In the case of Mintos vs Dziesiatka, the Latvian court having jurisdiction ruled in favor of Mintos on 11 November. The ruling confirmed that Dziesiatka will have to pay all debts, accrued interest, and penalties in full. Similar to other cases that have gone to court, this demonstrates the strong legal framework provided by our contracts with the lending companies. Dziesiatka has the right to appeal the court decision within 20 working days. If the decision is not appealed, it will enter into effect. If it is appealed, we will continue to defend our case at the court of appeal level to achieve a positive outcome for investors on Mintos. We will inform investors about the next steps within one month.
The court ruling had been one year in the making since all documents had been submitted. During this time, no payments were received from Dziesiatka. We believe that this lengthy process backs our standard approach of first negotiating with lending companies that have defaulted on their payment obligations to achieve a more timely resolution before starting legal proceedings. Of course, if an agreement can’t be reached, we have contracts in place that will help us achieve a satisfactory outcome when we bring such cases to court.