After discovering the compliance failures, the Gibraltar Financial Services Commission (GFSC) had applied for the extra powers – to seize paper work and question employees under oath – but lawyers blocked the move until a hearing on 22 January.
It is this January hearing, which STM had wanted to keep private.
STM’s legal team, however, were unable to convince the Gibraltar Supreme court it was in the public interest to hold the hearing behind closed doors.
Welcoming the decision, a spokesman for the GFSC said: “We abide by any decision made by the court in Gibraltar and we are always happy to act in an open and transparent manner.”
International Adviser understands privacy orders in cases like STM’s are only granted in exceptional circumstances.
STM has also been fending off a probe led by officers from the Gibraltar police’s Money Laundering Unit who have arrested and released two employees, including chief executive Alan Kentish on suspicion of failure to disclose.
