What Is the Corinth Capital RAIF?

Corinth Capital RAIF V.C.I.C. Ltd (HE 409232, RAIF31) was a Registered Alternative Investment Fund structured as a Variable Capital Investment Company under Cyprus law. It was registered with the Cyprus Securities and Exchange Commission (CySEC) and managed by Corinth Fund Management Ltd (AIFM48/56/2013) and externally by SCSS Fund Management Ltd (AIFM04/56/2013). The RAIF was dissolved in January 2023, following the revocation of the AIFM licence in October 2022. [Source: CySEC RAIF register, Cyprus Registrar of Companies]

Five Sub-Funds

The Corinth Capital RAIF was structured with five sub-funds, including a "Naturalization Estate Fund" — named in a manner suggestive of connection to Cyprus's Citizenship by Investment Programme (CBI). The Cyprus CBI was abolished in November 2020 following a series of corruption scandals revealed by Al Jazeera's Cyprus Papers investigation. A RAIF sub-fund focused on "naturalization estates" in this context raises questions about the fund's investment strategy and target market. [Source: CySEC RAIF register, Al Jazeera investigation]

Board of Directors

The RAIF's board included a notable combination of individuals: Andreas Matsas (Cypriot, Portfolio Manager), who has been associated with approximately 57 Cyprus companies and was tagged by OffshoreAlert; Socrates Fekkas (Cypriot, Regulatory Affairs), who is currently CEO of EXNESS (CY) Ltd, a major CySEC-regulated forex broker; Matthias Urs Baechler (Swiss, Investor Relations), who operates Montana AG Treuhand at Stadtgartenweg 6, Chur — the same address as all Corinth Swiss AGs; Dr. Gerhard Waldheim (Austrian/German, Banking Relationships), a Harvard MBA with McKinsey and Citibank background; Dr. Conrad Weinmann (Swiss, Legal Affairs), a Zurich-trained IP lawyer with a 19-year presidency of Ratia AG in Davos; and Charalambos Stefanou (Cypriot, Corporate Affairs), Managing Partner of Skordis & Stefanou LLC. [Source: Cyprus Registrar of Companies, CySEC]

Governance Concerns

A notable governance feature is that SCSS Fund Management Ltd was both the external AIFM of the Corinth Capital RAIF and employed Socrates Fekkas, who simultaneously served as a director of the RAIF. This dual-role arrangement creates a potential governance conflict that is documented in the Cyprus company registry records. SCSS continues to manage other funds, including Impactus RAIF — co-founded by Matsas and Fekkas — at the same address. [Source: CySEC AIFM register, Cyprus company registry]

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