Who ran BB Trade Estonia OÜ? Boards and the 2026 resignations

analysisIn the company's first financial period the management board consisted, until 13 February 2020, of Dawid Grzegorz Sendecki, Sylwester Jan Suszek and Paweł Łukasz Sobków. Sobków resigned in spring 2020, leaving Suszek as chairman and Sendecki, and Suszek signed that period's annual report on 24 September 2021. The 2021 report gives Sendecki as a board member from June 2021 and the chief executive, Przemysław Kral, as the second member from November 2021; both signed it on 30 November 2022. The retained records do not explain why the 2021 report dates Sendecki's membership from June 2021 when the earlier report already lists him on the board in 2020. ^{1 2}

analysisAccording to the 2022 report, the board from 10 December 2023 had three members, Kral, Sendecki and Guido Bühler, all of whom signed that report on 12 January 2024; the 2023 report, signed by Kral alone on 30 June 2024, lists the same board at the end of 2023. The 2022 report also records that a new money laundering reporting officer, Reet Jurik, was appointed and approved by the Estonian Financial Intelligence Unit (FIU) in 2023. ^{3 4}

analysisThe register card records a rule from 8 November 2021 under which BB Trade Estonia OÜ is represented by Kral alone or by two board members jointly, one of whom must be Kral. The Polish National Court Register (KRS) entry of the company's Polish branch, made on 16 December 2024, repeats that rule, lists the parent's board as Kral, Sendecki and Bühler and enters Kral as branch director. The same section of the Estonian card also states that no special representation rules are currently in force, without showing when the rule ceased to apply; since 28 August 2026 the trustee in bankruptcy disposes of the estate. ^{1 2}

analysisRetrieved on 19 October 2026, the card lists Przemysław Janusz Kral as a management board member since 8 November 2021 and Margus Lentsius as trustee in bankruptcy (pankrotihaldur) since 28 August 2026, noting that the trustee disposes of the bankruptcy estate; it shows no current supervisory board members. ¹

analysisThe 2024 annual report, signed by Kral alone on 29 July 2025 and approved by the shareholders' meeting, states that the board at the end of 2024 was Kral, Sendecki and Bühler, and that in March 2025, while preparing an application under the EU Markets in Crypto-Assets Regulation (MiCA), the company changed its structure: a management board of Kral and Sendecki, and a supervisory board (nõukogu) of Guido Bühler, Georgi Džaniašvili and Giorgio Chiellini. Register publications listed by an aggregator show a supervisory-board chair and two members entered on 17 March 2025, a management board member leaving on 24 March 2025 and a change of chair on 10 September 2025. Those entries name the persons only as "N.N."; the names come from the annual report and the board's later statement. ^{1 2}

analysisRecords describe Bühler's capacity before March 2025 differently. The 2022 and 2023 annual reports list him as a management board member from 10 December 2023, and he signed the 2022 report in that capacity; Swiss financial press reported in October 2023, citing a press release, that he would be a non-executive director in the management of Zondacrypto; a law firm acting for claimants says he joined the supervisory board that October as a non-executive director. The 2024 report places him on the management board until March 2025 and on the new supervisory board afterwards, and no register entry for a supervisory board before March 2025 was retained. ^{3 4}

analysisThe same law firm states that the company's 2023 related-party statement lists Bühler as a director of BB Trade Estonia and of BB Trade Switzerland, and his company Giloca AG of Zug as a supplier of services worth EUR 101,316 in 2023 and EUR 244,100 in 2024. Swiss register data show Giloca AG, formerly Giloca Real Estate AG, registered in Zug on 30 April 2015, with Bühler among the three members of its management. The amounts are the firm's reading of the company's accounts; the related-party note itself was not retained, and the Swiss register shows nothing about Giloca's owners. ^{5 6}

analysisA Polish news report of 20 April 2026 said that Dawid Sendecki, management board member and director of risk and compliance, had announced his departure a few days earlier; according to his professional profile as cited in the report, he was money laundering reporting officer from January 2020 to April 2024 and then director of risk and compliance. As the report relayed his post, which itself was not retained, Sendecki said he had no involvement with client funds other than in his anti-money-laundering role, that managing them and liquidity had always been the chief executive's role, and that he learned only that week, together with everyone else, that there were no private keys to the funds declared as the company's reserve. Register publications record that his board membership ended on 28 August 2026, when bankruptcy proceedings opened. ^{1 2}

analysisIn a statement published on 20 April 2026, the supervisory board members, Veronika Tugo as chair (spelled Togo in the statement), Guido Bühler and Georgi Džaniašvili, said that each had resigned independently that week; that the board learned of the situation only from public sources after it escalated in the Polish media; that material inconsistencies had emerged between certain public statements, operational realities and the information previously given to the board; and that in a structure where ownership and executive management were concentrated in one individual, whom they did not name, the trust needed for oversight had been materially undermined. They added that all their decisions as board members had been taken in good faith on the information then available, including auditor reports and the MiCA-related regulatory process. Register publications record members and the chair leaving on 15 and 17 April 2026. ^{3 1 2}

analysisOn 6 May 2026 Finantsinspektsioon, the Estonian Financial Supervision and Resolution Authority, still listed Dawid Grzegorz Sendecki and Przemysław Janusz Kral as the management board in its public warning about the company. ⁴

analysisThe court's registration department handled filings for the company during the crisis. In file Ä 50129412 it ordered deficiencies in an application to be remedied on 29 April 2026 and refused the requested entry on 15 May 2026 because they had not been remedied, then issued a procedural order on 10 July 2026, made an entry on 28 July 2026 to implement another court decision and an ex officio entry on 28 August 2026. The listing does not say what the applications or entries concerned. ⁵