Friday, May 24, 2024

Replace on Wowwo | Mintos Weblog


Wowwo’s line of arguments, along with different procedural ways utilized by Wowwo to protract the case over a number of hearings that had been a number of weeks aside, lead us to consider that Wowwo’s technique was to tug out the proceedings as a lot as potential and to push again the court docket’s determination.

In our view, Wowwo’s technique to argue find out how to pay as little as potential to buyers on the grounds of arguments that seem opportunistic is questionable. As we understood, Wowwo even tried to assert that there was no proof that it had obtained any funds from buyers on Mintos. In one other occasion, we understood that Wowwo may agree on which loans had been funded, however was suggesting to pay an quantity that doesn’t match the quantity on account of buyers in accordance with the concluded agreements. For Mintos such an method wouldn’t be acceptable, as it will solely cowl about 25% of Wowwo’s debt to buyers.

By refusing to settle its debt (together with curiosity) to buyers, Wowwo continues to make use of buyers’ cash with none official foundation. The present statutory curiosity that may be utilized as soon as the declare has been accredited in court docket in Latvia is 8% every year, which may be very seemingly lower than the rate of interest at which Wowwo may entice new funding at the moment. This leads us to consider Wowwo is abusing the state of affairs for its personal financial benefit.

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