Pytheas Cyprus: Dissolved Entity and Consumer Complaints

Pytheas (Cyprus) Limited is now dissolved, but complaints from individuals who engaged with this entity continue to surface. This page documents the Cyprus regulatory record and what complainants allege about their experiences with Pytheas.

Pytheas in Cyprus: The Regulatory Record

Pytheas (Cyprus) Limited (HE 159209) was registered in Nicosia and is now dissolved. A related entity, Pytheas EXT. (CY) Ltd (HE 372384), shows its last update in January 2018. The Pytheas operation in Cyprus was closely intertwined with the Corinth Group: Corinth Fund Management Ltd (HE 428770) served as the Alternative Investment Fund Manager for funds associated with both brands. When CySEC revoked the AIFM license of Corinth Fund Management Ltd in October 2022, it effectively ended the regulatory standing of investment products marketed under both the Pytheas and Corinth names in Cyprus [Cyprus Department of Registrar of Companies; CySEC AIFM register].

The RAIF Structure

The Corinth Capital RAIF V.C.I.C. Ltd (HE 409232) was registered as a Registered Alternative Investment Fund in Cyprus with five sub-funds. One sub-fund, the “Naturalization Estate Fund,” was explicitly designed around the now-abolished Cyprus Citizenship by Investment Programme (CBI). The RAIF’s registered address was Centennial Tower, Office 501, 48 Themistokli Dervi, 1066 Nicosia — the same address later used by Impactus ESG, an entity co-founded by RAIF directors Andreas Matsas and Socrates Fekkas. The Corinth Capital RAIF was dissolved in January 2023, three months after the AIFM license revocation [CySEC RAIF register; Cyprus Department of Registrar of Companies].

Overlapping Personnel

The Cyprus operations reveal significant personnel overlap between Pytheas and Corinth entities. SCSS Fund Management Ltd (HE 329569), which served as the external AIFM manager for the Corinth RAIF, employed Socrates Fekkas — who simultaneously served as a Corinth Capital RAIF director while working for the entity managing that same fund. This dual-role arrangement raises governance concerns that are documented in regulatory guidance on conflicts of interest. Andreas Matsas, connected to H. Samaras’s network, also served on the RAIF board while maintaining roles in other Samaras-connected entities.

Consumer Complaints from Cyprus Period

The Verbraucherschutzforum Berlin thread from December 2018 specifically targets “Harris Samaras Pytheas Cyprus,” indicating that complainants identified Cyprus as the operational base for their dealings with Samaras. Diebewertung.de complaints reference dealings that involved both Cyprus-based Pytheas entities and Swiss Corinth entities, suggesting that the Pytheas and Corinth brands were used interchangeably or in combination when engaging with potential clients. Complainants describe being presented with investment opportunities by Pytheas representatives and then being asked to sign contracts and pay fees to Corinth entities.

Current Status and Successor Entities

While the primary Pytheas Cyprus entity is dissolved and the Corinth RAIF is dissolved, successor arrangements exist. Three Tuns Capital RAIF F.C.I.C. PLC (C 439913) replaced the Corinth RAIF in Cyprus, with new directors (Georgiou, Sparsis) representing what appears to be a clean break from the previous Corinth governance. However, the Swiss AGs that sit at the top of the ownership chain remain the same entities, controlled by the same individual (Jurate Kairiene). The dissolution of Cyprus entities has not changed the ultimate beneficial ownership of the broader network.

Key Facts

• Pytheas (Cyprus) Limited (HE 159209) dissolved
• CySEC revoked AIFM license of Corinth Fund Management Ltd October 2022
• Corinth Capital RAIF dissolved January 2023 — had 5 sub-funds including 'Naturalization Estate Fund'
• RAIF director Fekkas simultaneously worked for the fund's external manager (SCSS) — governance conflict
• RAIF address (Centennial Tower, Nicosia) shared with successor entity Impactus ESG
• Three Tuns Capital RAIF replaced Corinth RAIF — same ultimate Swiss ownership

Complaint Reports

People Involved

Related Entities

Related Investigations