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IN BRIEF: Adalan Ventures loss balloons on loss of Russian subsidiary

1st Sep 2023 18:24

Adalan Ventures PLC - Russia-focused fintech company, formerly known as Zaim Credit Systems PLC - Pretax loss in 2022 is GBP10.9 million, significantly widened from GBP571,305 in 2021. In 2022, Adalan incurred an investment loss in a subsidiary being written off of GBP10.4 million, compared to no such cost in 2021. This relates to the loss of control of its Russia-based subsidiary Zaim Express LLC. In January, Adalan Ventures, back then named Zaim Credit Systems PLC, reported that ownership of Zaim Express was transferred to a "Mr Sidorov" without knowledge of the company. Zaim lost control with its Moscow-based team, including its own chief operating officer, Vladimir Golovko.

Looking ahead, Adalan Ventures says: "The company forecasts include additional funding requirements upon which the company is dependant. The directors are satisfied that these funding requirements will be met."

Current stock price: 0.55 pence

12-month change: down from 1,500p at September 7, 2022

By Tom Budszus, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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