Lemma Europe Insurance Company has been placed in liquidation after its Ukrainian sister company failed to honour its reinsurance agreements with the Gibraltar based firm.
Grant Thornton has been appointed the provisional liquidator by the Supreme Court of Gibraltar after the Financial Services Commission petitioned the court for a winding up order.
The FSC said it had issued a direction ceasing the company's authorisation to renew insurance contracts at the request of the insurer's board in August. A further investigation...
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