Value Base Sues Israeli-Controlled Aya New York Over Unpaid Fees Amid Third BVI Company Dispute
Translated & summarized from Calcalist by baba
Value Base Underwriting is suing Aya New York and its former Israeli owner Amir Shariki for 11 million shekels in unpaid fees following a troubled bond issuance. Aya New York denies the claims and accuses Value Base of bad faith. The dispute highlights ongoing issues with BVI companies and failed bond offerings led by Shariki.
The story in 6 lines · by baba
- Value Base sues Aya New York and Amir Shariki for 11 million shekels in unpaid underwriting fees.
- Aya New York denies claims, arguing it owed only 5.3 million shekels and refused to pay Value Base.
- Value Base accuses Aya New York's board of negligence and bad faith regarding Shariki's conduct.
- This is Shariki's third failed attempt to raise debt in the Israeli capital market via bond issuances.
- Value Base alleges Shariki made false promises to investors and pursued secret fundraising efforts.
- Aya New York's lawyer calls the lawsuit baseless and a bad-faith attempt to change agreed terms.
Value Base Underwriting has filed a lawsuit against Aya New York, a U.S. real estate company controlled by former Israeli Amir Shariki, claiming unpaid underwriting fees totaling 11 million shekels. The suit, submitted to the Tel Aviv District Court, accuses Aya New York and Shariki of "shameful, bad faith, and improper conduct," including withholding 8 million shekels in fees and causing additional damages. Aya New York denies these claims, arguing Value Base's conduct was improper and that it was only owed 5.3 million shekels, which it refused to pay.
The dispute marks the third recent case involving problematic conduct by BVI-registered companies. Value Base also implicates Aya New York's board members, alleging they were aware of Shariki's behavior yet acted negligently and in bad faith, warning this poses a serious risk to the company's bondholders.
Aya New York's bond issuance, led by Value Base, was Shariki's third attempt to raise debt in the Israeli capital market. The first attempt in late 2025 sought 550 million shekels but failed due to low demand and unclear asset disclosures. The second attempt earlier this year also failed despite involving other underwriters. The final issuance in February raised 289 million shekels, with Value Base and Shariki investing 15 million and 30 million shekels respectively.
Value Base claims Shariki made false promises to secure investor demand, including from U.S. institutional investors, and secretly pursued alternative fundraising efforts. The core dispute centers on the success fee owed to Value Base, which Aya New York says was discretionary. Value Base accuses Aya New York and Shariki of prolonged evasions to avoid payment.
In contrast, previous problematic bond issuances by Simad Holdings and Kohan Properties paid underwriters 20 million and 12 million shekels respectively on similar-sized deals. Aya New York's lawyer, Michael Vaknin, condemned Value Base's lawsuit as an unprecedented and bad-faith attempt to alter agreed terms and damage Aya New York's reputation. He expressed confidence the court will dismiss the baseless claims once all evidence is presented.
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