LONDON (Alliance News) - The Malta Financial Services Authority has said that Alan Kentish, a director at STM Group PLC, should not hold for one year any directorship, senior managerial and, or executive roles within the London-listed company's two subsidiaries supervised by the regulator.
STM Group PLC specialises in administrating the assets for international clients in relation to retirement, estate and succession planning and wealth structuring. It has trading operations in Gibraltar, Spain, Jersey, Malta and Cyprus.
"The MFSA is following its normal procedure in monitoring regulated entities under its jurisdiction and in making its administrative measures and penalties public. The investigation was not related to any STM Group company and the board notes that there was no finding by the GFSC that Alan Kentish was not a fit and proper person," STM Chief Executive Colin Porter said.
The regulator's move came after an investigation by the Gibraltar Financial Services Commission relating to the statistical methodology used by a Gibraltar-based insurance company at which Kentish is a non-executive director.
The GFSC formed the view that there were some failings by the directors of the insurance company, but according to STM the regulator concluded that Kentish remained a fit and proper person. The investigation closed in May 2014.
Kentish advised the MFSA of the outcome of the investigation in June 2014, STM said. "Owing to the deemed late notification of the Investigation, Alan Kentish has been directed by the MFSA not to hold any directorship, senior managerial and, or executive roles within the two STM group subsidiary companies regulated by the MFSA for a period of one year," STM said.
"Alan Kentish has initiated appeal procedures in Malta against the MFSA, arguing that there was no requirement to disclose the investigation given its outcome and that in any event disclosure of the investigation had been submitted within a reasonable time, as required by the legislation," STM added.
Shares in STM were untraded at 48.50 pence on Friday shortly after midday in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Stm Grp. (STM)