Crowdestor E-mail: Fertilizer Export Financing (UPDATE)

platform e-mail
We would like to give you a status update regarding the following projects: Fertilizer Export Financing

August 4, 2020

E-mail from Crowdestor

We would like to give you a status update regarding the following projects: Fertilizer Export Financing CRP-2796, Fertilizer Export Financing (II) CRP-2798, Fertilizer Export Financing (III) CRP-2809.

The Borrower has informed us that last week he had a face-to-face meeting with his personal manager in the Bank and confirmed us the following:

  1. At present funds are still in the Bank.
  2. The Bank is still in AML proceedings and hasn’t transferred funds to Borrower’s bank account.
  3. The reason for the delay, explained by the Bank to the Borrower, is that the some of the investors in this transaction are residents of Spain, and the Bank need to check that the transaction is not subject of Spanish crowdfunding regulation and that the Bank will not violate legislation while releasing funds to the Borrower. 

We have made the following decision – defending the legal interests of our investors and us, within five to seven banking days we will prepare a legal opinion about the following:

  1. CROWDESTOR is a crowdfunding platform, which is registered in Estonia.
    The platform is regulated by Estonian law. According to this legislation, operations of  CROWDESTOR as a Platform are not limited to local markets and for local investors.
  2. The current case is not a subject of Law 5/2015, of April 27, on promoting business finance and crowdfunding regulation in Spain, as Borrower is not a Spanish company, CROWDESTOR is not a Spanish company and CROWDESTOR  do not conduct advertising events in Spanish language and/or in Spain.
  3. The Bank has no right to withhold funds even if it has doubts about AML. Bank has the right to report to the supervisory authority about suspicion, according to the DIRECTIVE (EU) 2015/849 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
  4. CROWDESTOR requests to release the funds no later than 10 days from the date of preparation of the letter.
  5. If the Bank will continue to delay the transfer of funds, CROWDESTOR will submit a complaint about the current situation to the Bank of Spain, because the legitimate interests of 3772  investors are infringed.. The Bank of Spain is the national central bank and the supervisor of the Spanish banking system along with the European Central Bank. In this case, the Bank of Spain will impose heavy fines on the Bank and may impose various restrictions.

Thank you for your patience and we will keep you updated about the further development of this process.

Best regards,


Leave a Reply

Your email address will not be published. Required fields are marked *