Mintos suspends lending company from platform
The European loan market Mintos has suspended lender E-Cash from its primary and secondary markets after the company revealed its intention to pull out.
E-Cash, which offers short-term loans in Ukraine and joined Mintos in October 2019, is still working out the details of its liquidation. The lender has € 816,205 (£ 709,942.27) of outstanding loans listed on the Mintos Market.
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Mintos said it has suspended E-Cash from its platform until its liquidation process is clearer and current liabilities to its investors have been settled.
The platform said it made the decision taking into account that E-Cash has missed its regular settlement payments to investors over the past seven days and that the upcoming liquidation process has yet to be completed. reviewed by Mintos.
As of April 21, the current amount outstanding for investors was € 407,263, there were € 816,205 of E-Cash loans outstanding and the current outstanding investment in Mintos was € 714,312.
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There are 11,516 investors with active investments in E-Cash loans, the average investment per investor being € 62. Mintos investors have earned € 272,715 in interest to date on their investments in loans issued by E-Cash.
Mintos changed the risk score for loans issued by E-Cash from four, from a number indicating high risk in some or most of the assessed aspects of the investment opportunity, to withdrawn-suspended.
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“We are working with E-Cash management to resolve the situation,” Mintos said in a blog post on its website.
“We will notify investors as soon as we have more information.”
Mintos has said he will suspend a loan company due to concerns about its operations and that once it has been suspended, new investments cannot take place until the suspension is lifted or has not expired. The suspension is intended to protect the interests of investors.