Enforcement procedures have been initiated against AS Lumen Receivables (AS MONIFY)

We continue to inform you about any development in the relationship with the originators on iuvo.

Based on the claim filed a few months ago in the court in Estonia, judicial proceedings were initiated against AS Lumen Receivables (AS Monify), on which the judgement is in favor of iuvo. On the basis of this judgement, enforcement procedures have been initiated against AS Lumen Receivables on the territory of the Republic of Estonia and the Republic of Latvia.

We are reminding you that AS Lumen Receivables is the new name of AS Monify. After the annex signed last year between iuvo and the credit company, regulating the repayment of their debt to the users by equal installments, the first out of three payments was made but unfortunately, the company stopped fulfilling their obligations to the portal after that. This forced us to take immediate legal actions against AS Lumen Receivables (AS Monify) in order to protect the expected annual returns of the users on the iuvo portal.