Director Disclosure

RNS Number : 4481N
STM Group PLC
29 January 2016
 

 

 

 

29 January 2016

 

 

STM Group Plc

("STM", or "the Group")

 

Director Disclosure

 

STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, announces that pursuant to Rule 17 of the AIM Rules for Companies, it has been informed by Alan Kentish, a Director of the Company, that he has been subject to an administrative measur-e by the Malta Financial Services Authority ("MFSA") in relation to his role as a Non-Executive Director of a Gibraltar based insurance company (the "Insurance Company"). The Insurance Company was a client of STM's insurance management division, but was not related to the STM Group in any other way. The administrative measure relates to the late notification to the MFSA of an investigation by the Gibraltar Financial Services Commission (the "GFSC") of certain matters relating to the Insurance Company (the "Investigation"). 

 

The Investigation by the GFSC related to the statistical methodology used by the Board of the Insurance Company to set the insurance technical reserves of the Insurance Company during the period from 2007 to 2009.  The GFSC formed the view that there were some failings by the directors of the Insurance Company, but concluded that Alan Kentish remained a fit and proper person. The Investigation closed in May 2014. Alan Kentish advised the MFSA of the outcome of the Investigation in June 2014.

 

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. Mr Kentish had resigned from these two STM group companies in July 2015, prior to the direction from the MFSA, as part of his role within STM to focus on product and business development for the Group.

 

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

 

Commenting on the reprimand, Colin Porter, CEO of STM, said:

 

"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."

 


 

For further information, please contact:

STM Group Plc

www.stmgroupplc.com

Colin Porter, Chief Executive Officer

colin.porter@stmgroupplc.com

Tel: +350 200 42686

 



Alan Kentish, Product & Business Development Director

alan.kentish@stmgroupplc.com

Tel: +350 200 42686



Therese Neish, Chief Financial Officer

therese.neish@stmgroupplc.com

 Tel: +350 200 42686

 



finnCap

www.finncap.com

Matt Goode / Christopher Raggett / Emily Watts

Corporate Finance

Mia Gardner - Corporate Broking

Tel: +44 (0) 20 7220 0500



Walbrook PR

www.walbrookpr.com  

Tom Cooper / Paul Vann

Tel: +44 (0) 20 7933 8780


Mob: +44 (0) 797 122 1972


tom.cooper@walbrookpr.com

 

 

Notes to editors:

 

STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.

 

Today, STM has trading operations in Gibraltar, Spain, Jersey, Malta and Cyprus. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand.  STM has, for example, incorporated a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held. STM has developed a specialist international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS) and Employer Funded Retirement Benefit Schemes (EFRBS).

Further information on STM Group can be found at www.stmgroupplc.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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