We have received some positive news from our legal team today, which gives reason for cautious optimism.
As we informed before, we have started legal enforcement proceedings against loan originators for repayment of extended loans. 29.03.2021 was a return date for the defendant in the arbitration proceedings against one of the major loan originators (top 3 in terms of the amount of borrowed funds). Considering the history of very difficult negotiations with this borrower (which eventually forced us to initiate legal proceedings), we expected an aggressive position.
However, the borrower in the arbitration proceedings has formally acknowledged their obligations to repay the borrowed funds and has disputed only the calculation of interest (in part). This indicates that the defendant is willing and ready to repay substantial amounts of money, which is good news for investors.
We will continue to pursue claims aggressively and will keep you up to date.