CySEC License Revocation: Corinth Fund Management Ltd (AIFM48/56/2013)

The Cyprus Securities and Exchange Commission (CySEC) revoked the Alternative Investment Fund Manager (AIFM) license of Corinth Fund Management Ltd in October 2022. This was the only regulatory authorisation ever held by any entity in the Corinth Group network. This page documents the full regulatory timeline.

The License

Corinth Fund Management Ltd (registration number HE 428770) held CySEC AIFM license number AIFM48/56/2013. This license authorised the company to manage alternative investment funds under the Alternative Investment Fund Managers Law of 2013 (Law 131(I)/2014). The company was registered in Nicosia, Cyprus [CySEC AIFM register].

This was the only entity in the entire Corinth Group network that held any form of financial regulatory authorisation in any jurisdiction. The six Swiss AGs have never held FINMA authorisation. No UK entity holds FCA authorisation. The CySEC AIFM license was the sole regulated element of the network.

The Revocation

CySEC revoked the AIFM license in October 2022. The specific regulatory breaches underlying the revocation have not been published in the CySEC public register. However, a license revocation by CySEC — as distinct from a voluntary surrender — represents a formal finding by the regulator that the entity no longer meets the conditions for authorisation [CySEC AIFM register].

The Fund — Corinth Capital RAIF

The Corinth Capital RAIF V.C.I.C. Ltd (HE 409232, CySEC reference RAIF31) was the Registered Alternative Investment Fund managed by Corinth Fund Management Ltd. The RAIF operated five sub-funds:

• Sub-fund details are not fully public, but one — the Naturalization Estate Fund — appears to have been connected to the now-abolished Cyprus Citizenship by Investment Programme (Cyprus CBI, abolished 2020)

The RAIF was externally managed by SCSS Fund Management Ltd (HE 329569, AIFM04/56/2013) — a separate CySEC-authorised AIFM based in Nicosia. Notably, Socrates Fekkas served simultaneously as a director of the Corinth Capital RAIF and as an employee of SCSS Fund Management — creating a dual-role governance conflict [CySEC AIFM register; Cyprus company records].

The Corinth Capital RAIF was dissolved in January 2023, approximately three months after the AIFM license revocation [Cyprus Department of Registrar].

The Successor — Three Tuns Capital RAIF

Following the dissolution of the Corinth Capital RAIF, Three Tuns Capital RAIF F.C.I.C. PLC (C 439913, CySEC reference RAIF143) was established. This entity is currently in members' voluntary winding up with a new board (Georgiou, Sparsis) — representing a clean break from the Corinth governance structure [CySEC RAIF register].

Timeline

• 2013: AIFM license issued (AIFM48/56/2013)
• ~2018: Corinth Capital RAIF established with 5 sub-funds
• 2020: Cyprus CBI programme abolished
• October 2022: CySEC revokes AIFM license
• January 2023: Corinth Capital RAIF dissolved
• 2023: Three Tuns Capital RAIF established
• Current: Three Tuns Capital RAIF in members' voluntary winding up

Verification

The CySEC AIFM register can be searched at cysec.gov.cy. The register shows the current status of all AIFM-licensed entities in Cyprus.

Key Facts

• CySEC AIFM license AIFM48/56/2013 — revoked October 2022
• Only regulated entity in entire Corinth Group network
• Corinth Capital RAIF (HE 409232) dissolved January 2023
• 5 sub-funds including Naturalization Estate Fund (linked to abolished Cyprus CBI)
• SCSS Fund Management (AIFM04/56/2013) was external manager — dual-role conflict flagged
• Successor Three Tuns Capital RAIF also in winding up
• No Corinth entity holds any current regulatory authorisation

Complaint Reports

People Involved

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