We have received a number of questions/complaints over the last few months, as to why we cannot / have not disclosed much information in relation to matters where we are considering or have already commenced legal proceedings to recover outstanding sums under Loan agreements. This might be directly against the Borrower or indeed against any other third party. In light of this, at our own expense, we sought and have obtained legal advice (‘the Advice’) as to what we can and cannot disclose. We have attached a copy of the Advice (approved by Counsel for release to our Investors).
Loan recovery is a priority at Lendy and it is of vital importance that we do not act in any way that will prejudice our recovery. We have to strike a balance therefore, as to the level of information disseminated against the risk of waiving legal privilege. In this respect, we note that on previous occasions, where information has been disclosed to our Investors under non-disclosure agreements, such information has appeared in the public domain a short time after. We would ask therefore, that our Investors work with us to ensure that any information provided by way of update in relation to ongoing legal matters is not disclosed to any person/organisation that is neither an Investor in the Loan(s) in question or party to the legal proceedings. We thank you in advance for this.
A copy of the Advice can be found attached (the only redaction is in relation to the identity of the providing Counsel).