What Happened to Corinth Fund Management in Cyprus?

Corinth Fund Management Ltd (HE 428770) was a Cyprus-incorporated company that held an Alternative Investment Fund Manager (AIFM) licence from the Cyprus Securities and Exchange Commission (CySEC). The licence, numbered AIFM48/56/2013, was granted in approximately February 2022 and revoked on 3 October 2022 — a period of only 7.5 months. [Source: CySEC AIFM register]

Role in the Network

Corinth Fund Management Ltd served as the internal AIFM of the Corinth Capital RAIF V.C.I.C. Ltd (HE 409232), a Registered Alternative Investment Fund with five sub-funds. The RAIF was also externally managed by SCSS Fund Management Ltd (AIFM04/56/2013). This dual-management arrangement is documented in the CySEC RAIF register. [Source: CySEC registers, Cyprus company registry]

Directors and Officers

The directors of Corinth Fund Management Ltd included Konstantinos Michaelides, who also appears in connection with SCSS Fund Management Ltd and Impactus RAIF V.C.I.C. PLC. The broader RAIF governance structure included Andreas Matsas (associated with approximately 57 Cyprus companies), Socrates Fekkas (current CEO of EXNESS), Matthias Baechler (Swiss, operating from the same Chur address as the Corinth Swiss AGs), and others. [Source: Cyprus Registrar of Companies]

Consequences

Following the CySEC licence revocation, the Corinth Capital RAIF was dissolved in January 2023. A successor fund — Three Tuns Capital RAIF F.C.I.C. PLC (C 439913, RAIF143) — was established with entirely new directors (Georgiou, Sparsis), representing a clean governance break. However, this successor entity is now itself under Members Voluntary Winding Up. [Source: CySEC RAIF register, Cyprus company registry]

SCSS Fund Management Continues

Despite the dissolution of the Corinth Capital RAIF, the external manager SCSS Fund Management Ltd (HE 329569) remains active and continues to manage other funds. SCSS is registered at 18 Kyriacou Matsi, Victory Tower, 1st Floor, Nicosia 1082. Its continued management of the Impactus RAIF — co-founded by the same Andreas Matsas and Socrates Fekkas who sat on the Corinth Capital RAIF board — documents a personnel continuity between the dissolved Corinth fund structure and active Cyprus fund operations. [Source: CySEC AIFM register, Cyprus company registry]

The rapid revocation of an AIFM licence within 7.5 months is an exceptional regulatory action and a matter of public record on the CySEC registers.

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