On the southern Mediterranean coast, nestled in the shadow of the Rock’s sheer limestone cliffs and its tangle of wild olive trees, the Gibraltar Stock Exchange (GSX) is quietly preparing for a corporate takeover that could have global consequences for the former naval garrison, The Guardian reported.
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Following last week’s revocation of its operator licence, Addison Global’s MoPlay brand has announced that the company is now insolvent and has stopped withdrawals from customers, Inkedin reported. The operator was suspended after the UK Gambling Commission explained in a statement that it suspected ‘that Addison Global Limited has breached a condition of the licence (section 120(1)(b) and is unsuitable to carry on the licenced activities (section 120(1)(d) of the Act).’ Since the suspension, Moplay has ceased processing withdrawals, with the site now offline in the United Kingdom.
A liquidator appointed to Gibraltar-based Enterprise Insurance, which was active in the Irish motor market in recent years, has found the company had committed a number of regulatory breaches before it collapsed, the Irish Times reported. In a report submitted to Gibraltar’s supreme court last week and published on Friday, the liquidator, Freddie White of Grant Thornton (Gibraltar), found that Enterprise failed to set aside enough technical reserves to cover the risks it was insuring.
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Enterprise Insurance, a Gibraltar-based firm whose collapse last week has hit 14,000 Irish motor customers, has been described in court as “hopelessly insolvent”. It has as an asset shortfall of up to £18 million (€21.5 million), the Irish Times reported. The Gibraltar Financial Services Authority (GFSA) said this week that Frederick David John White of Grant Thornton has been appointed as provisional liquidator of the insurance company.
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Every weekday morning, Christian Bjørløw drives 12 miles from his home in southern Spain, parks his car in a sunbaked lot and, flashing his passport, walks into this sliver of Britain at the tip of the Iberian Peninsula. The Danish banker is one of about 10,000 people accustomed to an easy cross-border commute to work here. The prospect of a British vote next week to leave the European Union has put them—and Gibraltarians, who depend on easy access to Europe’s market—on edge, The Wall Street Journal reported. Spain and the U.K.
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French construction firm Vinci SA has bought British builder Haymills Group in a "prepack" administration deal, administrator PricewaterhouseCoopers said on Thursday, Reuters reported. The privately-owned company was put up for sale after facing difficulties meeting its financial obligations and incurring losses from a Gibraltar subsidiary, PwC's Stephen Oldfield said. Vinci's acquisition of Haymills was a "prime example of when a prepack sale can be the best option", PwC's Oldfield said.
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