5 June: Status update on the suspended lending companies

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

Read the previous update

Learn more about suspensions

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 May 22, Akulaku has made principal repayments of € 193 282 and interest repayments of € 7 891.

Comment As the state of emergency and imposed moratorium continues in Indonesia, Akulaku observes slowing down of borrowers’ repayments, hence slowing down the execution of some of the commitments towards investors on  Mintos. Understanding the current situation globally and not driving the company into liquidation which will make the process of investors funds recovery more difficult and lengthy, Mintos works on what is in the best interests of investors. At this time, investors on Mintos are receiving weekly payments from Akulaku borrowers, and the lending company is looking to improve the situation as Indonesia eases the restrictions. Since the suspension, Akulaku has made all agreed-upon payments on time and in the correct amount towards due settlements, in total € 2.6 million.

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 May 22, Capital Service Poland has made principal repayments of € 55 805 and interest repayments of € 3 599.

Comments In our last update, we mentioned Capital Service exploring alternative sources of cash inflow into the company to help settle overdue payments with Mintos – the lending company continues these efforts. We continue discussing the viability of payment increase.

ExpressCredit Zambia

Situation – On 30 April 2020, ExpressCredit Zambia was 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 May 22, ExpressCredit Zambia has made principal repayments of € 249 863 and interest repayments of € 12 548.

Comments ExpressCredit Zambia’s unfulfilled obligations towards Mintos investors are in large parts due to a delay in disbursements of government collections to ExpressCredit Zambia. The delayed payment amount from the government agency would be sufficient to fully cover the outstanding debt. As of today, Expresscredit has not yet received any outstanding payments from the government agency. We are currently in the final stage with the management team of ExpressCredit Zambia to determine the solution which would be both in the best interest of Mintos investors and manageable for ExpressCredit Zambia before the government’s debt is repaid.

 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 fulfil their payment obligations in full to Mintos investors. 

Update Since the last update on May 22, both GetBucks entities together have made principal repayments of € 277 678 and interest repayments of € 15 073.

Comments   As agreed in the restructuring deal, GetBucks made payments from proceeds of regular repayments in Botswana during May. In the future, the regular repayments of GetBucks Botswana will be transferred on a monthly basis. The remaining amounts outstanding from Botswana and Zambia will be covered in two instalments: € 1 million due by 30 September 2020, and € 3 million due by 31 December 2020.

First seen onMintos Blog

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