Nicosia, Cyprus: CySEC License Revocation and RAIF Dissolution

Nicosia, the capital of Cyprus, was the base for the Corinth Group's regulated fund management operations. The Cyprus Securities and Exchange Commission (CySEC) revoked the Corinth Fund Management AIFM license in October 2022, and the associated Corinth Capital RAIF was dissolved in January 2023.

Corinth Fund Management Ltd — CySEC License History

Corinth Fund Management Ltd (HE 428770) was registered in Nicosia and held an Alternative Investment Fund Manager (AIFM) license from CySEC (reference AIFM48/56/2013). This was the only entity in the Corinth Group network that held any form of regulatory authorisation in any jurisdiction [CySEC AIFM register].

CySEC revoked this license in October 2022. The specific regulatory breaches underlying the revocation have not been published in the public register but represent a formal finding by the Cyprus regulator that the entity was no longer fit to manage alternative investment funds.

Corinth Capital RAIF

The Corinth Capital RAIF V.C.I.C. Ltd (HE 409232 / RAIF31) was a Registered Alternative Investment Fund registered in Cyprus. It operated five sub-funds, including the Naturalization Estate Fund — which appeared to be connected to the now-abolished Cyprus Citizenship by Investment Programme [Cyprus Department of Registrar; CySEC records].

The RAIF was dissolved in January 2023, shortly after the AIFM license revocation. Its registered address was Centennial Tower, Office 501, 48 Themistokli Dervi, 1066 Nicosia — an address shared with Impactus ESG, a separate fund co-founded by two of the RAIF's own directors [Cyprus Department of Registrar].

RAIF Board and Governance Concerns

The Corinth Capital RAIF board included individuals with significant other business interests: H. Samaras (Chairman, Pytheas), Andreas Matsas (~57 Cyprus company directorships, OffshoreAlert flagged), Socrates Fekkas (CEO of EXNESS, CySEC CIF 178/12), Matthias Baechler (Montana AG Treuhand, Chur), and Charalambos Stefanou (Skordis & Stefanou LLC) [Cyprus Department of Registrar, HE 409232].

Notably, Fekkas served simultaneously as a director of the RAIF and as an employee of SCSS Fund Management Ltd — the RAIF's external fund manager. This dual role raises governance questions about independence of oversight [CySEC AIFM register; Cyprus company records].

Three Tuns Capital RAIF — The Successor

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

Reporting to CySEC

Investors who dealt with Corinth Fund Management Ltd or the Corinth Capital RAIF can report concerns to CySEC. The Cyprus Police Economic Crime Squad (YKAN) also accepts fraud complaints.

Key Facts

• CySEC AIFM license (AIFM48/56/2013) revoked October 2022
• Corinth Capital RAIF (HE 409232) dissolved January 2023
• Only regulated entity in entire Corinth Group network — now revoked
• 5 sub-funds including Naturalization Estate Fund (linked to abolished Cyprus CBI)
• RAIF director Fekkas had dual role as SCSS Fund Management employee
• Successor Three Tuns Capital RAIF also in winding up
• Address shared with Impactus ESG — co-founded by two RAIF directors

Complaint Reports

People Involved

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