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Following previous updates, we share news on the developments in the last month on each defaulted lending company and the recovery of invested funds. View the table for financial data and read comments on each lending company below.
Since the last update on 28 May, AlexCredit has made principal repayments of € 29 701 and interest repayments of € 304. Currently, Mintos is negotiating with Alexcredit management on the next repayment of approximately € 15 000, along with a plan for sustainable future repayments.
Since the last update on 28 May, Varks has made principal repayments of € 2 122 722 and interest repayments of € 450 926. Finko AM (Varks), a part of Finko Group, has proposed a commitment to follow a repayment timeline to cover the amount due to investors on Mintos by the end of 2022. Learn more on our 12 June update.
Since the last update on 28 May, Peachy has made principal repayments of € 270 744 and interest repayments of € 6 773. Peachy’s liquidator anticipates the company being able to pay similar amounts per month until the balance is cleared. In August or September 2020, the lending company expects to settle a residual sum of approximately € 223 000 that’s due after the June, July and August payments.
Since the last update on 28 May, the Administrator of Monego has made principal repayments of € 486 057 and interest repayments of € 13 913. We are working with the liquidator in order to receive information on the next transfers of repayments to investors on Mintos. We will share more, once we have further information from the liquidator. In the meantime, Monego shareholder is awaiting the decision of the Supreme Court of Kosovo about the case of temporary security – the suspension of the decision of the Central Bank of Kosovo for Monego. If approved, the shareholder of Monego will regain control of the company and its operations while the court reviews the second case of the same decision being unlawful.
Although the case is at its final stages, unfortunately, Covid-19 had also put implication on the execution of work of the Courts in Kosovo, therefore, the decision has been delayed. In case the decision is in favour of Monego shareholder, the company immediately will regain control over Monego. If the outcome is not in favour of Monego shareholder, the next step is to approach the Constitutional Court which is expected to review the case within a month upon receiving the claim.
Since the last update on 28 May, IuteCredit Kosovo has made principal repayments of € 362 472 and interest repayments of € 6 221. As of now, IuteCredit Europe has fully paid the outstanding debt of IuteCredit Kosovo to Mintos investors.
Since the last update on 28 May, Rapido has made no repayments. Mintos continues working with the administrator, with the involvement of the Spanish law firm ECIJA supporting Mintos in representing its investors’ interests in the insolvency process.
Mintos continues legal action against Aforti Finance and Aforti Holding as its guarantor in order to protect investors’ interests. After acknowledging that Aforti has failed to inform respective finance institutions upon receiving the notice of default from Mintos, we are about to inform the stock exchange of Poland – Aforti Holding being a listed participant of it – about the legal process taking place against Aforti.
Since the last update on 28 May, Eurocent has made no repayments. Along with being aware of the Covid-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditor list and the status of the insolvency proceedings in the case of Eurocent.