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?"
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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.
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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.
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Lucja (Mintos),
What did the local consultants achieve in the last (4+) months regarding Kviku? It would be good to know.
I've noticed that Kviku and all Russian ongoing cases (at least the ones I'm exposed to), were updated with "100% expected recovery" in the Overdue page.
What did change to justify this update?
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These updates are useless. What are exactly the local consultants doing? When can we expect to recover our money?
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I wanted to refer to an other platform that also was offering loans by Kviku Russia. Here they provided slightly more information on the steps that Kviku did and how this fits in with the framework(s) provided by the Russian Central Bank. Of course the contracts between Mintos and Kviku Russia will have different details that the ones on the other platform. However as long as Russia will see "us" as a creditor from an unfriendly state, there is likely not much that can be enforced legally in a court that can enforce the results within the borders of the Russian state.
https://www.iuvo-group.com/en/kviku-info-about-the-repayment-of-the-originators-debt/
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As I also got a bit more interested in the legal background, it mainly comes down to Decree No. 81 and Decree No. 95 that the Russian President signed in 2022 (and there is some fine-tuning here and there in following decree's). It basically limits any large outflow of debt payments to "unfriendly states", and provides a framework for setting up a specific account with the Central Russian Bank to collect debt payments (in rubles and in case of debt in foreign currencies it needs to be exchanged according to the CBR dictated exchange rates - which contain quite some fantasy in reality). In the end, even if the actual creditor manages to own and operate that special account, the money is basically stuck within the borders of the Russian Federation (main approved usage so far is to pay taxes to the Russian Federation, or buy their government bonds).
To do anything else, you need (to lobby heavily for) the approvals from both the CBR and the Ministry of Finance. And with Revo as evidence, even if you get an approval some how, there will be a maximum repayment stipulated to the creditor.
https://www.whitecase.com/insight-alert/special-economic-measures-have-been-adopted
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Lucja (Mintos),
You can write 20 or 30 lines, and yet say nothing. When this is your goal, consider using ChatGPT - it will save you some minutes and you'll be able to answer faster here.
As you didn't clarify anything, I will ask again:
- What have the local consultants achieved in the last 5+ months?
- Assuming that they haven't achieved anything, which seems likely, when will you announce any achievement? Give us a deadline.
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Lucja (Mintos) ?
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A bit too easy for me. So what, zero progress in 4 months? Not even a mail sent?
I would expect at least as summary of the action taken from Mintos to recover the funds.
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Putin signed a new decree that can impact the frozen assets from “unfriendly states” within Russia. This could impact the bonds / C type accounts that were introduced by the Russian government.
http://publication.pravo.gov.ru/document/0001202311080023
Just as a FYI for the Mintos team. :)
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No updates for 4 months already...
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Marek (Mintos)
Sure !! at least you should change the message "no update" doesn't mean actively working on it.
And something like we are exchanging email. In talk with bank, owner etc etc
Just meta information to give feeling something active.
because no update for me doesn't mean actively working3 -
Then they could pluck up the courage to say that the money is already lost.
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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.
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Annija and Lucia
are you kidding us?
Where's your respect for investors? Your stupid "refer a friend" emails are useless. You should have been fired a long time ago.I am in Kviku but I hope ypu both will be financially responsible for lying about Revo.
In this moment i will ask Latvijas Banka for inspection.
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Ahahaha! Brilliant Lucja (Mintos)
Then you question why we complain about your transparency/communication ...
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One more mistake..
We are beta-testers of an amateur company, and we still pay for that.
Lucja (Mintos), that was my initial question: What did the local consultants achieve in the last (4+) months regarding Kviku?
This is bulls**t - for my ongoing cases you've recovered <0,2% of the Overdue amount, so just update the expected time of recovery to 2150.
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Naprawdę świetna robota. Tak więc Mintos stracił kolejne 22,5 miliona. € ich inwestorów ? Dla mnie oznacza to stratę 13 000 euro i proces sądowy.
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Thank you, Japke; this is really helpful.
It is really surprising (and not in a good way) that we need to go to another platform to get a better information about the status of our investments. This information was published by the other platform no less than almost four months ago, which shows a really poor communication management from Mintos and adds up to the incorrect information about the recovery percentage, which took Mintos almost one month to correct.
I do not expect to transfer my risk to Mintos, but at least I do expect to have my interest defended in the best way possible and to get transparent, timely information from Mintos, and this is truly not happening.
Totally disappointing :(
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Lucja (Mintos) ?
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Lucja (Mintos) ?
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Lucja (Mintos) ?
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Hi, is there any update for us ?
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Indeed, it's been ca. 20 months since Kviku stopped paying.
Nonetheless, unfortunately legal procedures of this kind are usually measured in years, not months, so I am not counting on much news, and less recoveries, anytime soon. You just need to go to Trustpilot and see the opinions that people have on their loan service (96% 1-star reviews). These are professional scammers.
Regarding Mintos, I am getting less and less confident every week. Mintos is there to intermediate and to protect their customers (the investors, in case anyone had any doubts), but they are clearly not doing a good job in this case. Still not adding funds, and I won't until this is cleared out.
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I would say no progress since February.
Cyril Migeon, the summary of the actions taken by Mintos would be an empty list.
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Dear Marek (Mintos).
With thousands of Euros at stake, many of us would appreciate a better communication from you than "No updates since last update". I think there are many many things that you can communicate about the progress of the case that won't give any "unfair advantage" to Kviku. This is not "Suits".
We expect you to keep us posted.
Thanks
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Very good question...i 20% in kviku...i want my money back..
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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.
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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".
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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.
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