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By Friday 12 June more than 32 000 Mintos investors have received payments in full for their outstanding investments in IuteCredit’s Kosovo loan portfolio.
The microfinance license of IuteCredit Kosovo was unexpectedly revoked on 6 December 2019, and IuteCredit Kosovo ceased to issue new loans. At that time, the company had a loan portfolio of more than €12 million and owed Mintos investors €3.5 million (including interest).
Comment by IuteCredit’s CEO, Tarmo Sild
“Within a period of six months, as of 12 June 2020 Mintos investors have fully recovered both the invested principal and interest return on their Kosovo loans. All this was achieved with funding of IuteCredit Group, which is proof of its solid financial standing and significant cash buffers, that were further strengthened as a result of better than expected loan repayments by the customers in all IuteCredit countries.
According to our information, IuteCredit Kosovo state-appointed liquidator has received from loan customers already more than €4 million. Unfortunately, the liquidator has not made any repayments neither to Mintos, nor to IuteCredit. The liquidator and the Kosovo state has also not responded to inquiries by IuteCredit, or Estonian government institutions. IuteCredit Group will continue to challenge the Republic of Kosovo for its unlawful actions and will seek appropriate remedies at the international court of arbitration. The good news is, that Mintos investors in IuteCredit Kosovo can become spectators, and take fully relaxed standing on their cash. Better standing on cash, than pending on payment.”
IuteCredit – established in 2008 – is a leading European personal finance company. The Group is specialized in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, and Bulgaria as well as Bosnia and Herzegovina.
IuteCredit’s loan products are unsecured consumer loans with maturities between 1 month and 36 months and car-secured loans with maturities up to 60 months.
The mission of IuteCredit is to create an extraordinary experience in personal finance by exceeding customers’ expectations.