Israeli publication Calcalist’s CTech reports that insurance and reinsurance broker Aon’s White Rock (SAC) Ltd. requested that the Tel Aviv District Court temporarily freeze the insurtech’s assets in Israel.
Last week, White Rock obtained a temporary restraining order from a New York court to freeze the assets of under-fire Vesttoo in the US.
Under a temporary restraining order, the court ordered Truist Bank to freeze Vesttoo’s accounts except for an amount of $1 million deemed necessary to pay employees, taxes, and existing subcontractors and essential suppliers. in the ordinary operation of the insurtech course.
Today, CTech reports that Aon’s separate account and transformer vehicle is now expanding its efforts to freeze Vesttoo’s assets in Isreal, which if approved, will reportedly result in an asset freeze of up to $135 million.
In response to the US decision, Vesttoo released a statement to Calcalist, explaining that the “freezing of the company’s assets in New York is only temporary, pending a hearing between the two parties scheduled in court next Tuesday.”
“According to the assessment of the company’s lawyers, the US court does not have jurisdiction to resolve the procedures related to other territories. Vesttoo intends to use all available legal means to remove obstacles that hinder the company’s continued efforts for recovery and growth.
“It is important to note that there are no concerns about the company’s ability to meet its obligations to employees and suppliers,” continued the statement sent to Calcalist.
This latest twist in the ongoing fraud saga follows recent news that White Rock is calling for Vesttoo to return the $136.7 million in collateral it distributed to the company.
