Mintos recovers €10m from Russian lenders
Mintos has been repaid €10m (£8.8m) in war-affected loans from Russian lending companies, as of 1 March 2023.
The firm’s total exposure to war-affected loans is €76.5m, of which the €10.7m repaid so far represents a recovery of 13.5 per cent.
“Receiving back investors’ funds has proven to be challenging due to the various sanctions and payment limitations imposed by Russia and the European Union,” Mintos said in its latest update.
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The European peer-to-peer lending marketplace detailed the repayments of seven lenders. Kviku has by far the greatest exposure at €40m but is yet to make any repayments.
Revo has a principal exposure of €15.3m. It has so far repaid €9.1m, equivalent to 57 per cent. EcoFinance is next on the list with exposure worth €4m and €0.3m repaid.
Creditter and Dozarplati were yet to make any repayments by 1 March with a total exposure of €8.3m. However, Creditter has since transferred RUB10m in euros, and the money was distributed to investors on 2 March.
Dozarplati’s bank is in the process of making amendments to Mintos’ agreements with Dozarpati. Once the amendments have been signed and submitted, the bank is expected to allow a transfer of funds.
Finally, Lime Zaim has exposure of €6.6m and has repaid €0.1m, while Mikro Kapital has repaid 80 per cent of the €1.4m owed.
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Mintos said that Kviku informed it via email at the end of November 2022 that it had unilaterally converted all EUR debt to RUB, combined it with existing RUB debt and converted it to an interest free bond in RUB with a principal repayment at the end of 2026.
“Based on our lawyers’ preliminary analysis, neither the way the funds were converted, nor the amounts converted are in line with the existing legislative acts,” Mintos added.
“And we don’t accept this unilateral conversion by Kviku. As previously disclosed, we’ve involved consultants to take certain actions towards recovery of all due amounts. We’ll update you once we have news to share.”
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