A Manx trust is at the centre of a £6.7 million assets freeze after Britain’s Serious Fraud Office issued an order linked to the collapse of Tony Flanagan’s pensions empire.
According to The Times, the freezing order was issued against Ukrainian businessman Viktor Bondik and Wilton Trustees (IOM), highlighting a significant Isle of Man connection in the ongoing investigation.
The order, recorded in The Gazette, was granted in October last year and is set to remain in place until October 2027.
Pensions Inquiry
A spokesperson for the SFO told The Times that the order relates to “an ongoing investigation into criminality in another jurisdiction”.
Flanagan’s Wilton Group collapsed three years ago after its subsidiary, Hartley Pensions, was placed into administration by the UK Financial Conduct Authority, leaving £2 billion in pension savings frozen for thousands of savers.
The Times reports that regulators were concerned about more than £15 million of client funds being used in unauthorised investments, something Flanagan has said he was unaware of.
In court last year, Flanagan confirmed that £13 million originated from the Voula Settlement, an Isle of Man trust linked to the Bondik family.
He told the court that the beneficiaries had launched proceedings in the Isle of Man in an effort to recover the funds, though the case had not progressed.
“The beneficiaries of the Voula Settlement are very concerned. They want their money back,” he said, adding that he remained in dialogue with their lawyers.
The Sunday Times sought comment from the Bondik family’s Isle of Man solicitors. Bondik previously served as head of Ukraine’s state fertiliser transport company, Ukrhimtransammiak, between 2007 and 2016.
Wilton Group
The Isle of Man Financial Services Authority revoked Wilton’s licence in January 2024 after identifying serious regulatory failings, including operating without professional indemnity insurance and lacking key compliance staff.
The regulator also found the firm insolvent and unable to provide full access to client records.
The Authority said the revocation was necessary to protect customers, reduce financial crime and maintain confidence in the Island’s financial services sector.