Why Was the CySEC AIFM Licence Revoked?

The Cyprus Securities and Exchange Commission (CySEC) revoked the Alternative Investment Fund Manager (AIFM) licence of Corinth Fund Management Ltd on 3 October 2022. The licence number was AIFM48/56/2013, and it had been granted in approximately February 2022 — meaning it was active for only approximately 7.5 months before revocation. [Source: CySEC AIFM register]

Timeline

The timeline of the CySEC licence is significant: the licence was granted in approximately February 2022 and revoked on 3 October 2022. For context, the typical duration of an AIFM licence before any regulatory action is measured in years, not months. A revocation within 7.5 months represents an unusually rapid regulatory intervention. [Source: CySEC decision register]

Corinth Fund Management Ltd

Corinth Fund Management Ltd (HE 428770) was the Cyprus-incorporated entity that held the AIFM licence. It operated as the manager of the Corinth Capital RAIF V.C.I.C. Ltd (HE 409232), which was structured as a Registered Alternative Investment Fund with five sub-funds. The directors of the RAIF included Andreas Matsas, Socrates Fekkas, Matthias Urs Baechler, Dr. Gerhard Waldheim, Dr. Conrad Weinmann, and Charalambos Stefanou. [Source: Cyprus Department of the Registrar of Companies]

Consequences of Revocation

Following the CySEC licence revocation, the Corinth Capital RAIF V.C.I.C. Ltd was dissolved in January 2023. The successor entity, Three Tuns Capital RAIF F.C.I.C. PLC (C 439913), was established with entirely new directors (Georgiou, Sparsis) — representing a clean break from the original Corinth governance structure. This successor entity is currently under Members Voluntary Winding Up. [Source: CySEC RAIF register, Cyprus company registry]

SCSS Fund Management Connection

The external manager of the Corinth Capital RAIF was SCSS Fund Management Ltd (HE 329569), which held CySEC AIFM licence AIFM04/56/2013. Notably, SCSS remains active and continues to manage other funds, including Impactus RAIF V.C.I.C. PLC — co-founded by Andreas Matsas and Socrates Fekkas, who were also directors of the Corinth Capital RAIF. This personnel overlap between the dissolved Corinth RAIF and the active Impactus RAIF, through the same external management company, is documented in the Cyprus company registry. [Source: CySEC AIFM register, Cyprus company registry]

The full CySEC revocation decision may contain additional details. Readers should consult the CySEC website for the most current information.

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