Court filings in Hong Kong have named two entities that may be involved in the Vesttoo scandal involving allegedly fraudulent letters of credit (L/Cs) being used to perpetrate a multi-billion dollar fraud involving insurance fintech, Vesttoo (DC World News, 19 July 2023).

Yu Po Finance and Yu Po Holdings have both been named as targets for 'pre-trial discovery', a legal process that allows parties involved in a civil litigation case in Hong Kong to obtain information and evidence from each other before the trial begins.

Investor links

Both companies are entities of the main investor behind the L/Cs that have now been found to be invalid, according to unnamed sources cited by the Artemis web site.

It says the entities have both been made dormant as of 21 August but stresses that it knows of no allegation or evidence of any wrongdoing by the investors at this time.

Fundamental litigation process

Pre-trial discovery is a fundamental aspect of the Hong Kong's litigation process and is designed to ensure that each party has access to relevant information that may be necessary to prepare their case and present it effectively in court.

Yu Po Finance was incorporated in October 2020 as a private company limited by shares registered in Hong Kong and appears to have changed its name in July 2022 to Yu Po Holdings.

Both entities were registered at serviced offices in one of Hong Kong's commercial areas.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.