Replace on Wowwo | Mintos Weblog

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

In our view, Wowwo’s technique to argue learn how to pay as little as doable to buyers on the grounds of arguments that seem opportunistic is questionable. As we understood, Wowwo even tried to say 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 have been funded, however was suggesting to pay an quantity that doesn’t match the quantity because of buyers in accordance with the concluded agreements. For Mintos such an strategy 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 reputable foundation. The present statutory curiosity that may be utilized as soon as the declare has been authorized 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 imagine Wowwo is abusing the scenario for its personal financial benefit.

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