Corinth Fund Management Ltd

Registration

HE 428770

Jurisdiction

Cyprus

Status

AIFM License Revoked

Overview

Corinth Fund Management Ltd (HE 428770) is a Cyprus-registered entity whose CySEC Alternative Investment Fund Manager (AIFM) license was revoked on 3 October 2022 — after only 7.5 months of operation [CySEC AIFM register, AIFM48/56/2013]. The license had been granted in February 2022, making this one of the shortest-lived AIFM authorisations in CySEC's records.

The company's board included six directors: Leonidas Papadopoulos, Michalis Chrysostomou, Andreas Matsas, Konstantinos Michaelides, Evangelos Evangelou, and Jong Ku Youn [Cyprus Department of Registrar, HE 428770]. Two of these directors raise significant governance questions. Andreas Matsas simultaneously served as Director and Company Secretary of the Corinth Capital RAIF (HE 409232) — the very fund that this AIFM was intended to manage [Cyprus Registrar]. This dual role compromises the independence that the AIFM Directive requires between fund management companies and the funds they manage.

Konstantinos Michaelides was simultaneously associated with SCSS Fund Management Ltd (the external AIFM, AIFM04/56/2013) and Impactus ESG [CySEC register; Cyprus Registrar]. The personnel overlap between the in-house management company (Corinth Fund Management), the external manager (SCSS), and the fund itself (Corinth Capital RAIF) meant that the supposedly arm's-length regulatory relationships were in practice managed by an interconnected circle of professionals.

The 7.5-month license duration is exceptionally short. CySEC's AIFM licensing process typically involves months of due diligence before authorisation is granted, making a revocation within the first year a severe regulatory outcome that typically indicates fundamental compliance failures identified shortly after authorisation [CySEC regulatory framework]. The full revocation decision document has not been publicly released, and its contents would be expected to detail the specific breaches that triggered the revocation. Following the revocation, the Corinth Capital RAIF was dissolved in January 2023, and the successor fund — Three Tuns Capital RAIF (C 439913) — was established with entirely new directors, representing a clean break from the Corinth governance structure [CySEC RAIF register; Cyprus Registrar].

Key Facts

• CySEC AIFM license (AIFM48/56/2013) revoked on 3 October 2022 — after only 7.5 months [CySEC AIFM register]
• License was granted in February 2022 [CySEC register]
• Registered as HE 428770 in Cyprus [Cyprus Department of Registrar]
• Directors included Andreas Matsas (also RAIF director/secretary), Konstantinos Michaelides (also SCSS/Impactus), and four others [Cyprus Registrar]
• Personnel overlap between this AIFM, the RAIF it managed, and the external manager SCSS — undermining the required independence [CySEC register; Cyprus Registrar]
• The 7.5-month license duration is exceptionally short for a CySEC-licensed AIFM [CySEC records]

Directors & Officers

• Leonidas Papadopoulos — Director
• Michalis Chrysostomou — Director
• Andreas Matsas — Director (also Director/Secretary of Corinth Capital RAIF)
• Konstantinos Michaelides — Director (also associated with SCSS and Impactus)
• Evangelos Evangelou — Director
• Jong Ku Youn — Director

Timeline

• February 2022 — CySEC grants AIFM license (AIFM48/56/2013)
• 3 October 2022 — CySEC revokes AIFM license after only 7.5 months
• January 2023 — Corinth Capital RAIF (managed by this entity) dissolved

Registry & Source Links

Related Entities

Related Investigations

Other Entities in This Network