17 July: Status update on the suspended lending companies

17.07.2020

mintosblog

We’re sharing the sixth update on the suspended lending companies on Mintos. View the table for financial data and read comments on each lending company below. 

Important: To conveniently provide all information about the statuses of the suspended lending companies, the next update will be put on a separate page with all previous updates.

Read the previous update

Learn more about suspensions

Please note:

  • Only a part of the outstanding investments is currently in recovery and due to investors. While there is an elevated risk that the remaining outstanding investment will also go into recovery, at the moment these loans are current or less than 60 days late. We will be taking action on these amounts if and when they go into recovery.
  • The data in the table was recorded as of 15 July 2020.

Click to enlarge

Metrokredit

Situation – In November 2019, Metrokredit was excluded from the State Register of the Microfinance Organizations of the Russian Federation, meaning the company cannot issue new loans yet continues to service the existing ones. 

Update Since the last update on 3 July, Metrokredit has made principal repayments of € 133 091 and interest repayments of € 7 023. Since the suspension, 99.99% has been recovered from Metrokredit, including both principal and interest. The company continues to service existing loans and transfer borrowers’ repayments accordingly. 

IFN Extra Finance

Situation – On 24 March 2020, IFN Extra Finance was suspended from the Primary and Secondary Markets due to its license being revoked by the National Bank of Romania. On 10 May 2020, Mintos lifted IFN Extra Finance suspension on the Secondary Market, allowing the trading of the lending company’s previously issued loans. 

Update Since the last update on 3 July, IFN Extra Finance has made principal repayments of € 11 849 and interest repayments of € 533. Since the suspension, 89.41% has been recovered from IFN Extra Finance, including both principal and interest. The lending company has followed through on their prepared loans repurchase plan and bought back the last scheduled loan on 10 July. After this plan has been executed, the two largest remaining loans (total amount of around € 400 000) will remain on the marketplace until the end of their terms. Nevertheless, the management is still looking into different options allowing them to repurchase the remaining loans early as well.

Capital Service Poland

Situation – On 6 April 2020, Capital Service was suspended from the Mintos Primary and Secondary Markets due to a failure to make timely settlement payments to investors on Mintos. 

Update Since the last update on 3 July, Capital Service Poland has made principal repayments of € 412 and interest repayments of € 23. Since the suspension, 6.25% has been recovered from Capital Service Poland, including both principal and interest. Capital Service has entered a COVID-19 protection framework in Poland, which means that the Polish authorities have approved the deferral of the borrowers’ repayment transfers to investors on Mintos while continuing its business operation. Capital Service has now stopped all such transfers and is now obliged to present a repayment plan to investors on Mintos within four months. Mintos is evaluating the possible legal action routes. Read more here

ExpressCredit Zambia

Situation – On 30 April 2020, loans listed through JSC ExpressCredit Holding were suspended from the Mintos Primary and Secondary Markets, due to the company failing to transfer borrower repayments and the buyback price in full and on time. 

Update Since the last update on 3 July, JSC ExpressCredit Holding has made principal repayments of € 380 464 and interest repayments of € 71 121. Since the suspension, 43.00% has been recovered from JSC ExpressCredit Holding, including both principal and interest. JCS Expresscredit Holding continues to make pre-agreed partial weekly payments to reduce its current debt. We are looking forward to sharing more information on the progress of recovering pending payments and other restructuring plans in the following weeks. 

GetBucks Botswana and Zambia

Situation – On 30 April 2020, GetBucks Botswana and Zambia were suspended from the Primary and Secondary Markets due to failing to fulfil their payment obligations in full to Mintos investors. 

Update Since the last update on 3 July, GetBucks Botswana has made a principal repayment of € 653 846 and interest repayment of € 44 195. Since the suspension, 41.10% has been recovered from GetBucks Botswana, including both principal and interest. GetBucks Zambia hasn’t made any repayments. The company had previously announced an agreement to sell-down its stake in MBC Malawi. It has now been signed and the company is waiting for regulatory approval. Proceeds from this deal will go into settling GetBucks Zambia debts.

Akulaku Indonesia

Situation – On 16 April 2020, Akulaku was suspended from the Primary and Secondary Markets due to late payment settlement. 

Update Since the last update on 3 July, Akulaku has made principal repayments of € 317 182 and interest repayments of € 8 631. Since the suspension, 45.45% has been recovered from Akulaku Indonesia, including both principal and interest. Akulaku has honored the first pending payments restructuring agreement and we are in negotiation for restructuring further accrued pending payments that were accumulated also due to mismatched loan statuses. Akulaku keeps paying interest on all loans accordingly. 

CashWagon Vietnam, Indonesia, and the Philippines

Situation – On 6 May and 10 May 2020, CashWagon Vietnam and CashWagon Philippines and Indonesia were suspended from the Primary and Secondary Markets due to news that the authorities in Vietnam are investigating operations of Cashwagon and in the meantime have frozen the company’s accounts, as per the procedure of the investigation situation in Vietnam.

Update Since the last update on 3 July, all three CashWagon entities in total have made principal repayments of € 97 810 and interest repayments of € 1 039. Since the suspension, 44.31% has been recovered from CashWagon Vietnam, 12.91% from CashWagon Indonesia, and 17.63% from CashWagon Philippines, including both principal and interest. CashWagon Vietnam has made partial weekly payments towards the pending payments, however, the lending company has not been able to make payments from Indonesian and Philippines entities during the last two weeks. We’re expecting an update from the lending company next week.

Dziesiatka Finanse

Situation – On 18 June 2020, Dziesiatka Finanse was suspended from the Primary and Secondary Markets due to failing to make timely settlement payments for investors on Mintos. 

Update Since the last update on 3 July, Dziesiatka has made principal repayments of € 28 386 and interest repayments of € 2 009. Since the suspension, 12.11% has been recovered from Dziesiatka Finanse, including both principal and interest. We have been in continuous negotiation with the company’s management trying to agree on an acceptable repayment schedule. Although the negotiation is still in process, Dziesiatka has been making partial (not agreed upon) weekly repayments which have been immediately distributed to investors.

Kredit24 Kazakhstan 

Situation – On 2 July 2020, due to an orderly wind-down of the lending company, loans originated by Kredit24 were suspended from the Primary and Secondary Markets on Mintos.

Update Since the last update on 3 July, Kredit24 has made a minimum principal repayment, while in the process of negotiations on the restructured repayments plan. Kredit24 and Mintos signed the restructuring plan this week, according to which the lending company is to make a full repayment in less than a year. Details of this plan will be shared with investors next week.  

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