Citing ongoing litigation with VictoriaBank, the Zeek Receivership has introduced an interim partial distribution.
With the Receivership winding up after the VictoriaBank litigation concludes, the unique plan was to carry out till a ultimate distribution may very well be made.
The VictoriaBank litigation continues to tug on nevertheless, prompting the Receivership to use for permission to distribute $28 million on February fifth.
The court docket authorized distribution on February tenth, which means Zeek Rewards victims with legitimate claims will quickly be receiving an interim cost.
At this stage it’s unclear when the VictoriaBank litigation will resolve. VictoriaBank is desperately making an attempt to retain possession of $13.1 million in stolen investor funds.
Final we checked within the Receivership had filed an attraction towards a call that went in VictoriaBank’s favor.
Acknowledged the Receiver in a February eleventh announcement;
After contemplating the potential for continued and protracted litigation with Victoriabank of Moldova, which is now on attraction for the second time, I didn’t discover it cheap to attend to make one other distribution till the litigation ends, which can doubtlessly be a yr or extra.
The Zeek Receivership’s dispute with VictoriaBank dates again to 2016.
Replace twenty eighth March 2020 – The Receiver has supplied an replace relating to the interim distribution:
The Receiver Staff has been working diligently to execute this distribution, which requires important work by a number of distributors and intensive correspondence with the financial institution.
I’ve obtained many inquiries from claimants relating to the timing of this distribution. Whereas I can’t present a particular date by which we’ll start making the funds, I hope that we will start sending the checks within the subsequent thirty days.
Be aware that this isn’t a definitive timeline.