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Veritas Results
For the third quarter of 2011 (July, August, September) Veritas revenues have more than doubled with an excess of 1 million RON in success fee commissions and investigations fees per month.
A small but growing increase in business volumes is due in part to the new cases received from our clients that are being processed through the Veritas Call Centers in Bucharest and in Budapest, Hungary.
Veritas has also been assigned a record number of old cases, assigned previously to other recovery companies, where the assets and debt is older than 12 to 36 months after the cancellation of the contracts by the bank or the leasing company.
Asset Recovery 3rd quarter 2011:
- One high value motor-yacht from Cyprus back to Constanta;
- A large number of taxies from taxi companies all over Romania;
- A large number of cars where the contracts were all cancelled for longer than 36 months;
- Veritas has Executed Title on nearly 20 real estate properties.
Debt Recovery 3rd quarter 2011:
- The recovery of debts older than 12 months after cancellation are increasing steadily.
- Increased early recovery of outstanding mortgage and credit card debt (31 to 180 DPD)
Investigations 3rd quarter 2011:
- Veritas has investigated a number of contract frauds for the sale of land and other real estate contracts for Romanian, British and Greek clients in Romania, where the fraud was committed in 2007, prior to the start of the current economic crisis. The outcomes of the Veritas investigations efforts were to the benefit of the Veritas clients with the parties committing the offences satisfying the Veritas client’s demands in out of court settlements.
Based upon existing contract volumes, Veritas revenues forecast for the fourth quarter of 2011 are on target to exceed those of the third quarter of (October, November and December).
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