Guernsey - Judgement re TREVOR KELHAM & THE GFSC – the court backed the GFSC.
Judgement re TREVOR KELHAM [Appellant] And CHAIRMAN OF THE GUERNSEY FINANCIAL SERVICES COMMISSION [Respondent]
- Standard Chartered Guernsey's former CEO TREVOR KELHAM fought to overturn a ban and fine imposed for his role in how the firm dealt with more than $1bn of tainted assets.
- The GFSC banned Trevor Kelham from holding senior finance roles on the island for four years and fined him £45,000 after events at Standard Chartered Trust (Guernsey) from 2012 to 2016.
TREVOR KELHAM challenged the GFSC fine and lost.
- THE GFSC successfully defended a Royal Court appeal against its fine and prohibition order from the former managing director.
- The GFSC have made available the judgment [18th April 2023] of the Deputy Bailiff given in response to Mr Kelham’s appeal against the sanctions imposed on him by the Commission’s Senior Decision Maker.
- Those sanctions were covered separately in the public statement we issued on 18 May 2023 following Mr Kelham’s decision not to further appeal the matter.
- This appeal hearing was previously confidential, having been heard under the auspices of the Commission's enforcement practices and relevant laws which were in place prior to the passage of The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020.
- The new law removed the prior presumption that appeals against Commission decisions would be held in camera.
- Deputy Bailiff Jessica Roland backed the decision-making by the GFSC, which has now published the appeal judgement on its website.
The decision is interesting in many respects, including the following
Highlights and insights
- Into a "bank-led" trust company - including internal delegation.
- Into transfers from one trustee to another.
- On the role of a regulator and the reputation of Guernsey
- About internal processes and procedures. Together with reporting etc.
- About potential CRS evasion before 31/12/15
- When an individual may be liable in addition to a licensee (although one of the findings found that the Board as a whole is responsible for oversight not one director)
- 18th April 2023 = https://www.gfsc.gg/sites/default/files/media/helix-file/Final%20Approved%20Anonymised%20Judgment.Kelham%20v%20GFSC%2018.04.2023.pdf
- 18th May 2023 https://www.gfsc.gg/news/mr-trevor-james-kelham-and-ms-sarah-jayne-sarre-0
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