Published on: 06 Feb 2020
According to international microcredit and fintech company IuteCredit the text published yesterday in Insajderi is a ridiculous attempt to justify the unlawful actions of the Central Bank of Kosovo to revoke the licence of the company.
The CEO of IuteCredit Europe, Tarmo Sild is shocked by false accusations and claims made in the article. “This is not journalism. It is somebody’s sick fantasy where unrelated things are connected with each other. If the text published in Insajderi is a reflection of opinion of Kosovo’s authorities, then we now understand why they have hidden the reasoning behind the revocation of the licence from IuteCredit. This kind of conspiracy theories are not true and can be easily overruled,” Sild stated.
“We will come back to this topic in more detail as soon as possible. At this point, we can quickly say that this is all malicious fabrication. It is just so enormous that it takes more time to respond in detail. It is also an attack on a number of reputable Estonian companies, which only adds to the absurdity of the whole attempt,” said Sild.
For example, it is stated that “In 2013, the legal entity Arco Vara was sold for 650,000 euros”. Arco Vara was not sold in 2013 to anyone, for any price. Arco Vara was listed on Nasdaq OMX Baltic Exchange back in 2007 and the size of initial public offering was more than 66 million EUR.
“It is worth asking – is it really plausible that the Central Bank of Kosovo and the Kosovo authorities are the only ones in Europe who can uncover some big scheme? All the companies they suspect of god knows what are operating successfully in other countries. No country in the European Union, or in the other Balkan states, sees any problem, but Kosovo has hit the jackpot. Really?” Sild questioned.
Another example was related to a respectable Estonian bank – Coop Bank. “The article states that “The reason why Coop Bank has been included in the sanctions list is that it is linked to Putin’s regime. This company has shares in the Bank of Moscow as well.” However, Coop Bank is a reputable bank publicly listed on NasdaQ Baltic and it is not on any sanctions list. Nor does it have any links to Putin’s regime. It does not have a stake in the Bank of Moscow,” Sild explained.
“It looks like somebody has tried to be a journalist or played a detective, but does not know how to Google or know foreign languages and has composed unbelievable nonsense. In Estonia, if anyone writes a story of similar factual accuracy, they probably write about flat earth and reptilian conspiracies, and they are advised to put on a tin foil hat,” Sild said.
IuteCredit is an Estonian-origin international microcredit and fintech company focusing mostly on installment loans, including car loans. The average loan period is one year. Today, IuteCredit has become a leading microcredit company in Europe with a balance sheet of 100 million euros and more than 200,000 active customers. The company raises its funding through publicly traded bonds that are listed on the Frankfurt Stock Exchange.
Company operates in Moldova, Albania, North Macedonia, Kosovo, and Bosnia & Herzegovina. The portfolio of business partners of IuteCredit includes state postal services, international teleoperators Orange, VodaFone, Deutsche Telekom, large electronics stores, etc.