Qiwi Plc group commented on the revocation of Qiwi Bank’s license. According to the company, there were no signs of bankruptcy and revoking the license could make it difficult for the buyer to pay for the Russian assets.
Qiwi announced the completion of the sale of Russian assets and the corporate restructuring process on January 30. The transaction amount amounted to 23.75 billion rubles, including a discount for foreign participation and an increased level of uncertainty due to the Central Bank of Russia’s restrictions on certain operations of Qiwi Bank.
The company’s assets in the Russian Federation, consolidated under Qiwi JSC, were purchased by Qiwi CEO Andrey Protopopov through his Hong Kong company, Fusion Factor Fintech Limited. The Russian circuit of the group includes Qiwi Bank, Qiwi Wallet, Qiwi Business, Contact money transfer system, ROWI group of companies, Realweb group of companies, Flocktory, Taxiaggregator, IntellectMoney, etc.
Until payment is made, 100% of the shares of Fusion Factor Fintech Limited act as collateral for the transaction. The agreement according to its terms cannot be terminated.
The group’s message emphasizes that the company has no intention of returning the sold Russian assets. Instead, in the event of non-payment, it intends to “initiate a search for a third party to purchase the accounts receivable along with the right to claim collateral and/or pursue other rights and remedies.”
At the same time, Qiwi noted that Qiwi Bank had no signs of bankruptcy. As of December 31, its capital amounted to 25 billion rubles, which after the liquidation procedure should be transferred to JSC Qiwi.
- On February 21, the Bank of Russia revoked Qiwi Bank’s banking license. After this, Qiwi wallet replenishment turned out to be unavailable and the payment system also blocked the withdrawal of funds. Customers of other banks cooperating with Qiwi also had problems. Later, the Central Bank stated that Qiwi Bank, according to preliminary estimates, has sufficient funds to return money from electronic wallets.
- The Moscow Stock Exchange also announced that it would exclude Qiwi PLC’s global depositary receipts from its stock indexes. The document will be removed from the settlement databases as of February 27.
- RB.RU talked about what to do if you have a deposit in Qiwi Bank and funds in a Qiwi wallet, to whom and when the money will be returned, and what to do if you have problems paying for services.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
