19 June: Status update on the suspended lending companies

19.06.2020

mintosblog

We’re sharing the fourth update on the suspended lending companies on Mintos. View the table for financial data and read comments on each lending company below.

In this update, we’ve added an additional split for pending principal and interest, so you can see how much of the money comes from repayments, buybacks, and rebuys. 

We’ve also moved IFN Extra Finance and MetroCredit here from defaulted companies’ list as these two lending companies are not defaulted and not suspended on the Secondary Market. 

Read the previous update

Learn more about suspensions

Metrokredit

Situation – In November 2019, Metrokredit was excluded from the State Register of the Microfinance Organizations of the Russian Federation, meaning the company cannot issue new loans

Update Since the last update, Metrokredit has made principal repayments of € 134 863 and interest repayments of € 4 254. The company is now in a wind-down process and continues to service its existing portfolio and regularly transferring borrower’s repayments to investors on Mintos. 

IFN Extra Finance

Situation – On 24 March 2020, IFN Extra Finance was suspended from the Primary and Secondary Markets due to its license being revoked by the National Bank of Romania. On 10 May 2020, Mintos lifted IFN Extra Finance suspension on the Secondary Market, allowing the trading of the lending company’s previously issued loans. 

Update Since the last update, Extra Finance has made principal repayments of € 46 556 and interest repayments of € 298. IFN Extra Finance has been making timely and orderly weekly principal and interest payments to Mintos investors and evaluating the possibility of an early loan repurchase of some of the remaining loans.

Capital Service Poland

Situation – On 6 April 2020, Capital Service was suspended from the Mintos Primary and Secondary Markets due to a failure to make timely settlement payments to investors on Mintos. 

Update Since the last update on 5 June, Capital Service Poland has made principal repayments of € 134 078 and interest repayments of € 8 493. Capital service continues to make regular payments to Mintos, approximately 250k Eur per month. Mintos is in a constant negotiation process with the management of Capital Service to either get more collateral from Capital Service or bigger repayment amounts. We are currently waiting for a restructuring proposal from Capital Service. 

ExpressCredit Zambia

Situation – On 30 April 2020, loans listed through JSC ExpressCredit Holding were suspended from the Mintos Primary and Secondary Markets, due to the company failing to transfer borrower repayments and the buyback price in full and on time. 

Update Since the last update on 5 June, JSC ExpressCredit Holding has made a payment in the amount of approximately € 50 000 that is currently being processed to be disbursed to investors’ accounts. JCS ExpressCredit Holding’s unfulfilled obligations towards Mintos investors are in large part due to a delay in disbursements of the source of repayment to ExpressCredit. The delayed payment amount from the source of repayment would be sufficient to fully cover the outstanding debt. JCS ExpressCredit Holding continues to transfer weekly payments. We will notify investors about the agreed repayment schedule and planned registration of additional security in the upcoming week.

GetBucks Botswana and Zambia

Situation – On 30 April 2020, GetBucks Botswana and Zambia were suspended from the Primary and Secondary Markets due to failing to fulfill their payment obligations in full to Mintos investors. 

Update Since the last update on 5 June, GetBucks Botswana has made principal repayments of € 86 and interest repayments of € 2. GetBucks Zambia is currently not making any payments. GetBucks is following the restructuring plan as agreed, making regular repayments from Botswana and progressing on sell-downs of stakes in selected subsidiaries, which means that the payment plan is likely to be fulfilled.

Akulaku Indonesia

Situation – On 16 April 2020, Akulaku was suspended from the Primary and Secondary Markets due to late payment settlement. 

Update Since the last update on 5 June, Akulaku has made principal repayments of € 222 918 and interest repayments of € 11 057. Akulaku is making regular payments on a weekly basis towards Mintos investors according to a schedule agreed upon with Mintos. Payments thus far have been made on time and in the agreed-upon amount.  

CashWagon Vietnam, Indonesia and the Philippines

Situation – On 6 May and 10 May 2020, CashWagon Vietnam and CashWagon Philippines and Indonesia were suspended from the Primary and Secondary Markets due to news that the authorities in Vietnam are investigating operations of Cashwagon and in the meantime have frozen the company’s accounts, as per the procedure of the investigation situation in Vietnam.

Update Currently, all three CashWagon entities in total have made principal repayments of € 115 789 and interest repayments of € 2 769. Cashwagon is making weekly payments towards the pending payments that have accumulated in the Philippines and Indonesia while working towards reopening the bank accounts and restoring the transfer of borrower repayments from Vietnam. 

Dziesiatka Finanse

Situation – On 18 June 2020, Dziesiatka Finanse was suspended from the Primary and Secondary Markets due to failing to make timely settlement payments for investors on Mintos. 

Update The company has delayed payments to Mintos investors without an acceptable reason and it was decided to suspend their activity on the marketplace until a reasonable plan to cover their outstanding obligations is received by Mintos. We are working with the management of Dziesiatka Finanse to resolve the situation. More updates will follow as soon as we have more information. 

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