KNF initiates an administrative procedure in Altus TFI

"The proceedings are limited to securitized closed investment funds in which the management of GetBack has been appointed" – writes in a press release

Altus TFI will insure in the announcement, and in an active and determined manner, the interests of the participants the securitized fixed assets managed by spies, including those entrusted to the direction of GetBack, inter alia by the current control of managerial activity

Altus TFI daily chart /INTERIA.PL

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Yesterday we informed: GetBack disappeared p billion zlotys

So many invaluable bills are in the company. The debt collector wants to disclose contracts of more than 360 million zlotys at the beginning, calls the business partners to give money and sends notifications to the prosecutor

A new directory checks which contracts were concluded by his predecessors. According to the findings of the DGP, dozens of contracts and operations were found without economic justification (from 2016-2017 and the first months of this year). They are either legally inexact or nonexistent in the business. In the latter case, the notifications to the prosecutor's office are directed

Our informants indicate that invoices totaling about 515 million gross dollars were found in GetBack in total. The current weight of the debt collector will revive the contracts concluded in the last 12 months. Their value exceeds 360 million.

– The largest number of suspicious or adverse operations was carried out in 2017. Their value exceeds 440 million, – he says. In 2016, it was close to 36 million zlotys, and in the first quarter of last year 33 million zlotys [1965900] Documents found in the portfolio, many services concern legal advice, marketing activities, advertising, promoting blogs, advice on the sale of bonds or image consulting. The list also includes detective services – since last August, the debtor paid them 1.7 million zlotys for the study of the Czech and Hungarian markets, of which almost nothing has been obtained, the GetBack account was issued for 3.5 million PLN

] Tearz spka calls businesses and individuals who have been providing its services over the last year to make money. In some cases, it sends notifications to the prosecutor's office. He already does this, including in the case of Trigon TFI spcy, which he will return 49.2 million PLN

This is an agreement reached in August 2017 that gave GetBack an exclusive mission of managing the portfolios of receivables in the Trigon funds. It is, in addition to the purchase of a competitive investment EGB Investments, for PLN 207.6 million, the highest ranked item on the list of transactions that GetBack has the ## 147 ############################################################################# The intention to discover. EGB – Sale of Altus TFI and funds managed by him In early July, Altus calls GetBack to cancel this agreement and negotiations continue

GetBack wants to support two TFIs

Plus new GetBack weights look at documents, the more the dead fall from the wardrobes. At the end of June 2018, the total value of the long-term debt portfolios held by the company is 1.27 billion PLN, which is 390 million PLN less than two months ago for 2017. GetBack predicts that the recovery of these portfolios can be recovered. PLN 2.16 billion

Recent information indicates that the situation of the Wroclaw debt collector is much worse than a few weeks ago. Therefore, management will present to creditors an updated proposal for the voting system, whose vote was expected at the end of August. Spka wants to pay the bondholders only 27 percent. This will be done in 16 installments. This is what is known as the first group of creditors, holders of bonds not specified by the company, not held until the day of the restructuring proceedings, unsecured in the assets of the closed investment funds, the certificates of which are held by the company. According to the new proposals, bondholders will also receive GetBack F Series shares at an issue price of PLN 0.10 per share. The suggested conversion price was PLN 8.63 per share. In May, the debt collector informs that the creditors of the first group will be spaced 65.36%, and the remaining 34.64%. the debt must be satisfied in exchange for the shares.

Altus says "I check"

to take credit for creditor credit, GetBack's board is fighting to recover money from contracts that included the previous weight. The two most important contracts that the collector refused were those of investment fund companies Altus and Trigon

In the first case, the sale of GetBack to a competitive debt collection company, EGB Investments. Altus TFI and the investment funds that it manages have collected a transaction of more than 200 million zlotys, challenged by the debt collector's management and by the Financial Supervision Commission, which estimates EGB purchase will not benefit GetBack.

Oversees the suspicion of an alleged offense by former members of the GetBack Board, which, deciding the acquisition of a competitor, could lead to material damage of great magnitude

The Altus representatives convince from the outset that the transaction was made in accordance with the rules of law firms advised. The fund will even publish a white paper on negotiations with GetBack, which shows the kitchen the conclusion of a contract with the debt collector Wroclaw

Two weeks ago, Altus calls GetBack to settle "by convention »The EGB sales contract. Our information shows that informal talks on this subject have taken place since May. However, a simple setback of the transaction is not possible

– Negotiations are difficult and you will not be able to recover more than 200 million of those that GetBack pays. In our opinion, Altus should bring in more than 140 million zlotys, and if we manage to negotiate, we'll see – says our informant. TFI does not disclose the details of the invoice.

– Negotiations take place It's like that, we can not say too much to not bend the process – the fund's press service answered our questions. We have successfully established that Altus representatives have also offered GetBack up to $ 20 million of a secured loan to help Spce in a difficult liquidity situation.

Trigon does not intend to resign

In the case of 49.2 million contracts, like GetBack's deal with TFI Trigon's second, negotiations on his reversal will not succeed

? Throughout the month, we spoke with Trigon and there is no point of view on the repayment of this amount, and that is why we filed a notice at the prosecutor's office. According to Trigon, in response to GetBack's allegations, Trigon will break the August 2017 agreement regarding cooperation in servicing Trigon's securitization fund receivables portfolios. . Miaa is valid until June 30, 2022. GetBack pays PLN 49.2 million

After the termination of the agreement, Trigon Profit will lose its guarantees for its securitization funds serviced by GetBack. Guarantees are covered by accelerated procedures. We ask TFI if this situation does not mean problems for Trigon Profit

– In the interest of the participants in our funds, we will make all claims arising from guarantees and contractual penalties against GetBack – says DG Marek Jura, president of Trigon TFI. 19659003] He points out that the best mechanism that protects the interests of the participants in Trigon's funds is the subordinated certificates of these funds held by GetBack, whose share is 23 to 40%

– They constitute a kind of safety cushion. To protect participants from funds in which GetBack is also certified, Trigon, after signing the contract with Wroclaw's debt collector, signs contracts to service these funds with new funds. entities

Cooperation with prosecutors

We managed to fix it In the prosecutor's office, the current GetBack weights are working in an ongoing case with the law firm. Our opinions indicate that supervisors and company representatives point to attorneys where they think there are criminal offenses. Some of the bills found in GetBack were not considered to provide services to the debt collector. In these cases, instead of demanding a refund, the notifications to the prosecutor's office are sent.

Most of the cases that are currently the subject of fees are related to marketing and consulting fees related to GetBack's private bond issues. The regional prosecutor's office in Warsaw, which deals with cases, does not exclude other detentions and allegations in the ongoing investigation.

– At the moment, allegations are made on the most obvious issues. The so-called ripe fruit, a lot of corks are complicated and the time will be needed here – a person familiar with the details of the survey tells us

Bartek Godusawski, "Dziennik Gazeta Prawci"

25.7.2018

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