Factoring Company in Trouble

In Nicaragua, the license of CrediFactor S.A. to offer securities to the public was revoked due to the difficulties the company is facing in paying for the securities.

Monday, October 29, 2018

The executive president of CrediFactor, Mauricio Pierson Stadthagen explained to Elnuevodiario.com.ni that "... The country's situation decelerated the rate of recovery of the portfolio they had been recording, which was funded with the issuance of bonds in which individuals invested. The factoring company did not take deposits from the public."

Pierson Stadthagen added that on Thursday last week "... CrediFactor had to call the stock exchange to inform them that the recovery of our clients is less to face them, for the payment of those securities."

The Superintendence of Banks and Other Financial Institutions (Siboif) decided that the authorization to CrediFactor to make a public offering of fixed income securities, registered under Registration Number 0411 and Resolution Number 428 of March 23, 2017, should be revoked.

The reasons considered by Siboif to make the decision were based on the reports of the National Stock Exchange and Invernic, the structuring stock exchange. These entities published on their websites that the issuer (CrediFactor) presented up to August 31st of this year an affectation of 3.8 million cordobas caused by the "deterioration of certain portfolio, both principal and interest, anticipating a risk of non-recoverability of the same."

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