Vesttoo saga continues with court-ordered foreclosure on founders’ assets

Decision comes following injunctions filed by embattled insurtech

Vesttoo saga continues with court-ordered foreclosure on founders’ assets

Legal Insights

By Terry Gangcuangco

The saga surrounding embattled insurtech Vesttoo continues with a court-approved foreclosure on the founders’ assets.

In a release sent to Insurance Business, Vesttoo noted that it had filed an injunction with the district court in Tel Aviv, requesting to seize huge sums from co-founders Yaniv Bertele and Alon Lifshitz, former employees Udi Ginati and Joshua Rurka, and Tal Ezer who served as a finder for the company.

In another injunction, Vesttoo had also requested a temporary freeze on the abovementioned individuals’ bank accounts, real estate assets, and any stock, as well as a freeze on wire transfers from a Swiss bank account.

In its announcement, Vesttoo said: “The court ruled in the company’s favor on both requests, providing a temporary restraining order on the 14th of September. The court approved a foreclosure of 90,002,116 NIS (New Israeli Sheqel) on Bertele and Lifshitz’ assets, as well as 27,602,116 NIS on the other two employees and the finder.”

The amounts, which are a lot lower than those sought by Vesttoo, equate to around $23.6 million and $7.2 million, respectively.

“The unilateral court ruling and temporary restraining order reinforce the results of the investigation and our claims against Mr Bertele and Mr Lifshitz, as well and Mr Ginati, Mr Rurka, and Mr Ezer,” commented chief executive Ami Barlev. “This ruling was supported by very clear evidence obtained by the courts and support the findings of the investigation.

“This injunction is part of a larger legal process to be heard by the courts, however the fact that the judge provided the foreclosures at such a scale demonstrates the straightforwardness and conclusiveness of the evidence.”

What do you think about this story? Share your thoughts in the comments below.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!