1 | Executive Snapshot
StablR Ltd (Malta, C 104007) positions itself as a MiCA-ready euro-stablecoin issuer. Official filings show a simple Dutch holding chain, but deeper registry work and legacy links to Payvision’s cyber-crime scandal raise doubts about the project’s true beneficial owners (UBOs). While no hard evidence yet ties Payvision founder Rudolf Booker (or other ex-shareholders) directly to StablR, multiple red flags—including addresses previously used by Booker-controlled entities and a board dominated by former Payvision managers—demand regulatory scrutiny.
2 | Corporate Chain on Record
| Layer | Entity | Registration & Address | Directors (per latest filings) | Declared Shareholder(s) |
|---|---|---|---|---|
| Issuer | StablR Ltd (Malta) | MFSA EMI licence “STAB” • LEI 984500AA0OCA9CE0D796 • Level 5, Carolina Court, Ta’ Xbiex XBX 1425 (alt. BusinessLabs, Birkirkara) (Sources: stablr.com; stablr.com; lei-lookup.com) | Benjamin Whitby (INED Chair) • Christine Bezzina (INED) • Gijs op de Weegh (CEO) • Corné van der Meijden (CROO) • Julia Frendo (CFO) • Adam Csanyi (CCO) (Sources: stablr.com) | Plutus B.V. (100 %) (Sources: stablr.com) |
| Dutch parent | Plutus B.V. | KvK 87218895 • John M. Keynesplein 12-46, 1066 EP Amsterdam (Sources: stablr.com; transfirm.nl) | Gijs op de Weegh • Corné van der Meijden (Sources: stablr.com) | Not public (no share ledger in Dutch open data) |
| Tech arm | STB Software Development B.V. | KvK 87643359 • John M. Keynesplein 12, 1066 EP Amsterdam (Sources: compadex.com; stablr.com) | Gijs op de Weegh • Corné van der Meijden • Robin Nijkamp (ex-Payvision) (Sources: stablr.com) | 100 % held by Plutus B.V. (white-paper) (Sources: stablr.com) |
| Legacy vehicle | GW Ventures B.V. | KvK 58055452 • Stadionweg 21, 1077 RV Amsterdam (Sources: dnb.com) | Key principal: Gijs op de Weegh (only publicly named officer) (Sources: dnb.com) | Opaque—no share data in open sources |
Observation: All Dutch entities are controlled by the same ex-Payvision duo (Op de Weegh & Van der Meijden) and cluster at addresses historically associated with Booker’s Payvision spin-offs.
3 | Payvision Legacy & Conflict Signals
- Operational DNA: CEO Gijs op de Weegh was COO of Payvision during its onboarding of the boiler-room scammers Uwe Lenhoff & Gal Barak. Dutch Central Bank (DNB) filed a criminal complaint in 2020; Payvision directors were later fined for AML breaches. Although Op de Weegh avoided conviction, court files cite him as the executive in charge of risk/on-boarding (Sources: fintelegram.com; fintelegram.com).
- Personnel carousel: CROO Corné van der Meijden (ex-Payvision CFO) and Robin Nijkamp (ex-Payvision tech lead) now run StablR’s core functions (Sources: rootdata.com).
- Address trail: John M. Keynesplein 12—the nerve-centre for Plutus & STB—also housed several Payvision successor vehicles steered by Rudolf Booker (e.g., Safened) – (Source: fintelegram.com).
- Personal trail: A direct connection links Plutus B.V. to Rudolf Booker. Since 2021, Dutch lawyer Stefanie Keyser has served as managing director of Ardys B.V., the family office of Payvision founder and former CEO Rudolf Booker. Keyser simultaneously held a board position at Plutus, StablR’s parent company, until July 2023.
4 | UBO Analysis – Is Rudolf Booker in the Shadows?
| Indicator | Evidence | Status |
|---|---|---|
| Direct share register | No Booker-named shares in Plutus/STB/GW available via open KvK extracts. Dutch UBO registry is not publicly viewable without paid request. | Inconclusive |
| Management role | Booker not listed as director in any StablR entity or white-paper. | Absent |
| Address & network overlap | Plutus/STB share Booker’s historic office & advisory network (Safened, Temper, etc.). | Suggestive |
| Funding disclosures | White-paper states “founders, related entities and other investors” finance StablR but does not name them—a potential MiCA Article 5/14 omission. (Source: stablr.com) | Opaque |
Provisional Verdict: No hard registry proof yet links Rudolf Booker as a UBO, but the circumstantial footprint is strong enough that MFSA (and ESMA under MiCA) should demand a certified UBO statement and, if necessary, cross-border AML source-of-funds checks.
Read our Payvision reports here.
5 | Regulatory & Counter-party Red Flags
- White-Paper Completeness (MiCA Art. 5 & 14):
Missing disclosure of executives’ prior AML findings and civil penalties may constitute a “material omission”. - Fit-&-Proper Tests:
MFSA must revisit whether former Payvision risk managers meet the integrity criterion now that Payvision’s money-laundering record is final. - Systemic-Stablecoin Oversight:
Under MiCA’s “significance” regime, euro stablecoins exceeding €100 m supply trigger tighter ESMA/ECB supervision; StablR is actively seeking institutional volume—thus UBO opacity is unacceptable.
6 | Action Items for Stakeholders
| Stakeholder | Recommended Next Step |
|---|---|
| MFSA / ESMA | Issue Section 56 notice compelling StablR to lodge full UBO affidavit; review white-paper for omission penalties under MiCA. |
| Banking Partners & Custodians | Conduct enhanced due-diligence on Plutus B.V. shareholders; insist on notarised UBO declaration. |
| DeFi / CEX Integrators | Flag StablR as “conditional listing” pending public UBO confirmation and Payvision-legacy risk clarification. |
| Journalists & Whistleblowers | Provide documentary evidence (KvK extracts, funding agreements) to confirm or refute Booker’s stake; submit via Whistle42. |
7 | Summarizing Table
| Person / Entity | Type | Official Role(s) (latest public filings) | Key Connections & Notes |
|---|---|---|---|
| StablR Ltd (C 104007, Malta) | Issuer / EMI | MFSA-licensed e-money institution; board: Benjamin Whitby (INED chair) • Christine Bezzina (INED) • Gijs op de Weegh (CEO) • Corné van der Meijden (CROO) • Julia Frendo (CFO) • Adam Csanyi (CCO) stablr.comstablr.com | 100 % owned by Plutus B.V.; staffed chiefly by ex-Payvision managers. |
| Plutus B.V. (KvK 87218895) | Dutch holding | Directors until 1 Dec 2023: Gijs op de Weegh & Corné van der Meijden; since 1 Dec 2023, the corporate director is GW Ventures B.V. Stefanie Keyser was director until July 2023. transfirm.nldrimble.nl | Sole shareholder of StablR Ltd and STB Software Dev B.V.; registered at John M. Keynesplein 12-46, Amsterdam – the same address cluster used by several Rudolf Booker spin-offs. stablr.comlei-lookup.com |
| Ardys Group | Family office | Family office of Rudolf Booker | Stefanie Keyser Wybrand Oosterbaan Jeroen Vetter |
| STB Software Development B.V. (KvK 87643359) | Dutch tech arm | Directors: Gijs op de Weeg • Corné van der Meijden • Robin Nijkamp stablr.comlei-lookup.com | Wholly owned by Plutus; operates the EURR/USDR tech stack. |
| GW Ventures B.V. (KvK 58055452) | Dutch holding | Director: Gijs op de Weegh; address Stadeionweg 21, Amsterdam creditsafe.comtransfirm.nl | Became director of Plutus on 1 Dec 2023 – adds another opaque layer between StablR and its UBOs. |
| Gijs op de Weegh | Individual | CEO StablR • Director of Plutus, STB & GW Ventures; ex-COO Payvision stablr.comfintelegram.com | Oversaw Payvision’s client onboarding when the processor handled scams run by Uwe Lenhoff & Gal Barak; at centre of DNB money-laundering complaint (2020). |
| Corné van der Meijden | Individual | CROO & Director StablR • Director Plutus & STB; ex-CFO Payvision | Part of Payvision executive team during AML breaches cited by DNB. |
| Robin Nijkamp | Individual | Director STB Software Dev; ex-Head of Tech Payvision | Bridges Payvision tech stack know-how into StablR. |
| Benjamin Whitby / Christine Bezzina / Julia Frendo / Adam Csanyi | Individuals | Chair INED / INED / CFO / CCO of StablR respectively | Provide regulatory veneer; no known Payvision links. |
| Payvision B.V. | Dutch PSP (sold to ING) | Under 2020 DNB criminal complaint; several board members fined for AML violations | Former employer of Gijs op de Weegh (COO) & Corné van der Meijden; facilitated Lenhoff & Barak scams. |
| Rudolf Booker | Individual | Founder & ex-CEO Payvision | Not named in any StablR filing, but Plutus/STB use his historical office hub (John M. Keynesplein 12); circumstantial indicator of possible hidden UBO stake. |
| Uwe Lenhoff / Gal Barak | Individuals | Operators of vast boiler-room frauds | Their schemes used Payvision for payment processing while Gijs op de Weegh was COO |
| ING Group | Entity | Parent of Payvision since 2018 | Paid multimillion-euro settlements to victims defrauded via Payvision-processed scams. |
How to read this table
- Opaque layers: Plutus → GW Ventures → (Unknown shareholders) obscure the money trail.
- Legacy risk: every Dutch entity above is headed by senior Payvision alumni, transplanting a compliance-failure culture into StablR’s ostensibly “clean” Maltese wrapper.
- Regulatory gap: MiCA white-paper naming duty is unmet—no disclosure of Payvision history nor of Plutus / GW Ventures share registers.
8 | Conclusion
StablR’s legal wrapper looks neat: a single Dutch holding (Plutus), a tech subsidiary (STB), and a Malta-licensed issuer. Reality is messier. The same executives who presided over Payvision’s AML disaster now run the show, while shareholder registers remain sealed. Until independent proof of ultimate ownership is produced—and past AML failures fully disclosed—regulators and counterparties should treat StablR as high-risk despite its MiCA rhetoric.
Prepared by FinTelegram Intelligence Unit – June 2025. Sources include MFSA licence records, StablR White Paper v3.1, Dutch KvK extracts, D&B, and prior FinTelegram investigations.
