The business idea of Planet42, a car rental company that leases used cars to those who cannot secure loans from banks in South Africa and Mexico, might seem questionable at first glance. The company's founder, Eerik Oja, has previously acknowledged that this is often the first question new investors ask. However, the bold idea convinced many in Estonia.

"In Estonia, people who can get car leases from local credit providers wouldn't be able to do so in South Africa. This includes most teachers, specialists and so on. This was the market gap that the company set out to address," explained Paavo Siimann, a lecturer at TalTech's School of Business and an investor.

Prominent investors actively promoted Planet42. For example, two years ago, the well-known anonymous financial blogger "Rahakratt," famous for wearing a pigeon mask, wrote about the opportunity for regular investors to earn high interest.

However, those promoting the investment might have faced a moral hazard.

"In order for previous investors to receive their principal payments and interest, new loan capital had to be brought in. Essentially, earlier investors might have developed an interest in attracting new money from other investors," said Äripäev journalist Indrek Mäe.

Nevertheless, the Ministry of Finance does not hold influencers responsible for anything.

"It's simply a person's experience that they share, their story that they tell and how it impacts someone – whether they join a training group or make their first investment – is their choice and decision. The state doesn't interfere in this," said Siiri Tõniste, head of financial services policy at the Ministry of Finance.

When asked about the supervision of influencers providing financial advice in Estonia, the Financial Supervision Authority declined to comment to "Aktuaalne kaamera" news. The Financial Supervision Authority has not issued an operating license to Planet42, meaning it has neither the right nor the obligation to supervise the company, the state institution explained in a written response.

Several experts noted that advice given by influencers is indeed a gray area.

"Banks are very regulated in this matter. We can't give advice, and since it has been made quite complex, we don't. But the market need is there, and influencers have filled this gap," said Nelli Janson, head of LHV's investor community.

"We had already thought of gathering Estonia's financial influencers to discuss where the boundaries lie and how to maintain good quality, regardless of this particular case. We plan to do so in the fall, in cooperation with the FSA," added Siiri Tõniste.

On Thursday, Planet42 submitted a restructuring application to Harju County Court.

"Restructuring is focused on the company's future activities. Essentially, it's about creating a new business plan for the company. Of course, if there have been management issues, they will be taken into account and efforts will be made to avoid them, but restructuring is not about pointing fingers or placing blame," explained Harju County Court Judge Kai Härmand.

However, restructuring does not necessarily mean that lenders will get their money back. Paavo Siimann still hopes to recover some of the funds.

"If your revenue is €3.4 million per month and 10,000 cars generate sales income every day, it would take some serious skill to drive the company into bankruptcy," he said.

Indrek Mäe does not share this optimism.

"The loans given to Planet42 by Estonian investors are largely unsecured, and even if they were secured, liquidating and turning the cars pledged as collateral into money in South Africa is an extremely difficult task," Mäe said.

Siimann does not see any malice in Planet42's activities but would like more information. "The company says that more leasing contracts were terminated than they anticipated, but how much more? Is it 0.3 percent, 3 percent or 30 percent?" Siimann commented.

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