Ask Mintos Anything: Funds in recovery edition
Hi everyone,
You should have received this email from Mintos ~1 month ago:
Do you have questions about funds in recovery? You ask, we’ll answer. Submit your questions via the link below before Friday, 17 March. We’ll have your questions answered by the end of the month on our blog.
I've searched in the blog and I can't find the answers to the very relevant questions asked there.. and March is way over...
Did anyone find this article? Or they didn't post it yet?
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Here is the article (posted yesterday): https://www.mintos.com/blog/mintos-investor-qa-funds-in-recovery-march-2023/
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Thanks! Regarding deadlines, they are consistent posting articles and paying ( late ) :)
Lucja (Mintos), can you explain why two of the most voted questions (top 5) were not answered?
Namely:
- How do you expect us to add funds and invite friends with so many concerning cases topped with a very poor communication?
- How is Mintos planning to compensate investors highly affected by Kviku?
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Lucja (Mintos) ?
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Lucja (Mintos) ?
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@Bruno, I will answer it for you on their behalf:
1. They expect you to do it regardless.
2. They won't.Have a good day!
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ARTĚM AJRAPETOV, thanks! Those are the answers I'm expecting from them as well, but I wanted to get them in written form by Mintos.
It's great that they create something named "Ask Mintos anything", but then they filter the "uncomfortable" questions out.
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Bruno,
As repeated many times, we do communicate to our investors all we can and as soon as we can, considering their best interest and our legal obligations. We provide you with regular updates on our webpage, blog, and AMA sessions. We send emails to the affected investors always when there is an important development in some cases. We engage in the discussion on the Community, and on other social media. We aim to keep the transparency level high, but it needs to be remembered that not all can be shared publicly.As mentioned in our previous update, we’ve involved consultants to take certain actions toward recovery of all the amounts due to Mintos investors by Kviku. At the moment, there is no other information to be shared. But we’ll update you once we have any news.
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Lucja (Mintos), that doesn't answer two of the most voted questions in the "Mintos Investor Q&A" of March, and you're not answering it in the right place.
I paste them here again, hoping you answer them in the right place - https://www.mintos.com/blog/mintos-investor-qa-funds-in-recovery-march-2023/
- How do you expect us to add funds and invite friends with so many concerning cases topped with a very poor communication?
- How is Mintos planning to compensate investors highly affected by Kviku?
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Lucja (Mintos),
We are still waiting for you to post the answer to those two questions in the blog post. I must remind you that those were 2 of the 4 most voted questions, and this kind of attitude shows how much you care about your customers.
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Lucja (Mintos), we keep waiting.
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HI Bruno
Thank you for expressing your concerns about adding funds and inviting friends. We understand that there have been some cases that have caused worries among investors, but we would like to reassure you that we are doing our best to communicate with our investors and keep them informed. We regularly update our website, blog, and AMA sessions with relevant information, and we also send emails to affected investors when there are important developments in some cases. We believe that our communication is not poor. We engage with our community and other social media channels to maintain a high level of transparency. However, please understand that not all information can be shared publicly due to legal obligations.To answer the second question, we understand that some investors have been highly impacted by Kviku, and we are taking steps to recover the amounts due to Mintos investors. The funds are not lost, and there is then no planned compensation. As mentioned in our previous update, we’ve involved consultants to take certain actions toward recovery of all the amounts due to Mintos investors by Kviku. At the moment, there is no other information to be shared. But we’ll update you once we have any news. We appreciate your patience and understanding as we work towards resolving this issue.
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Lucja (Mintos), thanks for your answers. I still think they should've been answered in the right place, as the 38 + 30 people upvoting those questions, might not see it here.
Regarding your comments:
"We believe that our communication is not poor" - well, at least 38 of your users disagree on that.
"The funds are not lost, and there is then no planned compensation." - the war started 14 months ago, and so far you've recovered 1.7k€ out of 42M from Kviku - 0,004%. The developments in the last months were 0, so it all points in the direction of losing funds. You took 5 months to inform your users that they were not cooperating, and you still consider that you don't have a poor communication ...
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Bruno, please.
Łucja only provides information from anonymous managers.
You expect it to say "Mintos got its money back. We don't care about investors"?
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Lucja (Mintos),
Now that you've updated Kviku's expected recovery to 50-75%, assuming that there will be a loss of funds, would you care to answer the question: How is Mintos planning to compensate investors highly affected by Kviku?
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Lucja (Mintos) ?
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Lucja (Mintos) ?
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Bruno, I'm frustrated too. Lucja knows nothing and decides nothing. Leave her alone. If you want real answers and results, write to the decision makers.
https://www.linkedin.com/in/martinssulte/
https://www.linkedin.com/in/martins-valters-4712205/
https://www.linkedin.com/in/karlis-malcenieks/
https://www.linkedin.com/in/inese-lazdovska-55206016/
https://www.linkedin.com/in/p%C4%93teris-mi%C4%B7elsons-a60b9a8/
Write to them publicly, let everyone know that they took our money and cheated us. Ask why investors lost money in REVO and mintos made money.
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Thank you for your patience and for sharing your concern regarding Kviku. We acknowledge that some investors have been highly affected by this situation, and how frustrating this can be. We also understand the importance of addressing these concerns.
Investing in any asset class comes with certain risks, and so does investing in loans. We support investors in their risk assessment, by offering a variety of perspectives and information that can be used when making investment decisions, however, the end responsibility is always on investors, as only they can decide what kind of risk they are willing to accept. While we understand the desire for compensation, gain as well as loss is part of the risk, and there is no planned compensation. We have already addressed this question previously. We appreciate your understanding and continued support as we navigate through this challenging situation and work further on recovering the funds.
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Lucja (Mintos),
In your previous post (image attached) you state "the funds are not lost, and there is then no planned compensation" - for me this means that if there are lost funds (which you've now assumed), there is compensation.
Besides that, of course each investor has to decide which level of risk they are willing to accept, but Mintos should always defend investors' best interests, and I believe it's common sense across this community that you are not doing it - or if you are, you don't show/communicate it, which is even worse - and we could bring many examples here.
It is also investors' duty to provide feedback about the platforms they have experience with - I will do it wherever Mintos is rated, and as you can imagine, my words for Mintos won't be pleasant.
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While we do understand your concern, we can assure you that our team is working relentlessly to make sure that we achieve the highest recovery possible in each case, and we update investors on the progress regularly each month. There may be cases where we have to share only limited information publicly in order not to affect the recovery process. However, this is always done to protect investors’ interests. As for the Kviku case, the only thing we can share at this point is that we will inform investors as soon we have news to share. Thank you for your patience and understanding.
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@Lucja
Regularly update each month?
Hah very funny. Not more. You are lying.
Tell us, what did you say earlier?
The Kviku concession is more important than our money. Keep it up. Hope to see you in court.
Did you know, Mr Putin wants nationalize funds from unfriendly countries? Did mintos try talk to UE parliament?@Bruno
Compensation? Of course, from Lucia's and managers' salaries. I hope :)0 -
Dear Investors,
We sincerely appreciate your inquiries and would like to provide you with the latest update on Kviku.
https://www.mintos.com/blog/russia-ukraine-war-impact-update-swift-ban-rub-plunge-pausing-listing-new-loans-from-belarus-and-more/As previously mentioned, Kviku informed us after the fact that they unilaterally converted their debt to investors on Mintos into a non-interest bearing bond in RUB, with a maturity date set for 2026. It is important to note that we did not agree to this approach, as we believe it does not serve the best interests of investors. Furthermore, we have reason to believe that Kviku's conversion violates local requirements.
However, there are additional developments to consider. The actions taken by Kviku's owners and management do not align with normal business practices and contradict their claims of acting in the best interest of Mintos investors:
Just days before issuing the bonds to convert the debt, Kviku's management and owners assured us that they were seeking special permission from the Central Bank of Russia to conduct transfers exceeding the monthly limit of RUB 10 million. It is worth mentioning that they had been working on the bond issuance for several months prior to its actual implementation. However, we have no factual evidence of Kviku taking any steps to obtain the necessary permission from the Central Bank of Russia for such transfers.
Subsequently, Kviku attempted to remove the pledged assets tied to its portfolio for the funded loans on Mintos by engaging a notary. When this approach proved unsuccessful, they filed court cases in Russia in late December 2022.
After Mintos objected to Kviku's court applications, one of the applications was dismissed by the court, while Kviku voluntarily withdrew the other before a ruling was made.
Kviku's claims of non-existent agreements and no money transferred for the portion of the portfolio originating from forward flow investments are evidently false. It should be noted that forward flow investments constitute a smaller portion of the overall portfolio.
We were genuinely surprised by Kviku's actions to avoid returning investors' funds, as our previous cooperation had been proceeding smoothly. Moreover, it is perplexing from a business perspective that Kviku would willingly tarnish its reputation, especially considering that its owners and management also operate businesses in other countries, including in Europe.
Please rest assured that we are actively involved in these court cases, diligently safeguarding the interests of our investors. Additionally, our consultants are earnestly working towards the recovery of investors' funds. Kindly understand that due to the sensitive nature of legal proceedings, we can only share information with a slight delay, as excessive transparency may jeopardize our position. We will provide further updates as soon as possible.
Thank you for your continued support and understanding.
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