Trust company directors fined £105k after Arch Cru collapse
FOUR Trust company directors have received heavy fines for their involvement in the high-profile collapse of the Arch Cru investment funds.
Nick Hannah, Adrian Howe, David Enevoldsen and Ben Tustin were founders of Marlborough Trust Company in 2003 and at one point the business employed some 50 people. The company has been fined £100,000 by the Guernsey Financial Services Commission and the four directors fined a total of £105,000.
The commission launched an investigation after the collapse and suspension of the Arch Cru funds, but it made clear that Marlborough's actions were not responsible for the collapse.
It said that the management and administration 'exhibited serious breaches of the minimum licensing criteria'.
'Furthermore, their activities do discredit to the professionalism with which Guernsey's fiduciary sector is generally regarded. The conduct that was criticised throughout the investigation was serious.
