Rotten Rock – Part 2: The lawyers behind the curtain!
Legal scaffolding and regulatory shadow.
If Gibraltar has built itself into a formidable player in financial services and online gambling, much of that foundation rests on its legal industry. In particular, two firms (Hassans International Law Firm and ISOLAS LLP) stand out as cornerstones of the jurisdiction’s international reputation. Their lawyers occupy key positions on company boards, political advisory panels and public regulatory bodies.
This in itself is not irregular. In a small jurisdiction with a limited talent pool, dual roles are common. But as our Rotten Rock series continues, we ask a difficult but necessary question: when does legal expertise turn into structural influence and when does influence begin to erode the independence of a regulatory system?
A question of proximity, not guilt.
Let’s be clear from the outset. No individual lawyer or firm mentioned in this article is accused of wrongdoing. Nor does the provision of legal advice, in any context, constitute evidence of complicity. This article does not allege illegality, nor does it seek to damage reputations without foundation.
What follows is a structured inquiry into governance, independence and the potential appearance of conflict; issues which are relevant in any jurisdiction, but especially so in one as tightly interwoven as Gibraltar.
The subject matter arises from real-world cases. Most notably, the Mansion Group, a once-prominent gaming operator now embroiled in litigation and regulatory scrutiny across several jurisdictions. The group operated via complex offshore structures with links to Gibraltar, supported by fiduciary services, nominee arrangements and legal advisories.
Former CEO Karel Manasco has submitted detailed documentation in his defence and has spoken publicly on the challenges of internal governance within that framework.
His statements, while disputed by some parties, have prompted wider questions about how such a structure could have evolved with so little domestic challenge.
Names that keeps recurring.
In our research, one observation became difficult to ignore: certain names appear again and again, often wearing multiple hats.
Peter Isola, a senior partner at ISOLAS, has long served on public advisory boards, including those influencing financial policy. His relative, The Hon Albert Isola CBE, previously a Minister for Digital and Financial Services, was also a partner at the same firm. While he officially resigned his private sector roles while in office, the historical relationship between his ministry and ISOLAS has never fully disappeared from public discourse. Marcus Killick, formerly the head of Gibraltar’s financial regulator, is now in private legal practice, continuing to shape the very industry he once supervised.
At Hassans, a similar blending of legal and regulatory identities exists. Michael Castiel, a consultant to the firm, has been involved in multiple panels advising on cross-border legal matters. James Lasry, another key figure, has chaired financial associations while remaining active in professional services.
Then there’s Peter Montegriffo KC, a seasoned voice in Gibraltar’s legal and legislative spheres. As a partner at Hassans and former Minister for Trade and Industry, his influence has been significant and long-standing.
Again, no criticism is levelled but it is legitimate to ask whether regulatory policies can truly be assessed independently when the architects of policy also act as advisors to those who benefit from it.
The Mansion dimension
Although much of Mansion Group’s legal work was conducted outside Gibraltar, the territory still played a key role in the group's wider framework. Several entities with indirect links to the Mansion structure appear to have relied on legal and administrative support within Gibraltar.
During Manasco’s tenure and following his departure, certain legal service providers continued to represent companies now subject to EU-based investigations and tax enquiries.
This article makes no assertion that Hassans or ISOLAS acted for any of those companies in an improper capacity.
However, we believe it is reasonable to raise the issue of board memberships, consultancy roles and financial sector advisory positions being held by individuals or firms who may later be asked to provide an “independent” view. If Gibraltar wishes to be viewed as a modern, high-integrity jurisdiction, that perception will depend not only on how it enforces its laws, but also on how it separates regulatory judgement from commercial representation.
Legal advice or legislative influence?
There is an inherent tension in having the same pool of professionals working in both the public and private sectors. One day they are advising government on the design of regulations, the next they are acting for companies affected by those very regulations.
That’s not unique to Gibraltar. But in jurisdictions of this size, those overlaps are more visible and, arguably, more influential.
As part of our research, we reviewed minutes, advisory listings and legal directory profiles spanning over a decade. We noted consistent overlaps, not in a conspiratorial sense, but as a pattern worth reflection.
Legal advisors are not regulators, but when their opinion becomes de facto policy, it becomes harder to delineate accountability. That’s especially true when firms act as both advisor to government and legal counsel to regulated companies. It raises the question: who represents the public interest when advisers serve multiple masters?
A constructive path forward?
What Gibraltar chooses to do with this information is up to its political leadership, bar associations and public sector bodies. No doubt, many professionals named here have worked diligently and ethically for years. Their contributions have helped modernise Gibraltar’s legal system and attract high-value international business. But past success does not immunise a system from the need for reform.
Reforms may include mandatory cooling-off periods between public and private sector roles, published registers of board affiliations and a clearer code of conduct separating advisory from lobbying activities.
Other small jurisdictions, such as Jersey and Malta, have begun to explore these models. Perhaps it is time Gibraltar does too.
FAQs
What is the main focus of the article on Gibraltar's legal system?
The article examines the intersection of legal practice and regulatory influence in Gibraltar, particularly how certain law firms and individuals hold overlapping roles in both sectors.
Are any law firms or individuals accused of wrongdoing in the article?
No. The article explicitly states that it does not allege any illegal activity or misconduct by individuals or firms mentioned.
Why is Gibraltar’s legal industry significant to its economy?
Gibraltar’s legal sector underpins its financial services and online gambling industries, serving as a key foundation for regulatory frameworks and international trust.
Which two law firms are central to Gibraltar’s legal influence?
Hassans International Law Firm and ISOLAS LLP are identified as central pillars in shaping Gibraltar’s legal and regulatory landscape.
What concerns are raised about legal professionals in Gibraltar?
The article questions whether individuals who advise the government can also fairly represent private clients affected by those same regulations, potentially leading to conflicts of interest.
What role does the Mansion Group play in this discussion?
The Mansion Group is a gaming operator linked to legal and regulatory scrutiny, illustrating how legal structures can become complex and lack sufficient oversight.
Is this kind of regulatory overlap unique to Gibraltar?
No. While not unique, such overlaps are more pronounced in smaller jurisdictions where the talent pool is limited and professionals often serve multiple roles.
What reforms does the article suggest for Gibraltar?
Suggested reforms include cooling-off periods between public and private roles, disclosure of board affiliations, and clearer separation of advisory and lobbying functions.
Who are some key figures mentioned in the article?
Notable individuals include Peter Isola, Albert Isola, Marcus Killick, Michael Castiel, James Lasry, and Peter Montegriffo—each with influential roles across legal and public sectors.
What is the broader implication for governance in Gibraltar?
The article suggests that for Gibraltar to maintain its reputation as a high-integrity jurisdiction, it must better separate legal advisory roles from regulatory functions.
Legal disclaimer
This publication is presented for informational and journalistic purposes only. It is based on publicly accessible data, legal directories, official biographies, regulatory filings, press coverage and statements made in open legal proceedings.
Malta-Media has made every effort to ensure that all references to individuals and organisations are accurate, fair and substantiated at the time of writing.
The article does not allege or imply that Hassans International Law Firm, ISOLAS LLP or any of their representatives (including Peter Isola, Albert Isola, Michael Castiel, Marcus Killick, James Lasry or Peter Montegriffo) have engaged in unlawful or unethical conduct. All professionals and firms named in this publication are presumed to have acted within the bounds of applicable local and international laws and are entitled to the presumption of innocence in all matters.
No statement in this article should be interpreted as an assertion of wrongdoing by any party unless such a finding has been made by a competent judicial or regulatory body.
The mention of the Mansion Group, its former CEO Karel Manasco and associated legal proceedings is based on public records, court documents and third-party reporting.
These references are made in the context of broader institutional and regulatory observations and are not intended as personal accusations.
Where commentary is provided, it is offered as informed opinion only and not as conclusive fact. Malta-Media is committed to responsible publishing and welcomes any requests for correction, clarification or rebuttal.
Parties who believe they have been inaccurately represented are invited to contact us directly for prompt review and response.
Sources:
Peter Isola – Senior Partner, ISOLAS LLP
ISOLAS LLP Profile: Peter Isola – ISOLAS LLP
Legal 500 Profile: Peter Isola – Legal 500
MarketScreener Biography: Peter A. Isola – MarketScreener UK
LinkedIn Profile: Peter Isola – LinkedIn
Albert Isola – Former Minister for Digital and Financial Services
Wikipedia Entry: Albert Isola – Wikipedia
ISOLAS LLP Profile: The Hon Albert J Isola CBE – ISOLAS LLP
Legal 500 Profile: Albert J Isola CBE – Legal 500
LinkedIn Profile: Albert Isola – LinkedIn
Michael Castiel – Consultant, Hassans International Law Firm
Hassans Profile: Michael Castiel – Hassans
Legal 500 Profile: Michael Castiel – Legal 500
Chambers Profile: Michael Castiel – Chambers
LinkedIn Profile: Michael Castiel – LinkedIn
Marcus Killick OBE – CEO, ISOLAS LLP
ISOLAS LLP Profile: Marcus Killick – ISOLAS LLP
IFC Review Article: Marcus Killick OBE – IFC Review
The Report Interview: Interview with Marcus Killick – The Report
LinkedIn Profile: Marcus Killick – LinkedIn
James Lasry – Partner, Hassans International Law Firm
Hassans Profile: James Lasry – Hassans
Legal 500 Profile: James Lasry – Legal 500
Chambers Profile: James Lasry – Chambers
LinkedIn Profile: James Lasry – LinkedIn
Peter Montegriffo KC – Partner, Hassans International Law Firm
Hassans Profile: Peter Montegriffo – Hassans
Chambers Profile: Peter C Montegriffo KC – Chambers
Leaders in Law Profile: Peter Montegriffo QC – Leaders in Law
LinkedIn Profile: Peter Montegriffo – LinkedIn
Mansion Group – Legal Proceedings and Regulatory Matters
Gibraltar Broadcasting Corporation: Mansion Group Closure and Legal Action
Casino org Article: Former Mansion CEO Faces Asset Freeze
VIXIO GamblingCompliance: Gibraltar Supreme Court Grants Asset Freeze
Michael
With nearly 30 years in corporate services and investigative journalism, I head TRIDER.UK, specializing in deep-dive research into gaming and finance. As Editor of Malta Media, I deliver sharp investigative coverage of iGaming and financial services. My experience also includes leading corporate formations and navigating complex international business structures.
