The Humans Group ecosystem , which has been rapidly developing in recent years, providing mobile communications, insurance, lending and online payments services, has suddenly found itself at the center of legal proceedings. Despite loud statements about growth and success, in reality the company has faced serious financial problems.

Hidden debt and 13 lawsuits

At first glance, Humans Group’s 2024 financial statements look impressive: turnover reached 17,777 billion soums , revenue amounted to 515.4 billion soums , and net profit increased by 9.82% . However, these figures hide an alarming truth: the company has accumulated significant debts to banks and partners.

In recent months, 13 lawsuits have been filed against Humans Group in the Supreme Court of Uzbekistan . The main claims are related to multimillion-dollar debts to banks that provided acquiring and payment processing services. In some cases, the amount of debt reaches $100 million , and the likelihood of their return remains in great question.

The most worrying thing is that Humans Group’s financial statements do not contain any information about debt . The company continues to report financial growth, but if unpaid debts are taken into account, the real figures could be in the red.

Dangerous Path: Examples of Asian Companies

The Humans Group story is reminiscent of several high-profile cases in Asia where companies that hid debts eventually faced collapse.

• Evergrande (China) is China’s largest developer, which has demonstrated record growth rates for many years. However, when the real debt (more than 300 billion dollars ) was revealed, the company found itself on the verge of bankruptcy, triggering a financial crisis in the real estate market.
• Luckin Coffee (China) — a Chinese analogue of Starbucks, which assured investors of rapid sales growth. However, it was later revealed that a significant portion of the revenue was falsified, and the company hid huge losses. As a result, Luckin Coffee was forced to default on its obligations.
• Hyflux (Singapore) is a leading water company in Southeast Asia that suddenly went bankrupt due to years of hidden debts. Investors lost billions of dollars and the company’s management was sued.

These examples show that even large and successful companies can be trapped by their own financial manipulations. In the case of Humans Group, there are already alarming signs of a similar scenario.

Risk of bankruptcy in 2025

If the debt is not repaid in 2025, Humans Group could be on the verge of bankruptcy. However, it seems that the company’s management is not too concerned about this issue. Instead of paying off debts, preparations are actively underway to enter the German market, where new divisions are planned.

A natural question arises: where does the money for international expansion come from? If Humans Group’s financial statements do not reflect the actual debt, there is reason to believe that the money intended for debt repayment is being redirected to the development of new projects abroad.

Whether investors and partners will be ready to turn a blind eye to these alarming signals, the near future will show. However, one thing is already clear - the beautiful picture of Humans Group’s success may turn out to be just a clever financial maneuver, behind which lies the risk of bankruptcy.