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Joint statement by the Gibraltar Financial Services Commission and Nicholas Cruz

13 Jul 21

Enterprise Insurance Company Plc (in Liquidation) (“EIC”) is a Gibraltar registered company which was authorised by the Gibraltar Financial Services Commission (“GFSC”) to undertake and carry on certain insurance business in or from within Gibraltar. Mr. Cruz was a Non-Executive Director of EIC from 2003 to 2016 during which he was the Non-Executive Chairman from 2014 to 2016.

On 26 October 2016, the GFSC issued a Press Release announcing the commencement of an investigation into EIC’s insolvency and its compliance with regulatory obligations (“the Press Release”). 

The Press Release contained statements which said that the GFSC had reason to believe that it may have been seriously, significantly and consistently misled by the Board of Enterprise Insurance about its true financial position but that the GFSC had not made any findings or reached any conclusions at that stage (“the Statements”).

Mr. Cruz has alleged in a claim in the Supreme Court that these statements referred to him and were consequently defamatory of him. The GFSC denies that the statements referred specifically to Mr. Cruz or any other individual, or had that meaning. The GFSC and the other defendants therefore deny that they have defamed Mr. Cruz, or any other individual, as he alleges or at all. The GFSC has not made any adverse findings about and is not disputing Mr. Cruz’s integrity.

In order to bring this matter to a close, the GFSC has agreed to contribute to Mr. Cruz’s legal costs in the sum of £90,000 on an ex-gratia basis. Mr. Cruz has therefore agreed to withdraw his Defamation Claim against the GFSC, Ms Barrass and Mr Taylor.