China Construction Bank Corp., the nation’s third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance industry that left companies with “monumental losses” and sinking stock prices. The bank allowed employees to conspire …
Vesttoo Ltd. creditors are seeking to take control of the bankrupt Israeli startup’s court proceedings, arguing the company should liquidate following revelations that its former executives helped create fraudulent documents that supported transactions on its platform. A committee of Vesttoo …
Israel-based fintech Vesttoo is seeking Chapter 11 bankruptcy protection in a U.S. court which will enable it to pursue legal action against those responsible for a fake collateral scandal, it said in a statement on Monday. Vesttoo – partly backed …
Financial services company Vesttoo said on Tuesday it was laying off about 75% of its staff and closing some offices in Asia, as it tries to recover from a scandal over a fraudulent letter of credit used as collateral in …
Vesttoo Ltd. said on Tuesday its valuation has more than tripled to $1 billion after the insurance risk transfer platform secured $80 million in late-stage funding at a difficult time for private companies to raise capital. The series C round …
