Vesttoo bosses put on paid leave while board mulls removal

Vesttoo bosses put on paid leave while board mulls removal | Insurance Business Asia

Insurance News

Vesttoo bosses put on paid leave while board mulls removal

Chief executive, chief financial engineer await fate

Insurance News

By
Terry Gangcuangco

Vesttoo chief executive Yaniv Bertele and chief financial engineer Alon Lifshitz have been put on paid leave while the company’s board considers its options, including the duo’s removal, amid the scandal being faced by the insurtech.

“We can confirm that the board is considering the removal of Yaniv Bertele, chief executive officer, and Alon Lifshitz, chief financial engineer, from their positions at the company,” a report by The Royal Gazette cited Vesttoo as saying in a statement.

“They will be on paid leave until a final decision is taken. We are exploring multiple options for interim replacements, but no decision has been taken, as of yet.

“We want to emphasise that there are no plans to liquidate the company. Our aim is to help the company overcome this crisis, provide solutions to affected clients, and focus on our core services and value proposition in order to rebuild the company.”

Vesttoo has been making headlines since the firm disclosed that it was investigating discrepancies in potentially fraudulent letters of credit used by investors to guarantee reinsurance transactions that were arranged through the insurtech.

Earlier this week, it was reported that Vesttoo’s offices in Tokyo, Hong Kong, and Seoul would be closed – leaving the embattled business with its presence in Tel Aviv, London, Bermuda, New York, and Dubai.

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