Questions and answers
Monethera posted a blog about the questions they received the last couple of weeks following the events on Kuetzal and Envestio
January 30, 2020
Here are the answers to the most frequent questions Monethera received in the last few days.
What relevance has Hong Kong company Richly Pacific International Limited to the Estonian company?
The owner of Richly Pacific International Limited has Latvian residency. Of course, it’s not the only factor. Monethera received various offers and chose the best among all of them.
Monethera is not afraid of blackmail. Instead, Monethera advises potential investors to check all the information. After all, Monethera has nothing to hide: Monethera is transparent, and Monethera is responsible for our words and actions.
Richly Pacific International Limited and tax reports.
Hong Kong companies only report taxable activities within Hong Kong. If the business is conducted exclusively outside Hong Kong, it is not taxed.
This information is based on:
“Profits tax is payable by every company carrying on a trade, profession or business in Hong Kong on profits arising in or derived from Hong Kong from that trade, profession or business. Profits which have a foreign source (often termed “offshore profits”) are thus generally beyond the territorial scope of Hong Kong’s taxation system, including those derived by locally incorporated companies.
Following incorporation, companies are generally tracked by the tax authority and issued with a tax return for the first anticipated “year of assessment”. Even when no tax return has been issued, however, the company has an obligation to notify the tax authority if assesable profits have arisen.” Here it is: https://www.pwchk.com/en/services/tax/hong-kong-corporate-tax.html
How can I check the legal agreements between Monethera and Richly Pacific International Limited?
Monethera decided to disclose the agreement. You can find it here: AGREEMENT
The Hong Kong register says that Richly Pacific International Limited is dissolved. What’s happened? The company is already in communication with the register. It’s representative said that the data is incorrect and promised to fix the issue in the nearest future. Also here are links show that the company is active:
http://www.hongkongcompanylist.com/ and https://www.hkgbusiness.com/
It’s important to note that Monethera didn’t conduct due diligence for this company because the agreement is just an additional option for Monethera and doesn’t influence on Monethera’s business or investors protection.
Anyway, that’s all that matters, Monethera has internal buyback. At the moment Monethera returns 35% of company-borrower default from a reserved fund and the company returns 65% itself. In the worst case scenario, this will happen after the trial process. Monethera wrote about it in their blog Monethera Blog 3
So the agreement with Richly Pacific International Limited is additional, but not the main buyback option at Monethera.
Many investors have mistaken a buyback in case of a project default with the early sale of active investment.
As you know, Monethera temporarily closed the function of an early exit from projects (buyback) for 30 days. Monethera wants to clarify that all repurchased investments (370,000 euros in January) were redeemed exclusively by Monethera’s funds. No third party has ever been declared to repurchase your investment.
Questions regarding IC Trading.
Monethera reminds you that you should not blame someone for something without proof and detailed research. Monethera provided the information that IC Trading has 20 years of experience, but it’s the experience of the Management team, not a legal entity.
The company really had a different name. It operated on the market as SIA “INTERNETCREDIT”. the company has a fuel license. Also you can download all these documents to clarify all the questions:
List of licenses from State revenue service Of the republic of Latvia.
Financial Statements for 2017/2018.
Operative balance for 2019.
Agreement with Monethera.
Does Victor Miroshnichenko or someone else from Monethera have a connection with other platforms?
Monethera understands the concern of investors. Especially in terms of situations in the P2P market. Neither Baltic Real Estate Holding nor Viktors Mirosnicenko has ever offered their projects to the Envestio platform.
Monethera also publicly declares that they have no relation to any other P2P platform.