Fintech CarMoney service decided to transfer the parent structure from Cyprus to the Russian Federation. At the end of December 2022, SmartTechGroup, registered in Russia, became the owner of the Microfinance Company Karmani LLC instead of the Cypriot Karmani Say LTD, according to data from the Unified State Register of Legal Entities. The RB.RU correspondent drew attention to the changes.
The press service of the service confirmed the publication of the transfer to the Russian Federation. SmartTechGroup was created by Carmoney CY himself in October 2022 for these purposes only.
“In the first quarter of 2023, it is planned to transfer shares of STG JSC from CarMoney CY to all its shareholders. The transition to Russian jurisdiction is in line with our development strategy, which is focused on the Russian market. Furthermore, this will reduce the risks of sanctions,” the company said.
Infoline CEO Ivan Fedyakov called the service’s decision “an absolutely logical step” given that investors can refuse to work with Russian companies registered abroad.
The registration of a company in the territory of a certain state implies for it the need to comply with and obey the laws of this country, recalled Grigory Skripilev, head of the dispute resolution and judicial representation practice of Intercessia.
In the case of CarMoney, the company was subject to the laws of Cyprus while doing business in Russia. However, Cyprus is a member state of the European Union. The latter imposed economic sanctions on Russia after the start of a special operation in Ukraine.
According to the lawyer, the structure of owning a company registered in one state and working in another puts it “in a bipolar situation,” when a company can be held liable in the EU for circumventing or violating sanctions laws, and On the other hand, the Russian business of this company can be brought to justice in the Russian Federation for interaction with a company from a hostile state.
“Since the main market for CarMoney is the Russian one, one of the ways to minimize the risks of sanctions could be the disposal of Russian trading shares of a Cypriot company in favor of a Russian legal entity. In this case, the business will become completely Russian and the risk of prosecution within the Russian Federation will be minimized,” said Grigory Skripilev.
Ivan Fedyakov emphasized that many entrepreneurs and technology founders are changing their citizenship. However, this is not a “100% panacea”: in this case, too, investors look at the company’s background, if they see the company’s relevant connections with Russia, then they try, at least for now, not to participate in such projects. .
- CarMoney was founded in 2016 by Anton Zinoviev and Konstantin Evdakov. The service provides services for the granting of loans to individuals, legal entities or entrepreneurs. With the help of CarMoney, the user receives a loan guaranteed by his car, the loan amount can reach up to 80% of the value of the guarantee.
- According to the NRA, the service is the absolute leader in the segment of guaranteed loans, it is in the top 3 companies in terms of the size of the consumer loan portfolio according to the rating agency Expert RA. CarMoney’s share of the auto loan market exceeds 60% both in terms of loan portfolio size and disbursement volume.
- In 2022, the rating agency Expert RA confirmed CarMoney’s credit rating at rubB- with a stable outlook.
Author:
karina pardaeva
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
