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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I am in shock after receiving a recent email from Mintos with the title: "With €10.4 million total recovered, Revo case is closed". It shows that investors in Revo have lost a total of €4.660.000 and Mintos is closing the case and has no intention of doing anything more about it. Even my balance sheet of recoveries from Revo is given incorrectly. I do not understand how Revo calculates 65% here. I find the lack of further efforts to recover the rest of the customers' money unacceptable.
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Grzegorz Kurc 99,24€ + 54,6€ = 153,84€ -> 99,24€ / 153,84€ = 64,5 % = 65 %
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Hello Lucja (Mintos),
can you give us more information why the unrecovered amounts (€5.5 million) from Revo were classified as bad debt? Why mintos is not enforced the remaining amount?
Why was the revo case closed when there are still unrecovered amounts?
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Yes no explanation.
We learn ONCE AGAIN that mintos take some decision in september without informing anyone !
And why not recover the remaining amount with the 10M rub transfert every month. It may take some time but still better than nothing
Mintos please improve your transparency and everything will be awesome!!!2 -
Jonas Kai Rappold
Thank you for clarifying the percentage value shown by Mintos.I will mention that I continue to be extremely disappointed with their approach to recovering our funds...
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Unless I'm mistaken, yesterday's post has been deleted...
I find it incomprehensible that the case is closed with a loss of 5M without any explanation. And especially that we learn that in fact it was the agreement which had been concluded several months in advance between Mintos and Revo.2 -
The article has been updated and published. This time there is an explanation of Mintos' decision to accept a 35% loss for investors...
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Lucja (Mintos) please clarify. If these decisions are made silently and without properly notifying all affected investors, that's a very shameful practice on Mintos' side. A few additional remarks:
-the Dutch version of Mintos' platform reflects no updates on the overview after March 3rd.
-the email that other investors mentioned, I have not received, despite still having outstanding debt from Revo.
-the Dutch version of the blog doesn't notify investors of the update on Revo and still shows the latest news as being from March 3rd
-the Dutch 'in recovery' page still lists Revo's recovery percentage and estimated time frame as 'under evaluation' and gives no further updates after the one from April 6th, despite Mintos having known for some time that the recovery would be around 65%.Because of this:
-I was only notified of Mintos' decision to accept a 65% recovery from Revo because of posts in the forum. Had other inventors not been vocal, when would I have found out?
-Investors using Mintos' platform in other languages have to actively go on a kind of treasure hunt to find more information about their funds
-Mintos comes across as deliberately hiding recovery prognoses from its investorsI have commented on this before, but the way that Mintos communicates with its investors is unprofessional and unbecoming of the leading platform in its kind.
Please let us know:
-why Mintos did not communicate this decision with its investors sooner
-why the information about this decision was never reflected on the 'recovery' page
-why some investors received an email and others didn't
-why this information isn't anywhere to be found on the Dutch version of the platform
-most importantly, what concrete steps Mintos is taking to improve its communication with us, investors.3 -
Petra Christina Zaagman
https://www.mintos.com/blog/russia-ukraine-war-impact-updates-5/Lucja (Mintos)
In September 2022 or later (until yesterday) you have never mentioned in your updates the maximum repayment of €10.4 million. However, now you tell that this limitation is a condition for granting permission. Sorry, but you cannot tell that you haven't known that before yesterday. If this was a clear condition by the Central Bank, you have known that since last September. Why didn't you share such important information in advance? You mentioned it only after closing the case (from your point of view).I was wondering during last months, since you received monthly payment from Revo about several million EUR, However in my case, I just received a single payment about only view cents in July 2022 (and before July, the previous payment was in February [before starting the war]). I understand, in my case the recovery was already at 65%, therefore I did not receive any further cent during the last months.... However, I'm very angry about the fact that you have not already mentioned / explained it last year!
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"Default to
transparencyShared clarity about our strategy and objectives saves us time and gives us all a
clearly defined direction. This way, clarity becomes the always accessible
guideline that helps us make the right decisions, internally and externally. For us
at Mintos, transparency is not an abstract principle. It is a pragmatic tool for
productive and fulfilling work.
We don’t cut corners and we don’t whisper in corners. Transparency
equals trust, and brings loyal customers and top talents to the yard. The
way we operate gives people a clear understanding of who does what,
when and why. We empower sharing concerns and suggestions
within our teams. Grounded by trustworthiness, we stand firm even
when the road gets rocky"https://assets.mintos.com/05ABB898-C39C-BCCF-DEC3-2896FFE3FAD4.pdf
I hope this post will not offend the anonymous manager and will not be deleted
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Dear Mintos,
Can you explain me why the Revo case is closed after receiving only 65% of the debt? I have never agreed to 35% of my investment to be considered as bad debt. As you always claim, it is my money, my risk and further to this it shall be my decision. I trusted you ot be patient. I was patient for more than a year. And you have decided (without my permission) to reduce my money with 35% without informing me??? How long did you know that my money will be decreased with 35%? Was it since September 2022? Why I wasn't informed? This were my money, not yours. Why did you not inform me for this when it is obvious you knew what was going to happen in September 2022?
Shall I remember you that when the risk is mine, the decision shall be mine, too? And I have never made such a decision nor authorize you to take the decision instead of me. What shall you do to compensate me for YOUR bad decision. Because, as I mentioned several times, the decision was YOURS, NOT MINE, SO THE RISK SHALL BE YOURS AND NOT MINE.
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Mintos - when do you go on with paying out the monthly 10MIO Rubel payments ? Since two months there was no payout .. can you update the information in case of the Russian situation please?
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Lucja (Mintos),
The war started 18 months ago - my recovered amount is <0,5%.
Dozarplati is opening a bank account since April.
Creditter didn't pay this month.
For Kviku you just copy and paste the same information every month.
What the hell are you doing to recover our money? These updates are useless.
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Dear all from Mintos team,
it's been two months since the last update on Kviku. Could you please update us on the status?
Thank you in advance
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They will copy paste the update from previous months.
My current approach is writing a monthly review in Trustpilot.
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Purely theoretically, if I agreed to the return of money at the end of 2026, then the return of money would not be 50-75% but 100%? I understand it well ?
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Bruno they are doing fake review on Trustpilot. Just look at "reviews"
U clearly can notice the fake one...
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I know, but that's why I continue doing my reviews so everyone knows what to expect from Mintos.
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