JYSKE Bank staff managing the Marraches’ accounts ‘had no training’ in key rules governing their usage, the Gibraltar Supreme Court has heard.
Staff were responsible for client and office accounts held by the brothers’ law firm Marrache & Co from 2001 to 2009.
Liquidators for the law firm are accusing Jyske Bank of knowing about the Marraches’ fraud when allowing their customers’ accounts to go overdrawn.
Tom Leech QC, acting on behalf Jyske Bank, said Ian Styles, the bank’s head of credit, and Bill Bishop, a credit administrator’ would have been ‘unconcerned about money from a solicitor’s account’.
“They would be concerned about money laundering,” said Leech. ”
“None of the individuals had training with relation to the Solicitors Account Rules.”
Bank staff ‘trusted the Marrache brothers to do their business lawfully’, although none had training in the Solicitor Accounts Rules.
“The concern was not about money going out, it was about money going in,” said Leech.
“Where has it come from?
“There are two issues that are central. First is the question of trust. Did Jyske Bank comply with its obligations, or did they know and suspect from a very early stage that the firm was stealing from its clients?”
He added: “The pattern or volume of transactions was not suspicious.”
Leech produced communications from May, 2005 in which Bishop raised concerns about a money being moved from one of the Marrache accounts.
“Why would he raise a concern that is throwing a spotlight on this?” said Leech.
The trial is expected to last a month.