Latvian leasing company "mogo" fails to file annual report, but no penalty

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Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) said October 30 that car leasing company "mogo" was in breach of the law but that it would not be penalised as a result.

"JSC mogo has not complied with the statutory requirement to publish the Annual Report for the year 2018 together with the report of the sworn auditor within the term prescribed by the Law," FKTK said.

"Having evaluated the violation... the FKTK has decided not to impose a fine, but to inform in a public statement about the nature of the violation of mogo," it added.

It was the first time the company had committed such a violation, it added.

JSC mogo is owned by parent car leasing and credit company Mogo Finance. According to its website it was founded in 2012 and "operates in more than 14 countries, issuing over EUR 405 million to date and running a net loan portfolio of over EUR 170 million."

In 2018 mogo was penalised by the Latvian Consumer Rights Protection Center (PTAC) for "providing consumers with loans without enough solvency assessment, as well as irresponsible text message delivery promoting irresponsible borrowing."

It was fined 12,000 euros by PTAC for participation in professional misconduct and misleading commercial practices and, according to PTAC "did not admit to the infringement, did not show any initiative to improve the situation or try to avoid creating additional infringements."

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