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The Danish Consumer Ombudsman, an independent public authority that supervises compliance with Danish marketing law, has claimed that Capitolia ApS, the Sun Finance group company operating in Denmark with brands simbo.dk and kronelån.dk, has issued loans to borrowers in Denmark on unfair terms. The Consumer Ombudsman has informed Capitolia ApS that it will report the company to the police and has shared the news with the local press.
While we obtain more information to assess the impact of this news with a reasonable level of clarity, we have decided to pause the placement of new Sun Finance loans issued in Denmark in order to protect investors on Mintos, as of 12 February 2021.
Toms Jurjevs, the CEO of Sun Finance: “We strongly believe that all issued loans are compliant with the local regulation. Moreover, our approach has been reviewed by independent experts that approved the relevant components of our business model and its compliance with the local regulation. Meanwhile, we want to highlight that we will provide a detailed explanation of our approach and business practice as well as our compliance with the local regulation to the Consumer Ombudsman. In this particular situation, we believe that the Consumer Ombudsman has materially miscommunicated the current situation and there must be an opportunity to clear this matter in a professional manner. We anticipate finding an understanding with the Consumer Ombudsman and believe that this issue will be solved in a timely manner. We also understand the measures Mintos is now taking to protect investors on its marketplace. To date, we have been covering settlements and transferring funds due to investors in a timely manner and will continue doing so.”
Please note – Sun Finance in Denmark is not suspended from the Secondary Market on Mintos. We will inform investors as soon as there is more clarity.