The CEO of ASX-listed fintech Douugh, Andy Taylor, says he plans to appeal against a court order to repay more than $2 million to Rich Lister Larry Kestelman and Scott Stavretis, after it ruled he and his chief financial officer had misled the two investors seven years ago into backing his collapsed former start-up Yatango.
Mr Kestelman, a property developer and owner of the National Basketball League, who founded telecommunications provider Dodo and Mr Stavretis, a former Young Rich Lister and owner of call centre operator Acquire BPO, tipped more than $1 million each into Yatango Mobile in 2013 and 2014, attracted by its claims of offering customisable mobile plans based on its own technology platform.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
