Corinth Capital RAIF V.C.I.C. Ltd

Registration

HE 409232 / RAIF31

Jurisdiction

Cyprus

Status

Dissolved

Overview

Corinth Capital RAIF V.C.I.C. Ltd (HE 409232 / RAIF31) was a Cyprus Registered Alternative Investment Fund that was dissolved on 13 January 2023, approximately three months after CySEC revoked the AIFM license of its management company, Corinth Fund Management Ltd [CySEC RAIF register, RAIF31; Cyprus Department of Registrar, HE 409232].

The fund operated 5 sub-funds, including the Corinth Naturalization Estate Fund — a vehicle designed to facilitate "naturalization of non-Cypriot investors" through real estate investment [CySEC RAIF register]. This sub-fund was directly linked to Cyprus's Citizenship by Investment Programme (CBI), colloquially known as the "golden passport" scheme, which was abolished by Cyprus in November 2020 following corruption scandals documented by Al Jazeera's "The Cyprus Papers" investigation [Al Jazeera, October 2020; Cyprus government announcement, November 2020].

The fund's board comprised six directors spanning four nationalities, creating an appearance of international expertise: Dr. Gerhard Waldheim (Austrian/German, banking), Dr. Conrad Weinmann (Swiss, legal), Andreas Matsas (Cypriot, portfolio management), Socrates Fekkas (Cypriot, regulatory), Matthias Baechler (Swiss, investor relations), and Charalambos Stefanou (Cypriot, corporate affairs) [Cyprus Registrar]. However, analysis of their interconnections reveals significant governance concerns. Fekkas was a former employee of SCSS Fund Management Ltd, the external AIFM managing this very fund, before taking a board seat — compromising the independence requirement [CySEC register; third-party sources]. Matsas simultaneously served as Director/Secretary of this RAIF and as Director of Corinth Fund Management Ltd, the in-house AIFM whose license was revoked [Cyprus Registrar].

After dissolution, Matsas and Fekkas co-founded the Impactus RAIF (RAIF16) at the identical Centennial Tower address [CySEC RAIF register], managed by the same SCSS Fund Management Ltd. This suggests that the dissolution of the Corinth RAIF did not disrupt the underlying professional relationships or business activities of the key Cyprus-based directors. The fund's investors — particularly those in the Naturalization Estate Fund — faced potential losses when the AIFM license was revoked and the fund was dissolved. CySEC liquidation proceedings may contain details of investor claims [CySEC regulatory framework].

Key Facts

• Dissolved 13 January 2023 — three months after CySEC revoked the AIFM license [CySEC RAIF register, RAIF31; Cyprus Registrar]
• Registered as HE 409232 in Cyprus, RAIF31 in CySEC register [CySEC; Cyprus Registrar]
• Had 5 sub-funds including the Corinth Naturalization Estate Fund — facilitating investor golden passport applications [CySEC RAIF register]
• Address: Centennial Tower, Office 501, 48 Themistokli Dervi, 1066 Nicosia — same address later used by Impactus RAIF [Cyprus Registrar]
• Board of 6 directors spanning 4 nationalities: Waldheim (Austrian/German), Weinmann (Swiss), Matsas and Fekkas (Cypriot), Baechler (Swiss), Stefanou (Cypriot) [Cyprus Registrar]
• External manager was SCSS Fund Management Ltd (AIFM04/56/2013) — Fekkas was a former SCSS employee [CySEC register; third-party sources]
• Directors Matsas and Fekkas subsequently co-founded the Impactus RAIF at the same address [CySEC RAIF register]

Directors & Officers

• Dr. Gerhard Waldheim — Director — Banking Relationships
• Dr. Conrad Weinmann — Director — Legal Affairs
• Andreas Matsas — Director & Company Secretary — Portfolio Manager
• Socrates Fekkas — Director — Regulatory Affairs
• Matthias Baechler — Director — Investor Relations
• Charalambos Stefanou — Director — Corporate Affairs

Timeline

• Circa 2019 — Corinth Capital RAIF established with 5 sub-funds under CySEC RAIF framework
• February 2022 — Corinth Fund Management Ltd receives AIFM license to manage this fund
• 3 October 2022 — CySEC revokes AIFM license of Corinth Fund Management Ltd
• November 2022 — Centropa Investment Holdings (UK) dissolved same month
• 13 January 2023 — Corinth Capital RAIF dissolved

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