While Cashwagon so far is regularly forwarding borrower repayments from Philippines and Indonesia, the situation in Vietnam is affecting all of the Cashwagon group, and it has become unable to honor the buyback guarantee on its loans. Consequently, we have made a decision to suspend loans originated by Cashwagon’s partners Green Money Tree Lending Corp. Philippines and PEERMAN PTE. LTD. Indonesia from the Primary and Secondary Markets on Mintos until further notice.
The Cashwagon management team is in daily contact with Mintos. We will inform investors once we have more news on the status of the investigation and the possible impact for investors on Mintos.
Comment from Maxim Chernuschenko, CEO of Cashwagon
Cashwagon has been placed on negative ratings watch as we consider the possibility of a Mintos Rating change.
Cashwagon is a Singapore-based company launched in 2017, and active on Mintos since November 2018. On Mintos, Cashwagon’s partners offer loans issued in the Philippines, Indonesia and Vietnam. Cashwagon offers short-term and personal loan investments for investors on Mintos. The current volume of outstanding loans on Mintos is € 7 672 981. See Cashwagon finance report for 2019 here. Cashwagon has provided a group guarantee for all the countries.
Suspension of a particular company occurs when Mintos intervenes in the Market – Primary, Secondary, or both – to stop investing due to concerns about a company’s operations. Once suspended, new investments cannot occur until the suspension is lifted or lapses. When both Markets are suspended, this is intended to protect investors’ interests by preventing investments in new loans on the Primary Market, or the sale of existing loans issued by a company on the Secondary Market.
We will share more as soon as we have further information.