The status of Grupeer’s economic activity will not impact repayments

Dear Investors,

As we have received several questions regarding the matter, we would like to clarify the meaning and the legal interpretation of “stopping of the company’s economic activity” to avoid any further misunderstandings.

We already informed you back in April that Grupeer stopped economic activity by not accepting new investments anymore in order to focus on existing liabilities.

Now, the fact that the State Revenue Service of Latvian Republic has stopped the economic activity of SIA “Grupeer” is related only with the process of agreeing on schedule how the company will repay labour force related taxes. Agreeing upon such a schedule has taken more time as anticipated but after it will be finalized, the economic activity of the company will be resumed.

Stopping economic activity of SIA “Grupeer” does not affect factual or legal capability to continue to work to collect outstanding balances from loan originators and to ensure repayments.

It has come to our knowledge that attorneys-at-law office “Ellex Kļaviņš” has provided misleading counsel to the investors regarding the matter of what means “stopping of the company’s economic activity”. 

We have addressed “Ellex Kļaviņš”, requesting to recall or to provide a correct interpretation of the information to the investors. We have warned the attorneys-at-law office that failure to do so might result in legal actions towards them.

We are kindly asking you, our investors, to cooperate in this process, which we know has taken a long time. Our goal remains unchanged – we are doing the utmost to fulfil our liabilities towards you.

Kind regards,

Grupeer management team

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