20. 3. 2025

On September 30, 2024, we entered into a Debt Recognition Agreement and Installment Payment Schedule with the provider. At the end of last year, Crediface company stopped making payments according to the agreed payment schedule. According to Ernest Velasquez (representative of CrediFace), the reason is that CrediFace company ran into serious financial problems after its employee fraudulently transferred a significant amount of company funds to other accounts. According to Mr. Velasquez, CrediFace decided not to pursue this matter legally due to reputational risk and the impossibility of obtaining necessary evidence from the bank. Ernesto Velasquez repeatedly mentioned declaring bankruptcy as a possible solution to this situation. Therefore, we perceived the entire situation as very serious, and in light of this, it is necessary to mention that we tried to provide CrediFace company with some time to resolve this situation.

However, we required an official statement from Mr. Velasquez and, most importantly, a reasonable proposal for a postponed payment schedule. We have not yet received an official statement, and the received payment schedule proposal, which assumed a 6-month postponement of payments and did not include interest, also did not anticipate the repayment of the entire principal debt. Despite all our efforts, we have received neither an official statement nor a payment schedule proposal from Mr. Velasquez that would reflect the real claims of investors. For these reasons, we have become suspicious about the credibility of the entire situation and decided to hand over the matter to our legal representatives for subsequent steps in the recovery process. We are currently considering with our lawyers the possibility of addressing this matter both on a criminal law level and a commercial level.

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