Police have ended their investigation into the chief executive of cross-border pensions provider STM Group.
A statement from the Aim listed firm – which hit headlines again recently for acquiring a majority stake in embattled Sipp provider Carey Pensions – says that “no further action” will be taken against boss Alan Kentish.
Royal Gibraltar Police arrested Alan Kentish and one of his Gibraltar-based colleagues in October last year as part of a tax investigation, alleging that Kentish breached disclosure rules under the Proceeds of Crime Act 2015.
STM claimed it had filed suspicious activity reports over transactions with the regulator.
Trading in shares of STM, which also owns London & Colonial, was suspended for a day before Kentish’s release in November.
STM’s statement today says: “Alan Kentish and his colleague have now been formally advised that the investigation into matters described in the announcement have been completed and no further action will be taken. No charges were ever made against the individuals.”
The firm did not provide an update on a planned application for a judicial review against the Royal Gibraltar Police to the Supreme Court in Gibraltar.
The firm decided to relocate its headquarters from Gibraltar to the UK in January,