DGAP-Ad-hoc: IuteCredit Finance S.à.r.l. / Key word(s): Legal Matter
IuteCredit: Kosovo subsidiary with revocation of license
06-Dec-2019 / 19:09 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
*IuteCredit: Kosovo subsidiary with revocation of license
Tallinn, Estonia, 6 December 2019.* IuteCredit Kosovo (ICKO), a wholly owned
subsidiary of IuteCredit Europe and sister company of IuteCredit Finance
S.à.r.l., today without prior notice, received notification from the Central
Bank of Kosovo (CBK) that the ICKO microfinance license has been revoked
with immediate effect. According to the CBK decision, the reasons for the
revocation of the license are that the ICKO shareholder is not appropriate
and that ICKO has not ensured the application of the effective interest rate
communicated in the business plan at the time of submission in 2017.
Regarding the assumed non-compliance with its business plan, ICKO had
submitted a revised business plan to CBK on 14 November 2019, which
reflected ICKO's adjusted business operations, including, among others,
reduced effective interest rates. To date, no notification has been received
from CBK on that business plan.
With regard to the appropriateness of the ICKO shareholder and the overall
shareholder structure of IuteCredit Europe, the fact should be noted that
the shareholders and shareholder structure have remained unchanged since
ICKO obtained its license from CBK. The controlling shareholder of
IuteCredit Europe is Alarmo Kapital with 89.81% of the shares, with Tarmo
Sild (CEO) and Allar Niinepuuu (Chairman of the Supervisory Board) being the
ultimate beneficiaries of Alarmo Kapital.
The Company immediately initiated an investigation and legal assessment of
the facts in order to make full use of all available legal measures to help
resolve the situation and protect the interests of IuteCredit Europe as a
shareholder, creditor and investor in Kosovo.
*IuteCredit*
Kristel Kurvits, Group Chief Financial Officer (CFO)
Email: kristel.kurvits@iutecredit.com
Phone: +372 55 88 77 0
Evelin Kanter, Group Chief Legal Officer (CLO)
Email: evelin.kanter@iutecredit.com
Phone: +372 50 52 72 9
*Aalto Capital (Investor Relations)*
Sven Pauly, Consultant
Email: sven.pauly@aaltocapital.com [1]
Phone: +49 89 898 67 77 0
06-Dec-2019 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: IuteCredit Finance S.à.r.l.
14, rue Edward Steichen
2540 Luxembourg
Luxemburg
ISIN: XS2033386603
Listed: Regulated Unofficial Market in Frankfurt
EQS News ID: 930815
End of Announcement DGAP News Service
930815 06-Dec-2019 CET/CEST
1: mailto:manfred.steinbeisser@aaltocapital.de
(END) Dow Jones Newswires
December 06, 2019 13:09 ET (18:09 GMT)
