsidiaries agreed voluntary stay, devoid of prejudice to the respective parties' legal arguments, till the appeal countering the appointment of inspectors was heard by the court.
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On 14 November 2017, STM's board and associated subsidiaries took legal advice on whether the Gibraltar Financial Services Commission held sufficient grounds to make the appointment, and subsequently filed and served an appeal against the decisiom with the Gibralter Supreme Court.
The court order for stay was still in the process of being finalised as of 16 November 2017, cancelling the extended stay hearing of the court scheduled for 20 November 2017, meaning that the inspectors would not commence any work related to the appointments and subsequently subsidiaries would endure the potential costs of the inspectors pending the outcome of the appeal.