We’re sharing the fifth update on the suspended lending companies on Mintos. View the table for financial data and read comments on each lending company below.
- Only a part of the outstanding investments is currently in recovery and due to investors. While there is an elevated risk that the remaining outstanding investment will also go into recovery, at the moment these loans are current or less than 60 days late. We will be taking action on these amounts if and when they go into recovery.
- The data in the table was recorded as of 1 July 2020.
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 on 19 June, Metrokredit has made principal repayments of € 239 011 and interest repayments of € 12 514. The company is 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 on 19 June, Extra Finance has made principal repayments of € 3 700 and interest repayments of € 40. 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 19 June, Capital Service Poland has made principal repayments of € 71 323 and interest repayments of € 9 736. Capital service continues to make regular payments to Mintos, approximately € 200 000 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 repayments. After having received the previously mentioned proposal, Mintos remains committed to negotiating reasonable restructuring conditions and higher repayments.
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 19 June, JSC ExpressCredit Holding has made principal repayments of € 76 184 and interest repayments of € 13 871. JCS ExpressCredit Holding’s unfulfilled obligations towards Mintos investors are in large part due to a delay in disbursements of a source of repayment to ExpressCredit. The lending company has finally received a partial debt repayment in the amount of € 293 000 which will be transferred to Mintos investors in the next couple of days. It will cover a large part of the pending payments for the installment loans. JCS ExpressCredit Holding will also continue making additional weekly payments in amounts ranging from € 50 000 to € 60 000 to cover repayments for the single payment loans. This schedule is in force until 1 August 2020. After that, the new repayment schedule will be agreed upon. Moreover, we are in the process of establishing a pledge over the lending company’s portfolio within the twin assignment structure in order to strengthen investors’ security position.
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 19 June, GetBucks entities haven’t made any repayments. 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. The company announced an agreement reached to sell-down its stake in MBC Malawi, subject to regulatory approval on 23 June 2020 – on track to make a payment of € 1 million in September 2020.
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 19 June, Akulaku has made principal repayments of € 1 221 618 and interest repayments of € 41 450. 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 – Since the last update on 19 June, all three CashWagon entities in total have made principal repayments of € 1 275 114 and interest repayments of € 28 075. Cashwagon is making weekly payments towards the pending payments that have accumulated in the Philippines and Indonesia. Additionally, part of the outstanding borrower repayments have been transferred from Vietnam, and Cashwagon is working towards the reopening of all of their bank accounts.
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 – Since the last update on 19 June, Dziesiatka has made no repayments, however, on 1 July the company informed us about an incoming transfer of approximately € 15 000, which upon receiving will be distributed into principal and interest, accordingly. We are further working with the management of Dziesiatka Finanse to resolve the situation. On June 25, the company has proposed an alternative repayment schedule that is currently under review and its feasibility is being investigated by Mintos internal Special Exposures Management and Risk Committees.