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Monthly recovery updates Q&A

Komentāri

6 comments

  • Edwin

    I have a question about the Getbucks group guarantee. Currently it contains Botswana and Zambia. In the update you mentioned indeed somewhere that in Botswana would had to pay for the Zambia loans if Zambia could not pay all (I think you did at least). Now they have both problems so a little bit of an issue there. But what about the other 2 in Kenya and South Africa now going under Finclusion. They all fell under the MyBucks S.A groups guarantee before it went bad. If you open the loans you can still see that. Why don't we here about those stepping in. Same was for Finko I believe having a group guarantee and when Finko had problems quickly the still working ones disappeared. Or should we read it as group guarantees only in good times and in bad times its everyone for its self guarantee.

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  • Lucja (Mintos)

    Hello Edwin,

    Thank you for sharing your thoughts, we’re glad to provide some background on this issue.

    As their business went into distress, MyBucks previously sold Zambia and Kenya entities to avoid, or (eventually) delay the bankruptcy. At the time, we assessed this solution as more promising than the potential case if both entities went bankrupt. We understood that such a step can potentially bring more value for investors - MyBucks liabilities were bigger than its practical ability to make repayments. 

    When it comes to the current status of our activity in this case, recently we took some new steps in this case. We will share an update about MyBucks status with investors during this week.

    Regards,
    Lucja

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  • VALERIO TURCHI

    I have so many invested money blocked in Capital Service since 2020....do you have any news?

    Best regards,

    Valerio

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  • Lucja (Mintos)

    Hi VALERIO TURCHI,

    Thank you for your question.

    Repayments from Capital Service Poland are being transferred per the restructured schedule. In the past month, €89 199 has been received and transferred to investors on Mintos. The company is solvent, and its ongoing business indicates good potential for recovering the total exposed amount. The funds are distributed to investors in chronological order, starting with the loans with the longest wait for repayment. Some will therefore still have to wait for their turn. Every month we publish updates on the recovery process, you can follow them here: https://www.mintos.com/en/funds-in-recovery-updates/.

     

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  • MIKA EERIKKI MANNER

    Hi Lucja,

    I have a follow up guestion for the previous question regarding Capital Service Poland. You mentioned that "the company is solvent and its ongoing business indicates good potential for recovering the total exposed amount".

    Would you like to clarify that a little.

    Are we talking about the entire amount in recovery? Around 17 000 000€ (+ PLN) at the moment.

    What kind of timetable are we talking about here, a month, half a year?

    Thank you for your answer in advance.

    Mika

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  • Annija (Mintos)
    Community manager

    Hi MIKA EERIKKI MANNER,

    From Capital Service, 100% Recovery is expected. Here you can also find a repayment schedule https://www.mintos.com/en/funds-in-recovery-updates/ shared on November 27, 2020.
     
    The Capital Service repayment plan consists of regular monthly payments which will increase over time. Initial payment amounts are EUR 64 200 and PLN 160 700. The repayment plan includes repayment of 100% of the outstanding funds without any reduction.
     
    The repayment plan stipulates regular payments over three years, followed by a so-called bullet payment to cover the remaining amount. The bullet repayment will either be refinanced to a third party depending on the company's and market conditions or restructured into a new schedule.
     
     
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