# SOUNDPROOF investigation update for Global Treasury Solutions

**Sources.Africa follow-up:** Fresh DNS confirms the same specific MX as Impact (`mail.zingalabs.org`) plus `83.228.211.130` web/SPF overlap. This upgrades the domain to a documented infrastructure association; expanded checks have not established an Ivan/affiliate link. See [technical and actor follow-up](network-connection-investigation.md).

**Direct-Impact update, 5 November 2026:** The current official Vaud extract now lists Mouanfon Ngouh Yacouba as sole registered member/manager with all 200 parts; the earlier current-extract access gap is resolved. No direct Ivan/affiliate-to-Impact link is established. See the [direct-target review](network-connection-investigation.md) and [preserved extract](sources/direct-impact/impact-current-extract.pdf). Historical sections below retain the scope of their earlier attempts.

## Timing review and requester correction · 5 November 2026

GTS incorporation preceded Pinnacle’s closure application by **59 days**; DESMEL incorporation followed GTS dissolution by **85 days**. These are the strongest corporate timing questions for follow-up, without proving any business transfer or wrongdoing. The [timing assessment](consolidated-timeline.md) separates them from weak Global/Impact date matches and a conditional first-accounts deadline calculation. **Ivan has never denied involvement and has not been asked**; earlier wording asserting a denial is superseded.


## New Elena ownership finding · 5 November 2026

**DESMEL LIMITED (17409432), incorporated 19 August 2026, is active and lists Elena Kovacheva as director, secretary and 75%+ share/vote PSC. The original incorporation allocates its only share to her (100% at incorporation).** Her full name, June 1996 birth month/year, nationality and business address match the GTS director record, with separate profile IDs retained. The [ownership and international-screening report](desmell-identity.md) records the original evidence and 62-jurisdiction indexed search. No additional foreign ownership was verified; that screening is not a comprehensive clearance of those registers. The Swiss fragrance brand is separate.


## Latest chain review · 5 November 2026

The [chain re-audit](network-connection-investigation.md) reviewed all 60 recorded relationships and compared 86 preserved HTML captures across 13 root domains, including the recovered Global homepage. **No complete documented path from Ivan or the assessed corporate/domain affiliations to Global or the Swiss Impact group was found.** Bank-brand references, PR/Barclays hypotheses, common mass-market providers and date coincidences do not supply the missing actor/business step. This is a bounded evidence result, not proof that no relationship exists.


## Provenance correction · requester clarification, 5 November 2026

The requester clarified that name similarity was the only basis for considering globaltreasury.solutions. The requester did not assert or establish that it was the website of UK company 15907803. Earlier wording describing a requester-reported company/website association was an analyst attribution error. Treat this as a name-based research hypothesis only.


**5 November 2026 · SP–GTS–001 · Confidential local research**

## Main result

The public evidence now goes beyond an officer appointment. The GTS incorporation document allocates its sole initial ordinary share to **Ivan Kovachev**, and the PSC register names him with **75% or more of the shares and voting rights**, together with a director appointment/removal right. The original strike-off application names **both Ivan and Elena** as authorising directors and records **19 February 2026** as each signature date.

These are substantial documented findings about the **registered Ivan and Elena**. They are not, by themselves, proof of actual trading, customer diversion, a breach of director duties. Person-level matching must still retain its evidence limits. The requester has not asked Ivan about these interests, and he has not denied involvement.

The requester has now explicitly confirmed **CAPITALIXE LTD, 11853977** as the original business. Its own website names **Ivan Kovachev and Lissele Pratt as co-founders** and presents **Elena Kovacheva as a consultant**. The official register lists Ivan and Lissele appointed on 1 March 2019. Ivan’s listed Capitalixe and GTS directorship dates therefore overlap from 20 August 2024. This establishes an appointment comparison; it does not establish prohibited competition.

This update supersedes the earlier conclusion that the GTS ownership records and original filings were unavailable. The consolidated application now exposes the findings, original documents, timeline, related-record graph, reports and research dispositions. Earlier failed attempts remain part of the research history rather than the current source-availability conclusion.

## Expanded two-network connection review

The [new network investigation](network-connection-investigation.md) establishes a specific technical link: `globaltreasury.solutions` and `mail.zingalabs.org` resolve to **83.228.211.130**, and Impact, GRiOT and Zinga use that hostname as their MX destination. Authoritative DNS corroborates public resolver answers. Historical provider intervals for the two hostnames overlap, with the limitations of first/last-seen data retained. This establishes an infrastructure association; it does not identify the hosting subscriber, prove ownership or verify the reported HTTP redirect.

Across the two requested sides, **Capitalixe's accounts filing and the global-domain registration share 22 January 2026**. That documented coincidence is a weak lead, with no common filer, acquisition instruction or contract identified. Generic Cloudflare use is another weak shared-vendor fact. The conditional Ivan → GTS → global-domain → Impact chain still has an **unverified GTS-company-to-domain step**. The report distinguishes these facts from the stronger internal Capitalixe domain identifiers, the `.ae` WHOIS disclosure, historical Swiss corporate/signing roles, portfolio links and new residence-change filings. The interactive **Network links** view makes each step and its supporting sources inspectable.

## Focused treasury-domain connection review

The [focused connection report](domain-connection-investigation.md) tests `treasurysolutions.com`, `globaltreasury.solutions` and company **15907803** together. It recovers an indexed `/contact` page publishing `info@treasurysolutions.com`, January 2026 historical DNS and a bounded certificate/archive comparison. That earlier focused pass did **not** recover a named global-domain operator or a direct company/domain bridge; the later network review above adds a specific Global-to-Impact infrastructure path. The treasury email-domain attribution gap remains. Official director roles, supplied addresses, infrastructure and a reported onward route remain distinct evidence. All five original GTS filings were reviewed for operating contacts; the public documents do not disclose either target domain. No conclusion that the domains are unrelated follows from that absence or from public access failures. See DB01–DB06 / application F48–F53 for the exact assessment.

## Second research pass

**IC2-01 — domain registration is now documented.** The [registry RDAP response](https://rdap.identitydigital.services/rdap/domain/globaltreasury.solutions), retrieved on 5 November 2026 at 11:47:42.807398 UTC, records registration on **22 January 2026 at 13:12:55.802 UTC**. That precedes the known certificate event by one day. Registration and certificate dates are separate infrastructure events; neither establishes a launch, a legal operator, or trading. See the [dedicated Impact second-pass report](impact-capital-second-pass.md).

**PF04–PF08 — a prior joint company adds corporate context and filed revenue evidence.** Official records identify **PINNACLE GLOBAL PAYMENT SOLUTIONS LTD, 12087104**, incorporated 5 July 2019 and dissolved 14 January 2025. One Companies House profile directly connects Lissele’s Pinnacle and Capitalixe appointments. The Pinnacle confirmation statement dated 21 February 2020 lists 50 ordinary shares each for Lissele and Ivan. Its DS01 records Ivan’s signature date as 17 October 2024 and Lissele’s as 18 October 2024, after GTS’s incorporation. Its unaudited 2021 accounts report **£164,892 turnover**. Those are historical filed figures for Pinnacle, not GTS revenue or independently verified customer payments. No source establishes transfer of Pinnacle’s business, clients or assets to GTS. Original pages and exact captures are documented in the [public-footprint report](public-footprint-and-current-records.md).

**PF03 — strike-off and dissolution have different dates in the original notice.** The [GTS final Gazette PDF](sources/pass-2-public/gts-final-gazette.pdf), page 1, states strike-off on **19 May 2026** and dissolution on **26 May 2026**. The latter remains the overview’s dissolution date. Both fields are retained in the consolidated timeline.

**PF09–PF14 and UA01–UA05 — public commercial context has been checked without attributing it to GTS.** Capitalixe’s introducer brochure and anonymous case study describe its referral/advisory model; they are marketing representations, not identified GTS transactions. The brochure’s non-exclusivity language concerns introducers and does not establish consent to a director’s competing venture. Capitalixe’s own Dubai announcement and repeated trade-press releases describe expansion involving both founders, with publication dates spanning 13–15 October 2025. They do not independently prove a relocation date. The regional legal notices name Capitalixe Limited and a UK contact, but disclose no separate UAE legal identifier. See [the regional scope report](capitalixe-uae-scope.md).

**UAD01–UAD03 — the official Dubai directory supplies a new legal entity and a direct brand-domain contact.** The [Invest in Dubai licence detail](https://app.invest.dubai.ae/dul/dul-DE7567?bk=1), captured on 5 November 2026 at **12:09:33.038 UTC**, records **CAPITALIXE L.L.C-FZ**, DUL **DE7567**, licence **2205459.01**, active, issued **23 December 2022**, expiring **22 December 2026**, with **Management Consultancy Activities** and contact **ivan@capitalixe.com**. The downloaded one-page directory PDF corroborates those fields. This supersedes the regional pass’s missing-identifier blocker and establishes a public contact bridge to the Capitalixe domain. It does not identify shareholders, prove which entity contracted for a particular service, or establish any relationship to GTS or Impact. See [the official-directory follow-up](uae-official-directory-check.md).

Exact public FCA, FINMA, court and tribunal checks produced bounded search outcomes or recorded access limits. They establish neither regulatory clearance nor unlawful activity, and incomplete public court coverage cannot prove the absence of proceedings. The direct Gazette/insolvency search endpoints had specific failures; original GTS notices were obtained through the materially different company-filing route. No attributable GTS customer, transaction or successor was established. Each material lead has a recorded disposition and exact next action in the [research log](research-log.md).

## Findings that materially advance the case

| ID | Finding | Evidence and location | Evidential limit |
| --- | --- | --- | --- |
| UP-01 | Ivan was allocated GTS’s sole initial share | [Incorporation PDF](sources/company-control/gts-incorporation.pdf), pp. 5–6: one ordinary GBP 1 share in total; Ivan is the initial holder | Initial allotment at incorporation, not an independently verified current beneficial-ownership history |
| UP-02 | The GTS register lists Ivan as its controlling PSC | [Official PSC page](https://find-and-update.company-information.service.gov.uk/company/15907803/persons-with-significant-control); incorporation pp. 8–9 | A filed register finding; identify the person and check for subsequent changes before asserting a complete ownership history |
| UP-03 | Both Ivan and Elena are named on the strike-off authorisation | [DS01](sources/company-control/gts-ds01.pdf), p. 1: authorising directors and signature dates of 19 February 2026; filed 26 February | The electronic form records typed names and dates; it does not independently authenticate who operated the filing account or prove wrongdoing |
| UP-04 | Capitalixe is the requester-confirmed original company | [Requester confirmation](requester-updates.md), [official officers](https://find-and-update.company-information.service.gov.uk/company/11853977/officers), [company team page](https://capitalixe.com/why-us/), [Ivan interview](https://capitalixe.com/blog/qa-ivan-kovachev-co-founder-ceo/) | Requester confirms the case entity. Different officer-profile IDs still mean no shared-ID identity proof |
| UP-05 | Elena has a public business association with Capitalixe | [FX page](https://capitalixe.com/solutions/fx-solutions/) and team page identify her as a consultant | Publicly represented role; contract, access rights, operational actions and dates are not established |
| UP-06 | Impact’s precise Swiss operator is identifiable | [Studio terms](https://studio.impactcapital.ltd/terms) and [privacy notice](https://studio.impactcapital.ltd/privacy): IMPACT CAPITAL MANAGEMENT Sàrl, CHE-464.300.033; official Swiss UID record corroborates the entity | This establishes the Swiss identity, not a link to the UK company or subjects |
| UP-07 | A current Impact domain hop is verified | `impactcapital.ltd` returned HTTP 301 to `studio.impactcapital.ltd`, then 200 | Routing observed on 5 November 2026; does not establish a historical relationship |
| UP-08 | Similarly named domain infrastructure is dated to January 2026 | Presented TLS certificate: validity starts 23 January 2026; embedded certificate-transparency timestamps also on 23 January | Certificate event, not proof of site launch, content, operator or trading |
| UP-09 | The email-provider description needs qualification | Current public MX uses Microsoft mail protection; SPF includes `secureserver.net`; [GoDaddy documentation](https://www.godaddy.com/en-uk/help/add-an-spf-record-to-my-domain-for-my-email-40499) describes that SPF configuration | Current configuration does not establish the historical provider or any mailbox’s creation date |
| UP-10 | Capitalixe initially allotted one ordinary share to each founder | [Capitalixe incorporation](sources/capitalixe-filings/incorporation.pdf), pp. 5–6 | Initial allotment only. Its original PSC sections give conflicting control bands; current ownership is not established from this alone |
| UP-11 | A dated Capitalixe accounts page names Ivan as director during the GTS period | [Accounts](sources/capitalixe-filings/accounts-2025.pdf), PDF p. 3, approval/signature statement dated 5 January 2026 | A filed representation of a role and approval; not proof of competitive trading or independent authentication of a human signature |
| UP-12 | A public history provider dates the Microsoft mail-routing record to April 2025 | [Public MX history](https://whoisfreaks.com/tools/dns/history/lookup/treasurysolutions.com?type=MX&page=1): first seen 14 April 2025, last seen 2 August 2026 | Provider observation history, not activation or mailbox creation. It neither confirms nor disproves a different provider’s March observation |

The exact public records and capture metadata are preserved in the branch evidence folders. See the document-specific report for page references and retrieval provenance.

## What the new evidence says about the original questions

### Is Ivan involved in the suspected company?

For **GLOBAL TREASURY SOLUTIONS LTD, 15907803**, the records document a directorship, sole initial share allotment, PSC control and a named DS01 authorisation. This is substantially stronger than an incidental association or shared address. The remaining identity question is whether the registered person is the business partner discussed in the allegation. Matching Capitalixe name and birth month/year, together with Capitalixe’s own co-founder account, supplies corroboration but does not replace that final identity check.

### What is Elena’s involvement?

The GTS records list her as director and secretary, and DS01 names her as an authorising director. Capitalixe publicly presents a same-named consultant. None of the retrieved GTS incorporation share-allocation pages identifies her as the initial shareholder. Her operational actions, mailbox use, and alleged family relationship remain separate questions.

### When did activity begin?

The earliest established GTS legal event remains incorporation on **20 August 2024**. The separate, similarly named domain has a **22 January 2026 registration** and **23 January certificate**. Those are not established company-activity dates. None proves the first customer transaction or a website launch. The supplied **17 March 2025** email-history date remains unverified. Independent public-history research found an Outlook mail-routing record that WhoisFreaks reports as first seen **14 April 2025**, with last observation **2 August 2026**. Its documentation defines those dates as observations in its index. The publicly accessible historical rows do not establish when any mailbox was created.

### Does the activity overlap with the original business?

Capitalixe’s public material establishes a payments, banking and FX advisory baseline. Its original incorporation allocates one initial ordinary share to Lissele and one to Ivan. The latest accounts name Ivan as director on the approval/signature page dated **5 January 2026**, supplying a dated original-company document during the GTS period. Cached `treasurysolutions.com` material advertises a comparable consultancy service range, but its legal operator has not been attributed. A meaningful service-comparison lead now exists; actual GTS trading, common customers and diversion remain unproven. Matching a generic service list or SIC code is insufficient.

### Do the filed articles establish consent?

Both sets of filed articles contain conflict-authorisation procedures in article 14(8)–(9), and article 15 requires written records of directors’ decisions to be kept for at least ten years. The procedures are not an actual consent to GTS activity. No case-specific approval appears in the reviewed attachments; separate declarations, board decisions or shareholder resolutions may exist. The [articles review](articles-and-authorisation.md) identifies the exact clauses and pages so those actual records can be compared with what was disclosed and approved.

### Did business continue after dissolution?

No attributable post-dissolution GTS trading evidence has yet been retrieved. The Swiss Impact entity is an identified legal person with its own public platform family. The missing bridge from GTS to that platform must be established before treating it as a successor. Dissolution by itself proves neither cessation of all related activity nor improper continuation.

### Is the GTS → Impact trail confirmed?

The similarly named Global domain has an observed Impact builder/contact representation: its recovered homepage credits **Impact Capital Management** and publishes **info@impactcapital.ltd**. That public GET required disabling validation of the expired certificate, so valid TLS-chain authentication is absent. The raw capture and limitation are in the [domain follow-up](domain-connection-investigation.md). The captured homepage returned 200, rather than an onward Impact redirect. The independently captured Impact-root-to-studio redirect is separate. **No association between UK company 15907803 and the Global domain has been established; the proposed first step rests on name similarity alone.**

The [GRiOT about page](https://griot.im/about) names the same Swiss operator and UID as Impact. That is a documented website operator-attribution link; it does not independently verify operations or connect GTS or the Kovachevs to that platform. Other advertised Impact ventures were checked without finding a case-specific bridge in the reviewed public pages.

### Are Desmell or Fintech Transact connected?

Desmell remains an unresolved legal-entity identification. The public Swiss fragrance-product brand’s indexed notices identify Viocap AG, CHE-243.394.487, while its official Canadian trademark record names wijp GmbH as mark owner. These are different roles, and neither has been linked to Elena. A different Elena appearing in another UK company was excluded because the birth details differ. Same-name search results must not be promoted into this case.

Fintech Transact’s live privacy notice names a misspelled version of a Florida LLC. The official Florida record identifies **FINTECH TRANSACTIONS MARKETING LLC, L24000238635**, with Al Maloof and Richard Maloof as authorised members. The site-to-company attribution is a strong candidate match, with name and postcode discrepancies retained. No GTS, Capitalixe, Ivan, Elena or Swiss Impact connection was established. The words “Global Treasury Solutions” appear as a service heading, which does not identify UK company 15907803.

## Chronology with date types kept separate

| Date | Event | Status / date type |
| --- | --- | --- |
| 1 March 2019 | Capitalixe incorporation and listed appointments of Ivan and Lissele | Official record for the requester-confirmed original company |
| 5 July 2019 | Pinnacle incorporation and Lissele appointment | Separate earlier company, 12087104 |
| 21 February 2020 | Pinnacle confirmation statement lists 50 shares each for Lissele and Ivan | Filed share position at that date, not current ownership |
| 20 August 2024 | GTS incorporated; appointments; sole initial ordinary share allocated to Ivan | Official incorporation / appointment event |
| 17–18 October 2024 | Pinnacle DS01 records Ivan and Lissele signature dates | Electronic names/dates, distinct from independent signer authentication |
| 14 January 2025 | Pinnacle dissolved | Separate company; no successor transfer established |
| 17 March 2025 | Requester-supplied email-history date | Unverified; underlying field and source missing |
| 14 April 2025 | Provider-reported first observation of `treasurysolutions.com` Microsoft mail-routing MX | Public historical DNS record; not a mailbox-creation date |
| 19 August 2025 | GTS confirmation-statement date | Date stated by original document |
| 21 August 2025 | Confirmation statement received for filing | Filing date, distinct from statement date |
| January 2026 | Supplied brief describes a January launch for the similarly named domain; no company attribution | Reported month-only claim |
| 5 January 2026 | Capitalixe accounts approval/signature statement names Ivan as director | Original filed accounts; represented approval date, filed 22 January |
| 22 January 2026 | GTS domain registry registration event | Domain event, not launch or trading |
| 23 January 2026 | Presented GTS certificate validity/SCT dates | Documented certificate/infrastructure event |
| 19 February 2026 | Both names’ DS01 signature dates | Document-stated authorisation dates |
| 26 February 2026 | DS01 filed | Official filing date |
| 10 March 2026 | First Gazette strike-off notice | Filing-index finding |
| 19 May 2026 | Strike-off date stated by GTS final Gazette | Original notice field; separate from dissolution |
| 26 May 2026 | GTS dissolved through voluntary strike-off | Official status / final-notice date |
| 5 November 2026 | This research and capture session | Retrieval date, not a business event |

## Highest-value next evidence

1. The requester has confirmed **Capitalixe’s exact legal entity**. Complete the person-level identity check and preserve actual dated business disclosures and context; there is no denial to compare.
2. Reconcile the supplied **17 March 2025** claim against an actual dated history record. Publicly accessible rows currently support a provider-reported observation on 14 April 2025, with additional history gated. Do not substitute first observation for mailbox creation or infer that gated data supports the claimed date.
3. Preserve the requester’s original **GTS → Impact browser evidence**, with full URLs and date. Additional passive historical checks have not recovered that bridge.
4. Obtain original GTS proposals, contracts, invoices, partner correspondence and `.eml` files with headers. These can establish trading, contracting entity, dates and potentially customer overlap.
5. Resolve Capitalixe’s current share structure against its register of members. Its initial incorporation allocates one ordinary share to each founder, while the same filing gives both a more-than-50%-but-less-than-75% control band. Preserve that mismatch; the original allotment does not prove current ownership. Locate any actual conflict disclosures, board decisions or shareholder approvals; the filed articles supply procedures but no case-specific approval.
6. Identify Desmell by a legal name, company number or actual business document before extending the ownership tree.

## Reports and evidence

- [Corporate and original-document analysis](company-control-records.md)
- [Capitalixe, team and service baseline](capitalixe-original-business.md)
- [Capitalixe original filings and role comparison](capitalixe-filing-comparison.md)
- [Global Treasury / Impact / Swiss platform trail](global-impact-trail.md)
- [Email infrastructure and historical-domain analysis](email-domain-history.md)
- [Historical redirect follow-up](historical-redirect-bridge.md)
- [Fintech Transact operator follow-up](fintech-transact-operator.md)
- [Desmell identity and excluded matches](desmell-identity.md)
- [Independent email history follow-up](historical-email-date.md)
- [Filed articles and authorisation review](articles-and-authorisation.md)
- [Current public records, Pinnacle, trading and public-register checks](public-footprint-and-current-records.md)
- [Impact Capital second pass and registry history](impact-capital-second-pass.md)
- [Capitalixe regional and UAE legal scope](capitalixe-uae-scope.md)
- [Consolidated evidence timeline](consolidated-timeline.md)
- [Consolidated domain and website history](domain-and-website-history.md)
- [Research queue and search log](research-log.md)
- [Focused information requests](requester-information-list.md)
- [Finding ID crosswalk](finding-id-crosswalk.md)

Raw HTML, PDFs, page renders, DNS responses, RDAP responses and capture sidecars are stored under `research/sources/`. The [packet manifest](packet-manifest.json) records local file hashes. Hashes detect subsequent changes to the preserved files; they do not independently prove a publisher’s claims or qualify the packet as a forensic acquisition. The [consolidated case record](case-record.json) retains evidence status and source references matching the application. Branch-specific IDs remain stable and are mapped in the crosswalk.

No subjects were contacted. No accounts or private materials were accessed. No website or case data was published.