Any update on Kviku?
Could you provide an update on the loan originator Kviku? I recently read a post that mentioned some confidentiality. In your January 16th blog post on Kviku, it was stated: "To protect the interests of investors, we cannot currently disclose more details about the recovery of outstanding amounts. However, we took action in November to accelerate the recovery." Can you provide more information on how this confidentiality protects current investors holding Kviku loans? I hope for increased transparency. Other Russian loan originators have already established repayment plans. What is the reason for Mintos' decision to keep this information confidential?"
Very good question...i 20% in kviku...i want my money back..1
Kviku (40 million € exposure) and Dozarplati (5.4 million € exposure) and 0% recovered...
All my funds (98%) are in recovery, such a shame when you remember the good notes they all had on mintos.3
Thank you for your comments. When it comes to Kviku, due to the lending company's lack of cooperation, it wasn't possible to reach an agreement. We have engaged local consultants to enforce the agreements. Please follow our updates on recoveries: https://www.mintos.com/en/funds-in-recovery-updates/. We will post there more information when possible.-3
These updates are useless. What are exactly the local consultants doing? When can we expect to recover our money?3
Bruno What exactly are you expecting them to say? Russia has become essentially a lawless country in regard to the rights of international companies. If Kviku doesn't cooperate it will be difficult to get any funds back in the mid-term future.1
Stanley, I expect them to say the truth. I believe they can say more than "we've engaged local consultants" or "we can't disclaim what we are doing in order to protector investors".1
Then they could pluck up the courage to say that the money is already lost.2
Basically what Stanley said, Kviku was an off-the-record scam company to begin within, even when war was not. They have amazingly bad reviews from customers across their business. What do you think a scammer lending company will do when international law is gone? No surprises here.
The only thing which concerns me, and also disappoints, is why Mintos worked with such shady lending to start with. And I will now check more closely where they allocate bigger sums of my money.1
Lucja (Mintos) It's also the responsability of mintos to work with such company. Also out of 15k I had in funds on mintos, 10k were placed by your algorithm on loans issued by this company, that was well rated because I was only adding 8+ rated company in the strategy.
If Mintos is not able to recover the funds after a period of time, can we expect to have a partial repayments? What about being more clear on the timeline for that? What are the local consultants doing? What is the next step if they are not able to be more successful to advance the process of fund recovery? When will you assess that?
There are so many answers needed and much more communications are expected, trying to bury those issue under the carpets and hope no one will ask questions is not ok.2
My understanding is that Kviku does not want to cooperate. Anyone that has a bit of experience in debt restructuring or recoveries knows that is a really bad sign.
I believe that Kviku took advantage from the current sanctions context to delay legal action from Mintos, so when the other Russian lending companies started to pay they decided to unilaterally postpone the payment three years into the future, using the legal excuse of the interest-free note. Perhaps Mintos is liable for not acting sooner against Kviku, but I don't think that would had changed much.
As Stanley said a few posts above, Russia has become a country where a case from a foreign company against a Russian company will likely be very difficult to uphold in court, so I do not expect any positive results in the near future.
However, the total exposition in Kviku loans is around €40M, so it is also about 12% of Mintos total active loan portfolio. That is surely impacting many users in the platform, so it is not only our investment that is at stake, but also Mintos reputation. From my side, I was planning to double my investment in Mintos, but stopped right away once Mintos moved Kviku loans to pending recovery status, and I will not add a cent until this situation is resolved. In addition, I am keeping part of my funds uninvested until I recover my own Kviku exposure. I am pretty sure that many users in Mintos feel frustrated by this situation like I do, and that is impacting Mintos business directly.
Kviku has its own investment platform, Kviku Finance, that is timely paying interest and principal to their investors. I know this positively because a friend of mine has a little investment with them. That makes me think tthey are actually solvent and not all of their assets are in Russia (Kviku Finance operates through a holding based in Cyprus), so perhaps there is hope that eventually a significant recovery will occur.
In the meantime, I would ask Mintos to move swiftly and act against Kviku as strongly as possible to force a repayment commitment, as they are obviously acting in bad faith.2
Same for me, with the auto investing strategy Kviku was representing 66% of my portfolio, will not add a cent before I see back at least a part of my investment.1
Cyril Migeon Now this is one of the most extremely underdiversified portfolios I've heard of here. Mintos makes it as hard as possible to achieve such portfolio unless you created custom strategy with extremely constrained conditions. This is also on you to be fair. You took hugely unreasonable risks here.0
I just disabled one parameter when there were no loans available, or very few. Also I think bad timing when I added new funds, probably that's when Kviku put a lot of loans on the market. Custom strategy was only taking buy back guarantee and supposedly solid lending company with 8+. But you're right, mistake is also on me.
Edit: Stanley just to be clear, for now what is annoying me the most is the lack of communication of Mintos, how they treat their customers. You are taking money of people, you are due to inform them and not hide things under carpet. Before we pushed couple of weeks ago we basically had no news for 1 year because there were no successful developments. And now it is stil so opaque and no questions are answered, this is not ok.1
Cyril Migeon An unbalanced portfolio is certainly possible with a smaller volume portfolio as well. Let's hope they get back with a positive update soon.0
@Cyrano Bilbao the platform Kviku Finance is actually not part of the loan originator Kviku on Mintos (ie the LLMC AirLoans entity). Their Kviku Finance platform operates outside of Russia and offers only loans from lenders that are outside of Russia. Or as how they describe it on their blog:
"It is worth mentioning that Kviku Holding Ltd (operator of Kviku Finance and holding company for non-Russian Loan Originators) and LLMC AirLoans are separate entities, but with the same beneficial owners. Since LLMC AirLoans is not placing loans on the platform, it is not covered by the Group guarantee. The guarantee is applied only to the Loan Originators of the platform."0
Lucia, as you said:
"Kviku converted it to an interest free bond in RUB with a principal repayment at the end of 2026."
I think it will be paid in a “C” type bank account. This is terrible.
Is it possible to ask the Bank of Latvia for help and then the EU for talks with the CBR? It's over 40 million euro...
Do you know something new?1
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