So the first financing company, Askar Capital, has gone bankrupt in the wake of the Supreme Court’s recent ruling that loans indexed to foreign currencies are, and were, illegal.
Askar Capital is the parent company of car financing company Avant. A winding-up committee has now taken over Avant and has three months to work out whether it can save the subsidiary from bankruptcy.
According to the Consumers’ Ombudsman, it is very likely that those who have already paid an amount in excess of what they are obliged to pay in light of the recalculated loans will not reclaim their money.
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