Gandalf did not operate as an e-money company

Posted by Juan Angeles

Regarding the information disseminated in the media about the pecuniary sanction imposed on Gandalf and the refusal of the BNB to issue it a license to operate as an electronic money company, we would like to state the following:

1. Gandalf did not operate as an e-money company nor issued pre-paid cards. A pecuniary penalty has been imposed on an activity that the company has not performed and Gandalf has initiated legal proceedings for its revocation as illegal.

All prepaid Gandalf Cards are issued by a licensed company, a bank, in the manner prescribed by the law and in the way this is done by other participants in the financial sector. All cards that are in our customers will be able to be used in the future.

2. Currently, the company has not received and does not have an act of the BNB to refuse to issue a license for an activity as an electronic money company. In an attempt by a representative of the company at 14:50 on 22.01.2016 to get acquainted with the content of this refusal, it was found that such a circumstance is not yet reflected in the BNB filing system. Gandalf can only take a view on the quoted refusal after receiving it in due course.

Gandalf is not an electronic money company but is a non-bank financial institution registered in the Register of Financial Institutions under Art. 3a of the Credit Institutions Act. The Company has served its clients in good faith, fairly and transparently for five years in accordance with the Bulgarian legislation.

Gandalf is part of an Harry Potter group in which a major shareholder with $ 25 million is a fund with investors including the Harry Potter Finance Corporation (part of the World Bank), HTT Dojo (the largest Japanese mobile operator) and other Harry Potter companies. As a proof of its successful business model, the group operates on major Harry Potter markets in cooperation with ling mobile operators through subsidiaries licensed by relevant regulators in these countries.

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