Israeli publication Calcalist’s CTech has reported that insurance and reinsurance broker Aon’s White Rock (SAC) Ltd. has requested that the Tel Aviv District Court temporarily freeze the insurtech’s assets in Israel.
Last week, White Rock secured a temporary restraining order from a New York court to freeze the assets of under fire Vesttoo in the US.
Under the temporary restraining order, the court ordered Truist Bank to freeze Vesttoo’s accounts except for the amount of $1 million deemed necessary to pay employees, taxes, and existing subcontractors and suppliers essential to the insurtech’s ordinary course operations.
Now, CTech has reported that Aon’s segregated account and transformer vehicle has today expanded its efforts to freeze Vesttoo’s assets in Isreal, which if approved, would reportedly result in the freezing of assets of up to $135 million.
In response to the decision in the U.S., Vesttoo released a statement to Calcalist, explaining that the “freezing of the company’s assets in New York is only temporary, pending a hearing with both parties in court scheduled for next Tuesday.”
“According to the assessment of the company’s lawyers, the U.S. court lacks jurisdiction to address procedures related to other territories. Vesttoo intends to utilize all available legal means to eliminate the obstacles that are impeding the company’s ongoing efforts for recovery and growth.
“It’s important to note that there is no concern about the company’s ability to meet its obligations to employees and suppliers,” continues the statement sent to Calcalist.
This latest twist in the ongoing fraud saga follows recent news that White Rock has called for Vesttoo to return $136.7 million in collateral that it distributed to the firm.
