FAQ about Russian and Ukrainian lending companies on Mintos
Dear Investors,
For the past few months, we have been closely following tensions caused by the Russia-Ukraine crisis, as we work with lending companies in both countries. We’re now reacting to the most recent developments in this case.
Please see our latest Blog Post here: https://www.mintos.com/blog/mintos-takes-precautionary-measures-on-the-platform-in-the-case-of-the-russia-ukraine-crisis
Currently, we don’t experience any interruptions in repayment flow from borrowers of Russian and Ukrainian lending companies on Mintos. We also reached out to the lending companies for their comments, and according to their feedback, the current situation does not affect borrowers’ repayment discipline.
At the moment, we can’t predict how further escalation of the crisis and sanctions might affect the lending companies in these markets. We are monitoring the situation, and as a precautionary measure, we’re reviewing the impact of the market risks on the Mintos Risk Score for loans from the lending companies from Russia and Ukraine.
Based on this, we decided to remove loans from Russian and Ukrainian lending companies from the Mintos Conservative strategy. This automated investment tool selects loans for investments in the score range from 7 to 10. In case further developments require a decrease of the Mintos Risk Score for loans from Russian and Ukrainian lending companies, these loans will not be fit for the Mintos Conservative strategy anymore. We’re introducing this precautionary measure to prevent that from happening.
If you have any questions or feedback, please let us know!
We kindly invite you to our special AMA session to discuss topics related to the impact of the war in Ukraine and sanctions for Russia on Mintos, the state of relations with lending companies from Russia and Ukraine, and the effects on investors on Mintos.
AMA will be hosted by Martins Valters, Mintos Co-founder, COO/CFO on Monday, 7 March 2022 at 16:00 CET
Please check more information here:
https://help.mintos.com/hc/en-us/community/posts/4603758562705-Live-Mintos-AMA-dedicated-to-the-current-state-of-the-market
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Dear Investors,
OOO Revo Technologies MFC obtained special permission from the Central Bank of the Russian Federation to repay its obligations to Mintos investors in payments larger than 10 million RUB monthly. In light of this permission, Revo has already transferred the first tranche of its repayment in the amount of €2.6m, and Mintos has received these funds on its accounts.The repayment of Revo’s obligations is a direct result of months-long efforts of the Mintos and Revo teams to identify repayment solutions, allowing Revo to honor its obligations to investors on Mintos despite the restrictions imposed by the Russian and EU regulators.
It is Revo management’s intention to continue to make monthly repayment of its obligations if no new regulatory or financial sector obstacles arise. In order to ensure the most fair treatment of Mintos investors in the given situation, the usual amortization sequence will be amended and repaid funds will be distributed proportionally to all affected investors based on their outstanding investments in Revo portfolios. Fees due to Mintos from Revo will also be collected proportionally, instead of collecting all fees upfront.
The pending repayment will be distributed to affected investors in the coming days. Please note that the amount reported as in recovery will not immediately reflect this latest repayment, as some additional IT development is required on our side. Once this development is completed, the reported amounts will be updated accordingly.
So far, Revo has been the only Mintos partner able to obtain a special permission from the Central Bank of the Russian Federation to repay a portion of its outstanding obligations to investors on Mintos. Mintos will continue to provide updates as we receive further information from other lending companies in Russia.
https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/0 -
Very good news!
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yes - first good news since beginning of the war from mintos side. thank you for a beginning. it gives me hope. revo is just 3% of frozen money in my case. but its a beginning.
please go on with others like
kviku, creditter, dozarplati and lime zaim
thanks!!!
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Hi there, ok, nice to hear that there is significant progress with Revo. But what about Kviku and the others? What is the progress there and when can we expect at least the payments that are allowed (up to the 10 mil. rubles / month)? Are they making payments?
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Everybody talks always about limitation of 10 mil RUB per month...however wondering why no money is transferred to Mintos.
I guess 10 mil RUB is the TOTAL payment limit per month for ALL money transfers to affected accounts. So, if they do not only transfer money to Mintos, this limit is distributed to all transfer accounts (which are concerned by the limitation). So, just assuming there were 20 affected banking accounts (to which Russian lending company transfers money), monthly payments to Mintos could be about 0.5 mil RUB (10mil RUB / 20) or even less.
And I would like to know, when do you estimate that we see money from Reno on our accounts. Up to now, I did not receive any cent of your announced payment.
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Dear Investors,
Thank you for your comments.
As per our last update, we’re making progress with setting up regular transfers from the Russian lending companies within the limit of RUB 10 m per month imposed by Russia. There have been some delays due to regulatory uncertainty for the lending companies, which are still being clarified between the companies and their regulators. Additionally, we need to agree on the exact terms for the transfers with the lending companies, such as which exchange rate would be applied. We expect to receive the first payments in the coming weeks, provided the external factors don’t change.We have reviewed all reasonable options for alternative payment routes, and they all led to the same key point: As the Russian lending companies are licensed businesses, all alternative payment routes that would allow transfers greater than RUB 10 m per month include aspects that require consultation and approval with the competent regulator, the Central Bank of Russia. Mintos and the Russian lending companies are working with local consultants to obtain the Central Bank’s approval.
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You mentioned that you have already received money from Reno (beyond that 10mil limit), therefore once again: when will we see money from Reno on our accounts. Up to now, I did not receive any cent of your announced payment.
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Thomas, as investors we can also see which particular loans in recovery received payments. On the in recovery updates page ( https://www.mintos.com/en/funds-in-recovery-updates/ ) there is a file linked with the title "Recovered and charged off amounts". Within that file are links to monthly Excel files that contain information on the recovered payments and to which exact loans it has been distributed. At the moment of writing the update on September has not yet been published (which should be done this week I expect). But when it is updated you and we can see to which loans the recovered amounts were paid.
The page also includes the information on the payments waterfall as applied by Mintos, which explains the distribution.
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@Annija, @Lucja,
https://www.cbr.ru/eng/press/event/?id=14210
I ask again. Why doesn't mintos open an account in a friendly country? If I do this, privately, can Kviku transfer money to me instead of Mintos based on an assignment of the claim?1 -
Paweł Andrzej Lechowicz
Thank you for the suggestion but the solution you propose, unfortunately, would not work - the restrictions you quoted relate to the countries where the legal entity is registered. For Mintos it is Latvia, considered by the Russian Federation an "unfriendly state". Opening an account in a so-called "friendly country" would not increase the limit for transfers.
Direct transfers from lending companies to investors cannot be implemented due to a variety of reasons. One of them is the complexity of our product on the technical side, and most importantly, the assignment agreements do not allow such an option.
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Hi @...
Is there anything new about more repayments from russian companies like kviku, creditter etc?
Lucja said one month ago: "Mintos and the Russian lending companies are working with local consultants to obtain the Central Bank’s approval."
What is the status here? Revo was allowed to pay back 1.3 Million.I cant understand, why Revo is allowed, others not.
Please give us an info hereto.
Thanks
Philipp
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Dear Mintos,
When will we get part from 121k from EcoFinance and what about Kviku and Creditter loans? Almost a month has passed without an update other than general term "soon".
Could you specify the details?
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November:
Kviku: We’re in the process of negotiating a repayment agreement. As the company has a substantial exposure, it is working on an agreement with the Central Bank of Russia to make larger payments than RUB 10m per month.
December:
Kviku: To protect investors’ interest, we currently can’t disclose more details about the recovery of the outstanding amounts. However, we have started taking certain action already in November to speed up the recovery.
That doesn't sound good... That doesn't sound good at all... 🤦♂️🤦♂️🤦♂️
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Hi Piotr Moskowicz, thank you for your questions.
Recently, we have answered investors' most burning questions about the funds in recovery and the current status of lending companies from Russia. All the latest information we have on each company is presented in this article, and we invite you to read it: https://www.mintos.com/blog/mintos-investor-qa-funds-in-recovery-nov-2022/0 -
Lucja (Mintos) & @...
I would like to ask about an update regarding Kviku.
You haven't settled anything for months. Furthermore, I'm guessing there's no contract signed with Kviku.
In November you say that you are negotiating and at the same time taking steps to speed up recovery. My God.
I know it's not your money and why you should care but it's not funny anymore.
Where are the regular updates? Do we have to ask every time? Shame!2 -
Hi Paweł Andrzej Lechowicz,
The recovery update will be published on Thursday.2 -
Lucja (Mintos) the update is out, but that still doesn't answer anything about Kviku. Are they refusing to pay back the amount, is it a contract problem, or what?
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Lucja (Mintos)can you please share a link? cant find any update..
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"we have started taking certain action already in November to speed up the recovery."
NOVEMBER? Maybe February or March?
1. What mintos did on Feb 25 to get any money back?
2. Why did Lime Zaim transfer 8.5 million when it should have been 10?
3. Why EcoFinance transferred 8.5 million when it should have 10?
4. Why the contract with the Creditter was badly written, and the bank asked to change it?
5. Which employee was responsible for the errors in the contract?
6. Which employee was responsible for the fact that EcoFinance failed to transfer the money?
7. Why haven't you responded to my emails for a month?
8. Why don't you call me back when I ask?
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Dear Mintos,
Long story short, you have failed to recover anything from Russian companies you could pay us right now. Is that correct?Kind Regards,
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2 weeks ago i got 5,68 € from 43.135 € which are in russian companies (kviku, creditter, revo, dozlorpati, lime zaim)
so in 632 years i have my money back if it stays on that level - its a joke, not more - the mintos guys are unable...
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Hi mintos - I appreciate your updates in your blog Russia-Ukraine war impact updates but there has been no update in DEC.
I seen a reduction for 2 lenders only back in OCT/NOV 22
- EcoFinance: ~4%
- Revo Technology ~33%
No changes in outstanding amounts since then for EcoFinance and Revo Technology or ever for Kviku, Lime Zaim, SOS Credit, Creditter and Dozarplati.
And yet in your update from 10 NOV you said:
EcoFinance
We received a payment of €121k from Ecofinance in October that will be distributed to investors soon. In November we expect a sum closer to the RUB 10m monthly limit set by the Central Bank of Russia.
Dozarplati
The repayment agreement has been signed. The company will start making payments within the RUB 10m monthly limit set by the Central Bank of Russia from November.
I assume, the 4% reduction for EcoFinance is related to the €121k from OCT. But what happened to the expected payment of 10m RUB in NOV?
And what happened to the expected payments from Dozaplati?
Why can't you provide details like this: https://peerberry.com/peerberry-statistics/
They have a dedicated section for Repayments of war-affected loans on their statistics page which I find most useful, especially, as you can drill into individual lenders and see the progress.
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News from other p2p platform:
"Kviku tried to get the approval of the Central Bank of Russia to transfer higher amounts than the monthly limit couple of times, but so far, all attempts have been unsuccessful."
I have questions...1. Monthly limit is 10 million RUB. Where is this money? If they don't pay, they should pay interest. Is there a lawyer here?
2. What is going on with "“C” type accounts for repayment of debt to creditors from “unfriendly” states."- CBR proposal ?
3. Mintos does nothing to protect our interests. The RUB currency will depreciate. Can Kviku convert our funds in Russia to a more stable currency? EUR, USD
Lucja (Mintos) it is not Kviku update, you only use copy and paste.
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Holy shit that currency is moving. :-O
I do not generally use such language but I think it is appropriate with Ruble case.
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Dear Investors,
Thank you for your questions and patience.
In response, we have prepared the latest update on our blog, where we explain in detail the process of establishing the infrastructure to accept payments in a compliant manner. We also present the situation of each company separately.
So far, Russian loan companies have repaid 6.6 million euros of war-affected loans.
If you haven't had a chance to check it out yet, here's a link to the article: https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans- from-belarus-and-more/
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I think it's time to change jobs. @Lucja and @Annija can't read. We've been asking for Kviku updates for several months now. You write unnecessary nonsense every time. Are you okay with it? Your posts can be treated as spam, nothing more. Secondly, your response rate is tragic. I already warn you that we expect a reliable update in February. I hope it will be done by a new employee.
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Hello Lucy. The question on the forum is very specific and concerns the largest debtors like Kviku or Dozarplati, who owe over €40 million to Mintos. The situation is not improved by the fact that Mintos representatives have not even thought about starting any negotiations on how to repay the debt for the last 7 months. Was this intentional on your part? In February I will have to pay income tax on money I don't have and I don't know if I'll get back some of the €42,000 I've sunk in Mintos. Please don't ask us to be patient anymore, just start working
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Paweł Andrzej Lechowicz and Christopher
Please note that any potential solution needs to be compliant with the requirements of EU sanctions. At the same time, it also needs to ensure that on the other side of the relation, the lending companies are compliant with the Russian retaliation measures when working with companies based in “unfriendly countries”. We have negotiated on how to transfer the funds since day one. Progress can be made only when the other side, lending companies, want to do the process necessary to be able to transfer these funds. The negotiations with Kviku are still a work in progress.When it comes to Dozarplati, at this point, the companies need to go through a lot of bureaucratic hurdles that take a significant amount of time. Once the agreement with the lending company has been signed, which at this point is not a trivial task, they need to open new accounts in banks that are not sanctioned by the EU, and then they need to file all the necessary documents asked by the bank to be able to make payments. The banks on the other side are taking their time to process all the documentation and more often ask for extra things, that all contributes to the time it takes to make even 1 payment.
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"we have started taking certain action already in November to speed up the recovery."
" We have negotiated on how to transfer the funds since day one."
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