Breaking news: Kuetzal announcing a wind-down

Dear all,

Unfortunately all Kuetzal Investors have received the following e-mail today;

Dear Kuetzal investor,

Our team wants to apologize for delays in payments and replies to e-mails received.

Unfortunately we have to inform that Kuetzal is announcing wind-down, furthermore the company will only process withdrawals of the funds, the company is no longer accepting new project applications, investors registrations and deposits. Company’s reputation was harmed sufficiently for the past weeks, and Kuetzal management does not see a way to recover investor’s activity, therefore we may not return to usual working process. The mission of the company may not be reached anymore. 

Due to high number of reports, claims and negative messages SEB Bank and PAPAYA (the only two banks that Kuetzal used) initiated the AML check and has temporarily blocked Kuetzal’s bank accounts. Kuetzal is currently unable to perform any operations for undefined period. Kuetzal management is aiming to reestablish the activity of both operational bank accounts and perform buy-backs and withdrawals in shortest terms respectively.

Kuetzal will keep the investors informed.

We have not been able to make Kuetzal a successful player on crowdfunding market. We will however aim to exit the market quietly with minimum repercussion to our customers and the whole crowdfunding market. The website functions furthermore will be limited, only the user area will be kept. All the user area functions will continue working as before.

In case of technical issues with withdrawals or other question we kindly ask to use our contact mail instead of social networks or cellphone to receive the fastest service.

Kuetzal’s e-mail: info@kuetzal.com

I guess it was about time this house of cards came crashing down after the most recent news. I’m sad to see it happen, but guess it was to be expected. I’ve initiated a 3rd reminder on my initial email to them on 25 December. So we’ll see if they actually follow-up well on winding-down respectively as they announced.

This shows the risk involved, 20% returns are almost too good to be true and here is a good example.

I’ll keep you updated about the withdrawal process.

Kind regards,
Ken

 

Edit 14/01/2018 – Kuetzal responded to my e-mail. So far I was able to withdraw €1001,05 from their platform. I still have €100 in the Alborg Petrol project… so still curious to see what will happen with it. I’ll update again when the funds arrives on my bank account.

Kuetzal wind-down bancrupt withdrawal 2020

Kuetzal wind-down bancrupt withdrawal 2020

Comments
  • Mickael says:

    Hi,

    How do you get money back from still running project?
    Say you’ve invested 200€ on a 12 months project and there’s still 7 months before the end of it.

    Thank you

    Thank you

    • Ken says:

      Hi Mickael,

      Thanks for the question. I’ve requested via email (info@kuetzal.com) on 25/12.
      They responded on 14/01 that the buyback request was completed. However it was done on all loans except for the Alborg Petrol one.
      The loans the buyback triggers on are cancelled and returned at 90% of their value (10% cost to cancel). In Alborg Petrol I therefor have €100 stuck at the moment, not knowing what will happen there.

      Last night the amount I was able to withdraw still didn’t arrive on my bank account. So I’m still waiting there.
      I will update as soon as I receive anything on my bank from Kuetzal… so hopes are still up but we’ll have to wait and see. I didn’t see other bloggers confirming they received payment so far.

      Hope that helps already?

      Kind regards,
      Ken

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