Cash flows without value in return? Lyconet management under pressure
Patronage, cash drain, sister loans – Lyconet management in the sights of insolvency administrators
What was long presented as a ‘restructuring’ of the myWorld/Lyconet structure may, according to internal documents, have been a system of internal self-financing.
Documents from spring and summer 2025, which are available to our editorial team, show that payments were not made, guarantees were not fulfilled and funds flowed for years to companies abroad whose economic purpose has not yet been conclusively clarified.
At the centre of it all is Hubert Freidl, who described himself as the ‘spiritus rector’ of the group of companies. According to the reports available, he is said to have given a guarantee or loan commitment of around €400,000 in March 2025 to stabilise the group.
According to internal reports, these funds were not paid out.
When the insolvency of the central companies became foreseeable in the summer of 2025, one of the companies involved demanded that the commitment be fulfilled. Mr Freidl’s response: the declaration had become invalid due to the ‘total insolvency’. A lawsuit is currently being prepared at the agreed place of jurisdiction in Graz.
Cash flows without clear proof of performance
At the same time, internal analyses show that between 2019 and 2025, five- to six-figure sums were regularly transferred to foreign companies whose economic background has not yet been proven.
These include, among others:
- GIT Global Investment LLC (Cyprus, deleted) – approx. €2.39 million
- Sam White Ltd (Malta, shareholders: Interass Holding Ltd., Andreas Galler) – approx. €2.39 million
- WWBG Global FZ LLC (UAE) – approx. €882,000
According to the internal auditors’ assessment, the various payments are related to marketing or sales partner structures, as can be seen from the information available to date. Supporting documents are currently being evaluated.
Suspicion of intra-group cross-financing
Another document concerns the relationship between Lyconet Global AG (Switzerland) and Lyconet Austria GmbH. According to this document, repeated loans were granted in 2024 and 2025, even though internal findings had already determined that the Swiss company was no longer able to repay them.
Under Austrian law (§ 82 GmbHG), such cross-financing can be considered a violation of the capital maintenance requirement.
The documents indicate that these intra-group transactions were coordinated by Lyconet Marketing Agency – under the de facto management of Hubert Freidl and Marko Sedovnik. Whether this constitutes legally inadmissible group financing will only be clarified by a court ruling.
Between responsibility and withdrawal
Externally, there was continued talk of stability and new partnerships, but internally, auditors had already pointed to a critical liquidity situation in spring 2025.
From today’s perspective, the ‘patronage’ declared by Mr Freidl proved to be more of a symbolic act than an actual financing measure.
Internal analyses show that even at this point, the central companies were apparently over-indebted, there were outstanding tax liabilities and solvency was severely restricted.
Conclusion: between evading responsibility and coming to terms with the past
The available documents raise significant questions about financial transparency, liability and corporate governance within the Lyconet/myWorld structure.
If the documented loan relationships and guarantee commitments are confirmed, this could be legally considered a violation of capital maintenance regulations or unauthorised group financing.
In particular, it remains unclear why payments were made to foreign companies for years without any clearly traceable consideration and why internal financing was maintained, which is likely to be problematic under applicable law. The question also arises as to why the central initiator of the group, Hubert Freidl, has not yet fulfilled his own financing commitment.
While numerous distribution partners continue to hope for clarification, the impression is growing that the economic collapse of the myWorld/Lyconet structure was not solely the result of external circumstances, but rather the result of structural misjudgements and systemic mismanagement.
What was once considered an international cashback empire ended up in a web of internal loans, foreign transactions and legal issues, the final assessment of which is now reserved for courts and supervisory authorities.
Note:
This article is based on available sources, documented complaints from investors and an official press enquiry to Blocktrade. It is a journalistic analysis. All statements about legal risks or possible contractual constellations are to be understood as assessments, not as conclusive legal advice.
Sources:
Internal report on the financial situation, as of 09/2025
Company register extracts Austria/Switzerland, as of 2025
Internal correspondence regarding the letter of comfort Hubert Freidl (12 September 2025)
Analysis of cost items 2019–2025 (‘cash drain’)
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