23. 4. 2024

For the provider ALENDE, we are currently recording outstanding redemptions. We first contacted ALENDE representatives more than a month ago and therefore alerted them well in advance to the possibility of triggering automatic buybacks, explained all the background and prepared all the calculations and documents for sending the funds. We were assured by ALENDE that they would send the relevant funds on time and fulfil their obligations to investors.

We have been in contact with the provider and its CEO several times each week, highlighting the deteriorating situation. Unfortunately, despite all the urgings, the funds have not yet been sent from ALENDE and the buybacks have been activated. The CEO Fernardo Oltra promised that ALENDE will live up to all its commitments and obligations and will resolve the situation in the coming weeks. Despite these assurances, we have contacted ALENDE’s guarantor and informed him of this unfavorable situation. We are now requesting the company to document all funds, transfers of funds to verify that the promised funds will indeed be sent on the promised dates. Based on all these facts, we have decided to downgrade ALENDE’s provider rating to “D” – Defaulted Provider.

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