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Emerging risks | Growth Opportunities | APAC Insurance

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Tuesday, September 29, 2026

Vesttoo

Ex-CCB Asia manager admits US$470,000 crypto bribes in Vesttoo L/C fraud case
Former CCB Asia banker sentenced to four years' jail over US$1.6bn Vesttoo-linked fraud case
September 18 2026
The sentencing includes a HK$3.7m (US$471,626) restitution order in favour of CCB Asia, reflecting the value of cryptocurrency bribes accepted by the former banker.
former-china-construction-bank-manager-charged-with-bribery-linked-to-vesttoo-related-fraud
Vesttoo creditors sue Aon, China Construction Bank
August 15 2025
The lawsuit claims Aon and CCB enabled the creation of fake LOCs that triggered Vesttoo’s bankruptcy and widespread insurance sector losses.
china-construction-bank-sued-over-alleged-role-in-facilitating-vesttoo-reinsurance-fraud
China Construction Bank sued over alleged role in facilitating Vesttoo reinsurance fraud
May 11 2024
US insurer Porch Group sues CCB, alleging its employees colluded with Vesttoo on fake letters of credit.
creditors-liken-vesttoo-to-madoff-ponzi-scheme-demand-bankruptcy-ceo-argues-for-recapitalisation
Vesttoo creditors demand liquidation; interim CEO argues for recapitalisation
October 25 2023
The Official Committee of Unsecured Creditors pushes for liquidation and draws parallels to infamous Ponzi scheme run by Bernie Madoff, while Vesttoo's interim CEO defends reorganisation strategy, asserting...
vesttoo-situation-underlines-importance-of-managing-counterparty-risk-am-best
Vesttoo situation underlines importance of managing counterparty risk: AM Best
August 18 2023
An AM Best report shows letters of credit account for 22% of total collateral held, emphasising the need for rigorous due diligence.
vesttoo-files-for-chapter-11-new-ceo-pledges-to-fight-scandal
Vesttoo files for Chapter 11, Interim CEO pledges to fight scandal
August 15 2023
The insurtech has pledged to preserve the company and pursue legal action relating to its fraudulent letters of credit scandal.
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25 September