Robocash Group brushes off threat of sanctions
Robocash Group does not expect to sanctions to be placed against its founder and chairman of the board Sergey Sedov, amid escalating tensions between the EU and Russia.
During a webcast with investors on 14 November, Robocash Group chief executive Natalya Ischenko and chief finance officer Ivan Adamovich responded to concerns about whether investor money could be placed at risk in the hypothetical event that Russia-born Sedov faces sanctions.
“All previous sanctions concerned mostly the state or systemically important private banking sector, to which we do not belong,” said Ischenko and Adamovich.
“There are no such international sanctions on Russian citizens and we have not heard about such intentions.”
Read more: Robo.cash attracts €15m investment in loans in October
Another investor asked if they should be worried about military mobilisation against Russia, as some of the platform services are made by Russian citizens.
However, Ischenko and Adamovich reassured investors that the operational work of Robocash is “not affected much by the political tension and resulting sanctions”.
“We do not place Russian or Ukrainian loans on the platform, and all related transactions, as well as loan disbursement activities of the companies are done through the respective local banks,” they said.
“Financially, our investors are not affected by this.
“Most of our employees work abroad – in Turkey, Croatia, Latvia, Kazakhstan, and so on. Despite all the events, we continue to operate smoothly.”
Robocash Group is the Singapore-based holding company which owns the Robo.cash peer-to-peer lending platform. The webcast was held to discuss the company’s third quarter and year-to-date results.
During the first nine months of 2022, the group’s net profit came to $43.5m.
Adamovich noted that the group’s assets, excluding its Russian business, are enough to cover the obligations to the platform’s investors.
Read more: Robo.cash posts 20pc rise in long-term investments
