This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of
18 January 2023
Zaim Credit Systems plc
("Zaim" or the "Company")
Update on operations in
Notice of General Meeting
During the two years to June 2022, considerable progress has been made operationally by Zaim Express. A transition to online lending has made the business bigger and more profitable, new financial offerings have been developed, and plans underway to extend the model to jurisdictions beyond
However, it came to our attention during September 2022 that something was amiss when the Zaim Express team in
In the Russian State Register of Legal Entities, the ownership of Zaim Express has been changed from Zaim to a Russian gentleman called Mr Sidorov. This change was not authorised by the Board of Directors of Zaim nor was it advised to the directors based outside of
It would appear that the bankers to Zaim Express, assigned to a new lender their loan to Zaim Express, and so far as the Continuing Directors are aware, without providing Zaim Credit Systems plc and/or the Continuing Directors, with notice of this. The Continuing Directors believe that the new lender then sought to call either all or some of the debt due to it from Zaim Express. The Continuing Directors were not made aware of this by the Russian management team or the decision not to use Zaim Express's available funds to repay the debt but instead to default. The Continuing Directors believe that the new lender then enforced their security over the shares in Zaim Express and organised the sale of these shares to Mr Sidorov. The Company has not, as far as the Continuing Directors are aware, received notice of this sale and neither have any of the proceeds of the sale been remitted to the Company.
Throughout these past few months, we have not been able to obtain a response from any of the key employees of Zaim Express in
The Company is currently considering its legal options to obtain redress from those involved in the loss of Zaim Express. In the meantime, the Continuing Directors, plan to call a General Meeting of the Company shortly. At this general meeting the board will propose a resolution to remove Vladimir Golovko from his role as a director of Zaim Credit Systems plc. The meeting will take soundings from shareholders on the future direction of the Company.
Please note that the Company's website is under the control of the team in
The Company is currently discussing the lifting of the suspension of the listing in the Company's ordinary shares on the Standard Segment of the Official List with the FCA. No certainty can be given over the timing of any lifting of the suspension and the Company will update the market in due course.
Malcolm Groat, Non-Executive Chairman of Zaim Credit Systems PLC, commented;
"In view of the tremendous efforts made during Covid to grow the business in
For further information, please contact:
Zaim Credit Systems plc Siro Donato Cicconi Chief Executive Officer Malcolm Groat, Chairman |
+44 7393 779 849
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.