‘Pursuing Funds We Believe Illegally Obtained’

June 15, 2018

[Updated] Hiscox confirmed they are “currently pursuing the repayment of funds which we believe were illegally obtained by one individual who no longer works here, and are working with law enforcement on this matter.”

This follows after OffshoreAlert reported that the Bermuda-based company “has accused former Chief Financial Officer Yuval Abraham of misappropriating $1.8 million.”

“Hiscox sued Abraham at Bermuda Supreme Court on April 25th, with the court issuing a worldwide freezing injunction against his assets two days later, with the injunction subsequently being registered at courts in England and Wales and South Africa,” OffshoreAlert reported.

Details of the allegations against Abraham were contained in an application to conduct discovery from New York-domiciled Montres Journe NY, LLC for the Bermuda court action that was filed at federal court in Manhattan on May 29th by Hiscox .

Until he was terminated for “serious misconduct” on April 27th, Abraham was employed as CFO of Hiscox Services Ltd., and “in 2017 and 2018, Mr. Abraham falsified invoices and used his position to cause Hiscox to pay over a million dollars to Montres Journe New York in exchange for luxury watches,” the complaint has alleged.

Abraham worked in Bermuda on a work permit from the Department of Immigration “pursuant to a Polish passport” and “also holds South African and Israeli passports”, the report said.

Following the report by Offshore Alert, a Hiscox spokesperson told Bernews, “Hiscox is currently pursuing the repayment of funds which we believe were illegally obtained by one individual who no longer works here, and are working with law enforcement on this matter.

“Hiscox operates to the highest standards and takes such incidents extremely seriously. However, as this is an on-going investigative and legal matter, Hiscox cannot comment further at this stage.”

Update 4.01pm: A police spokesperson said, “The Bermuda Police Service has commenced an investigation into this matter, which is ongoing.”

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