{"id":554,"date":"2025-06-10T14:10:45","date_gmt":"2025-06-10T14:10:45","guid":{"rendered":"http:\/\/fictionuncovered.com\/?p=554"},"modified":"2025-06-12T10:45:21","modified_gmt":"2025-06-12T10:45:21","slug":"aons-white-rock-spotlights-hk-bribery-case-in-vesttoo-lawsuit-against-china-construction-bank","status":"publish","type":"post","link":"http:\/\/fictionuncovered.com\/index.php\/2025\/06\/10\/aons-white-rock-spotlights-hk-bribery-case-in-vesttoo-lawsuit-against-china-construction-bank\/","title":{"rendered":"Aon\u2019s White Rock spotlights HK bribery case in Vesttoo-lawsuit against China Construction Bank"},"content":{"rendered":"

This content is copyright to www.artemis.bm<\/a> and should not appear anywhere else, or an infringement has occurred.<\/p>\n

In its New York lawsuit against China Construction Bank (CCB) over the Vesttoo fraud, Aon\u2019s segregated accounts company White Rock Insurance (SAC) Ltd. has raised the recent emergence of a criminal bribery case in Hong Kong and suggests this means CCB must have relevant communications and documentation that would support its own claims.
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\n\"aon-legal-action\"Aon\u2019s White Rock entity filed a lawsuit in New York against China Construction Bank back in August 2024<\/a>.<\/p>\n

That lawsuit alleges that an \u201cinside man\u201d at the bank had represented that letters of credit (LOC) involved in the Vesttoo fraud, linked to reinsurance deals facilitated via White Rock, were authentic.<\/p>\n

As a result of which, White Rock claimed a minimum $140 million in damages from the bank, for the losses suffered by the company and its clients.<\/p>\n

Aon has been pursuing China Construction Bank in the courts ever since, with the bank denying its claims and calling for the case to be dismissed.<\/p>\n

One of its requests of the court has been to gain access to relevant documentation regarding the Vesttoo linked reinsurance deals.<\/p>\n

But now, seemingly in light of the emergence of the first potential criminal case related to the Vesttoo reinsurance letter of credit (LOC) fraud, Aon\u2019s White Rock has raised the existence of that case as supporting evidence CCB must have communications and documentation of relevance to its own lawsuit against the bank.<\/p>\n

Recall that, the Hong Kong bribery case that began last week accuses a former China Construction Bank employee of accepting payments in a crypto currency amounting to US $470,000 from a Vesttoo employee<\/a>, to authenticate false letters of credit and collateral documentation.<\/p>\n

The former CCB manager that features in the bribery case brought by the Independent Commission Against Corruption (ICAC) of the Hong Kong Special Administrative Region, Chun-Yin Lam, is the very same that was highlighted in the original filing of the Aon White Rock lawsuit in New York.<\/p>\n

As Aon had called that person a key \u201cinside man\u201d in the fraud, evidence that staff working at CCB had helped facilitate the use of fraudulent letters of credit (LOC) to back Vesttoo\u2019s reinsurance deals, it\u2019s no surprise the company has now raised this fact.<\/p>\n

In opposition to a motion that defendant China Construction Bank filed to dismiss White Rock\u2019s amended complaint in the New York case, a new filing from the plaintiff states that it believes facts may exist that warrant jurisdictional discovery.<\/p>\n

The filing on behalf of Aon\u2019s White Rock states that it is believed CCB may have the emails and communications of Chun-Yin Lam, the employee accused of bribery, as well as documents, documentation and meeting details related to the Vesttoo fraud-linked LOC\u2019s and transactions.<\/p>\n

White Rock\u2019s filing highlights that CCB is reported to have cooperated with the Hong Kong Independent Commission in its bribery case, suggesting it may have evidence related to the named former employee\u2019s interactions with Vesttoo staff at the time.<\/p>\n

\u201cSuch documents and communications would evidence that, in taking the actions giving rise to White Rock\u2019s claims, Lam acted on behalf of CCBA with actual or apparent authority and his actions are thus attributed to CCBA for personal jurisdiction purposes,\u201d the filing states.<\/p>\n

White Rock\u2019s filing to the NY case also states that , \u201cAccordingly, there is reason to believe that CCBA and the other Defendants are in possession of facts from Lam\u2019s criminal proceeding and investigation, including the decision to charge Lam as CCBA\u2019s agent, documents and communications that CCBA provided to prosecutors in advance of that decision, and facts regarding Lam\u2019s dealings that were revealed as part of the criminal investigation. These and similar facts are relevant to the Court\u2019s personal jurisdiction over CCBA, including based on Lam\u2019s acts as CCBA\u2019s agent.\u201d<\/p>\n

White Rock states that it does not have access to additional jurisdictional facts, including those that may underpin the bribery case in Hong Kong, and also believes that these facts could support its original claims against CCB.<\/p>\n

As a result, Aon\u2019s White Rock believes jurisdictional discovery is warranted.<\/p>\n

Commenting on the CCB motion to dismiss the NY case, White Rock\u2019s memorandum states, \u201cStrikingly absent from CCBA\u2019s Motion is any indication of accountability for the havoc it wreaked on the international insurance market. For two years, a CCBA banker, Chun-Yin Lam, deployed the authority CCBA bestowed upon him to issue billions of dollars\u2019 worth of LOCs as purported collateral for global reinsurance facilities. Lam used his official title and CCBA\u2019s name, email domain, offices, telephones, seals, and letterhead for massive public transactions on a daily basis, yet CCBA claims ignorance.\u201d<\/p>\n

As a reminder, there are other insurance and reinsurance market entities that have launched lawsuits against China Construction Bank in relation to the Vesttoo fraud saga.<\/p>\n

Porch Group\u2019s Homeowners of America Insurance Company (HOA) had first filed a law suit<\/a> in New York against China Construction Bank Corporation over the Vesttoo reinsurance collateral fraud, while program services and fronting specialist Incline P&C Group also had an open lawsuit against China Construction Bank<\/a> in the same district court.<\/p>\n

Those lawsuits have been consolidated under a single case now<\/a>. While there hasn\u2019t been any update to it since April, it\u2019s possible the bribery case could also result in further arguments being made.<\/p>\n

More recently, fronting specialist Clear Blue Insurance also sued China Construction Bank for damages<\/a>, another case that persists but with little progress made so far.<\/p>\n

It now stands to reason these other cases will also see this new criminal bribery case in Hong Kong raised. Defendants will likely see it as evidence CCB may have more information of importance to their cases, like Aon seems to. But whether it makes a difference remains to be seen, given the challenges in suing a partially state-owned entity.<\/p>\n

Read all of our coverage of the alleged fraudulent or forged letter-of-credit (LOC) collateral linked to Vesttoo deals<\/a><\/strong>.<\/p>\n

Aon\u2019s White Rock spotlights HK bribery case in Vesttoo-lawsuit against China Construction Bank<\/a> was published by: www.Artemis.bm<\/a>
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This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. In its New York lawsuit against China Construction Bank (CCB) over the Vesttoo fraud, Aon\u2019s segregated accounts company White Rock Insurance (SAC) Ltd. has raised the recent emergence of a criminal bribery case in Hong Kong and suggests […]<\/p>\n","protected":false},"author":1,"featured_media":556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[20],"tags":[],"_links":{"self":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts\/554"}],"collection":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/comments?post=554"}],"version-history":[{"count":2,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts\/554\/revisions"}],"predecessor-version":[{"id":557,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts\/554\/revisions\/557"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/media\/556"}],"wp:attachment":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/media?parent=554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/categories?post=554"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/tags?post=554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}