Nov 18 – GSD Probes ‘Gibraltar Home Loans Company Limited’
The GSD says that a company search has revealed that Credit Finance Company Limited incorporated a wholly owned subsidiary called “Gibraltar Home Loans Company Limited” on 25 June 2013 with a share capital of GBP 100,000.
GSD Election Candidate Roy Clinton said:
“We would like to know in the public interest what is the purpose of this entity and does it have a Money Lending Licence and if so when was it granted? Is it in fact lending money and, if it is, how is it that the general public have not been made aware of how to apply for loans, why are these secret? As is the case for Credit Finance Company Limited it is strange it does not advertise its existence or how to apply for loans at a time when ordinary people are finding it hard to obtain mortgages. Are these loans only for a favoured few? Without Government transparency we can only guess.”
The GSD says that the existence of this entity was not apparent in the 2015/16 estimates as at 31 March 2015 as it was then ultimately owned by the Gibraltar Development Corporation (“GDC”) rather than the Government. The party says that the directors of Gibraltar Home Loans Company Limited are once again senior civil servants.
{fcomment}
