Despite his constant denials and statements that he knew absolutely nothing of the insider trading deal between his employee, Ivan Vassallo and the Vitals shareholders, bizarrely enough, a Vitals shareholder was appointed as director of Technoline before the company was sold off to Ivan Vassallo. Yaser Ali Bader, a Vitals shareholder, sat on the board of Technoline in 2017. Technoline was bought from Ivan Vassallo with a promissory note from Vitals shareholders and then went on to become the exclusive supplier of medical equipment to Vitals.
Simon Cusens also says that he did not know from where Ivan Vassallo got the money to purchase his own company, but sold it to him anyway. He had a promissory note from the Vitals shareholder and a Vitals shareholder in the board but had absolutely no idea what his employee was up to.
Ivan Vassallo is currently arraigned in court on charges of money-laundering and embezzlement of public funds. Simon Cusens sold his company to Ivan Vassallo for more than €5 million.
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