Veltyco Fraud Legacy – Financial results and €17.3 mio loss for 2018 announced

Veltyco Group PLC, founded in 2016 by currently detained Uwe Lenhoff and his partner Dirk Jan (DJ) Bakker, today announced its results for 2018. In the announcement, one still searches in vain for an indication that the company’s founder and officer Uwe Lenhoff was arrested in February 2019 on suspicion of serious fraud, financial crime, and money laundering. He has been in custody since then. This omission becomes more explosive because it is known that the authorities in various countries are investigating the Veltyco environment. The allegations against Lenhoff are made and investigated in connection with the Veltyco business.

Bottom line Veltyco posted an operating result amounting to €17.3 million loss (2017: €7.5 million) impacted by €10.7 million impairment charge.

• Revenues from continuing operations increased by 18% to €4.7 million (2017: €4.0 million
• Revenues from discontinued operations of €6.9 million (2017: €12.2 million)
• Total Revenues reported of €11.7 million (2017: €16.2 million)

According to the company’s press release, it ceased marketing activities in the online financial trading and lottery verticals. In the future, Veltyco will focus on the marketing of sportsbook and online casino activities.

Damage claims and other uncertanties

Last week, some of the large company’s shareholders threatened to file a million-dollar lawsuit and informed the Board of Directors as well as the legal representatives of the main shareholders. No statement from Veltyco has been heard about this either.

It has not yet been explained in detail what role Veltyco director Marcel Noordeloos, for example, played in connection with the Lenhoff investigations. Many of the documents complained of bear his signature. Lenhoff allegedly snitches on Noordeloos and other former partners accordingly. Lenhoff and Marcel Noordeloos founded the Velmont MNE in Montenegro and allegedly wanted to expand the illegal business in Montenegro.

According to reports, the German authorities have meanwhile requested Lenhoff’s extradition from Austria to Germany. They want to indict him and his network in Germany. The Austrian authorities appear to have agreed to the extradition.