GSD Seeks Clarity On El Martillo Funding

The GSD is calling for further information on funding linked to El Martillo Group, following recent questions about the company’s financing.

A statement from the GSD follows below:

The GSD note the answer given by the Government in response to today’s GBC report on El Martillo Group  that:  

“No Government owned, affiliated or controlled company has lent any money to El Martillo Limited or any  affiliated company.”  

The Government has however not replied to a follow up question by GBC as to any funding sourced from the  Gibraltar Savings Bank. The Government has said in answer to GSD questions in Parliament (Q253/2026)  that at 31 March 2026, £114 million has been provided by the Savings Bank via its subsidiary, the Gibraltar  National Mint Limited, to a company by the name of Community Credit Union Limited (“CCU”) which in  turn has loaned monies to various private sector companies. The Government has declined to disclose the  names of those entities but confirmed that the funding decisions by the Savings Bank are taken against a  criteria decided solely by Sir Joe Bossano.  

While the Government has not stated whether companies in El Martillo Group (the entities the focus of the  GBC report) have received such monies it is clear from Company House searches that a number of companies  in that group have charges registered against them in favour of CCU. It is in the public interest that if the  Government will not provide answers, then either CCU or El Martillo Group should consider making a  voluntary disclosure of any loan amounts, rates and terms.  

In the absence of this, there is a clear question that remains unanswered: has any of the £114 million provided  through the Savings Bank to CCU ultimately been loaned to companies within the El Martillo Group, and if  so how much?  

The Gibraltar public is entitled to this information.