UK EMI Losses, Austrian Insolvency, and Ukraine National-Security Flags Around Vahorovska

The Ukrainian fintech group Fondy presents a complex, multi-layered compliance profile spanning the United Kingdom, Austria, Ukraine, and Ireland. In the UK, Fondy Ltd operates as an FCA-authorised electronic money institution (EMI) with limited revenue and recurring losses. In Austria, its ultimate parent, V & A Holding GmbH, entered insolvency proceedings in February 2026, with Valeriia Vahorovska and Ronny Pecik listed among key stakeholders.

Meanwhile, in Ukraine, the National Bank of Ukraine (NBU) revoked the participation of LLC FC “Alliance”, operating under the Fondy brand, in Visa and Mastercard systems, citing documented national-security concerns.

While no definitive proof of money laundering emerges from public records, the structure and developments across jurisdictions raise serious regulatory and forensic questions.

Key Findings

• Weak UK performance:
  Fondy Ltd reported £72,927 turnover in 2024 alongside a £645,415 loss. Year-end cash dropped to £71,617, with continued reliance on group support.
• Ongoing recapitalisation:
  Share capital increased to £3,997,742 by December 2024 and further to £4,323,445 by December 2025, indicating repeated equity injections.
• Austrian parent insolvent:
  V & A Holding GmbH, based at Börseplatz 4, Vienna, entered insolvency proceedings on 16 February 2026.
• Ukraine regulatory action:
  The NBU removed LLC FC “Alliance” from Visa and Mastercard participation after receiving law-enforcement information indicating national-security risks.
• Geopolitical dimension:
  Ronny Pecik’s involvement introduces additional sensitivity due to reported historical links with Eastern European oligarch networks (these remain unverified claims).

UK Layer: Fondy Ltd Appears Capital-Dependent

Fondy Ltd’s audited 2024 accounts highlight a business that has not achieved sustainable commercial operations:

Financial Snapshot

Key observations:

• Revenue declined year-on-year while losses remained significant.
• Cost of sales exceeded turnover, producing a negative gross margin.
• Operational cash burn reached £713,191.

The balance sheet reveals strong intra-group dependence:

• £842,719 out of £847,810 receivables are owed by group companies.
• Fondy Group Limited is listed as the immediate parent, with V & A Holding GmbH as the ultimate parent.
• Directors explicitly state reliance on continued financial backing from the Austrian entity.

Despite equity increases exceeding £1.55 million across 2023–2024, liquidity weakened, reinforcing the view that the UK entity functions more as a regulated shell reliant on group funding rather than independent revenue.

Valeriia Vahorovska is listed as the sole director and person with significant control.

Austrian Layer: Insolvency of V & A Holding GmbH

The Austrian parent entity, V & A Holding GmbH, transitioned from a financial support pillar to a distressed structure:

• Insolvency proceedings initiated on 16 February 2026.
• Registered address: Börseplatz 4, 1010 Vienna.
• Identified by Austrian creditor associations as a financial-services entity.

According to official Austrian insolvency records published by AKV, V & A Holding GmbH formally entered insolvency proceedings on 16 February 2026, confirming its distressed financial position.

Key Individuals

• Valeriia Vahorovska — Managing director and shareholder
• Ronny Pecik — Shareholder

This development directly impacts Fondy Ltd’s going-concern assumption, which depends on support from this now-insolvent parent.

Ukraine Layer: National-Security-Based Regulatory Action

The most definitive regulatory step occurred in Ukraine.

On 29 April 2024, the National Bank of Ukraine:

• Revoked LLC FC “Alliance”’s status as an indirect participant in Visa and Mastercard systems.
• Based its decision on documented information from law enforcement and a specialised state authority indicating risks to national security.

Additional official statements:

• The company operated under the Fondy brand.
• The Fondy trademark belongs to V & A Holding GmbH.
• Valeriia Vahorovska holds a 95% stake and directorship in the Austrian entity.

Reported Allegations (Non-Official Details)

Ukrainian media and security-related sources have reported:

• 80–90% of transactions allegedly miscoded, masking actual merchant activity and potentially enabling tax evasion.
• Links to the “Unified Wallet W1”, reportedly operating in occupied territories and routing funds toward Russia.
• Connections involving Aleksei Bondarenko, allegedly managing payment operations in Russia.

These claims reflect known typologies of transaction laundering and cross-border value transfer risks. However, they are not fully detailed in the official NBU notice and should be treated as reported, not proven facts.

Ireland–Georgia Layer: TBC-Linked Restructuring

A separate structural shift appears to involve Irish entities connected to the Georgian TBC banking group.

Key Entities

• Fondy IT Dev and Research Limited (Ireland)
• Fondy Payments Limited (Ireland)
• TBC International Holdings Limited (UK)

Findings indicate:

• Fondy IT Dev was controlled by Valeriia Vahorovska in 2024.
• Fondy Payments Limited lists TBC International Holdings as its largest shareholder.
• TBC Bank Group PLC, led by Vakhtang Butskhrikidze (LinkedIn), is linked as the ultimate institutional backer (Companies House).

Deal Dynamics

• Ukraine’s Antimonopoly Committee approved TBC’s acquisition of Fondy-related assets on 25 April 2024.
• The NBU revoked Fondy’s registration one day later.
• TBC subsequently withdrew its formal acquisition of 85% of the Ukrainian entity.

However, indications suggest that a form of asset transfer or restructuring may still have occurred via the Irish entities.

Compliance Implications

This restructuring raises key concerns:

• Were “clean” assets (technology, EU clients) migrated into a new structure?
• Were legacy risks left within Ukrainian, Austrian, and UK entities?
• Did due diligence fully address regulatory and national-security concerns?

The Pecik Factor: Added Geopolitical Complexity

Ronny Pecik’s presence as a shareholder of V & A Holding GmbH adds an additional dimension.

Reports describe:

• Links to figures such as the Klyuev brothers, Oleg Deripaska, Viktor Vekselberg, and Dmytro Firtash.
• Possible intersections with politically exposed networks across Austria, Ukraine, and Russia.

These remain attributed intelligence-style claims and are not independently verified within this context. Nonetheless, they contribute to heightened scrutiny of the overall structure.

Summary Table

Conclusion

No definitive evidence currently confirms that Fondy is engaged in money laundering. However, the broader structure presents significant compliance risks:

• A UK EMI with minimal revenue and sustained losses
• An insolvent Austrian parent central to funding assumptions
• Official national-security intervention in Ukraine
• A restructuring involving Irish entities tied to a Georgian banking group
• The presence of a shareholder with reported geopolitical connections

Taken together, these elements justify heightened attention from regulators, counterparties, and investigative analysts.

Whistleblower Call

Scam-Or Project invites insiders, auditors, former employees, compliance professionals, and counterparties with relevant information about Fondy Ltd, V & A Holding GmbH, Valeriia Vahorovska, Ronny Pecik, or related cross-border payment flows to come forward via the Scam-Or Project whistleblower section.

Particular interest includes:

• Source-of-funds documentation behind capital increases
• Intercompany transfer records
• Merchant onboarding and risk classification data
• Software licensing arrangements
• Operational links between UK, Austrian, Ukrainian, and Irish structures

Confidential submissions are encouraged to support further investigation.