Seeing as this was not a corner you assume incorrectly!!Holding, I assume, you are referring to would be in the box for a corner. If referees gave penalties for holding in the box, there would be 5/6 penalties a game. This was very different.
Ref/VAR had a few choices imo:
1) free kick and DOGSO red as first pull back was outside area.
2) Pen and red no attempt to play ball
3) Pen and yellow (could argue from the first hold back he was trying to play the ball)
2+3 would be a debate as there were so many other factors to decide the colour of card.
Assuming you call a foul here:
1) Always has to be a pen imo..it's holding that continues into pen area. Law is quite specific here. Or if you want to call it pulling you'd play the advantage and finish in the PA and award a pen. I don't see a world where you can go back to the 1st offence if you think other offences have occurred after, especially if one is in PA.
3) absolutely no way no how can a pull be an attempt to play the ball!! It's taught as anything upper body is not an attempt for the ball so 3 just not an option.
Theres not really a debate to be had, call a foul for this and it's a PK RC.