Co-founders of Vesttoo speak up against "opportunistic parties"

Sacked leaders say they were singled out from the outset

Co-founders of Vesttoo speak up against "opportunistic parties"


By Terry Gangcuangco

Vesttoo co-founders Yaniv Bertele and Alon Lifshitz – chief executive and chief financial engineer, respectively, prior to their ousting – have broken their silence amid the controversies surrounding the insurtech.

According to a CTech report, the two leaders have now been let go by Vesttoo after being put on paid leave while the company’s board considered the duo’s fate.

Following the sacking, Bertele and Lifshitz were cited as saying in a joint statement: “Unfortunately, opportunistic parties exploited the temporary crisis the company was facing to advance aggressive and unilateral actions aimed at taking control of the company.

“In our view, the auditing body is in a significant conflict of interest, given the personal involvement of those who appointed it in the events being audited. This investigative body singled out the founders from the outset. Despite an extensive investigation, no evidence has been found against them, let alone presented.

“Consequently, in the absence of any substantial findings, baseless and deceitful allegations against the founders began to be leaked to the media in an attempt to tarnish their reputation, without affording them a basic opportunity to address these claims.”

The results of the probe into the Vesttoo collateral fraud scandal are not yet publicly available, as of this writing. Vesttoo has also not issued a response to the co-founders’ pronouncements.   

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