Hanfa: Writings on Qelo and Koykan Bonds May Mislead Investors

The Croatian Financial Services Supervisory Agency (Hanfa) has announced that affirmative media content from enasolAuto and PlanetsGroup regarding the issuance of bonds named Qelo and Koykan may mislead potential investors.

It is stated that the media content about these bonds is shaped in a highly affirmative manner, using expressions that may create the impression of guaranteed profitability and investment security. Furthermore, in some articles, these bonds are placed in the context of government bonds and other financial instruments that are subject to public offering and listed on regulated markets, which may lead to the incorrect conclusion that they are equally regulated instruments.

Hanfa therefore warns that such representation is not correct and may mislead potential investors.

Hanfa calls on the media to maintain an objective and balanced approach when reporting on such topics, avoiding formulations that may incorrectly suggest the level of security or regulatory oversight of the mentioned investments.

Although Hanfa is not authorized to provide investment advice, it informs the public that the regulatory framework in the area of drafting and publishing a prospectus or information document during a public offering of securities or listing for trading on a regulated market provides for certain exceptions to the obligation to publish a prospectus.

According to publicly available information, in the case of Qelo and Koykan bonds, it is an offer of securities with a total value of up to three million euros.

In such cases, the offerors, in accordance with Article 409 of the Capital Market Act, are not obliged to prepare a prospectus or information document.

Hanfa emphasizes that enasolAuto d.o.o. and PlanetsGroup d.o.o. have not submitted a notice to Hanfa regarding the use of the mentioned exception, which they were obliged to do. The agency will therefore take appropriate supervisory actions.

As the supervisory body of the non-banking financial sector, Hanfa calls on all potential investors in the securities of the mentioned companies to carefully consider all publicly available information about the offerors, their financial position, and operations before making an investment decision. Investors should base their decision on comprehensive and verified data, rather than solely on statements from the offerors directed to the public.