June 01, 2025
An analysis of the Halcon Innovation Fund report as of 31 December 2024 reveals that the majority of its loan receivables — approximately €78 million in what are presumably “live” funds, likely raised through the sale of fund units to investors — were issued to a network of Cypriot companies. These companies share a common administrative structure centered around GIF MANAGEMENT LIMITED as corporate secretary and, in most cases, ΦΩΤΟΥΛΑ ΣΑΒΒΑ (Fotoula Savva) as director.
GIF MANAGEMENT LIMITED is part of the GIF Capital group, a licensed provider of trust and corporate services in Cyprus. According to the Cyprus Securities and Exchange Commission (CySEC), the parent company GIF Capital Limited (HE321507) holds License Reg. Number 136/196, authorizing it to provide administrative services, including the management or directing of trusts and the management of companies . The group describes its clientele as consisting of global businesses, entrepreneurs, and ultra high net worth families .
The following companies, all registered at 71, Lemesou, Flat/Office 201, Limassol, meet these criteria:
| Company | Reg. Number (ΗΕ) | Director | Secretary | Amount (EUR) |
|---|---|---|---|---|
| Remido Holdings Ltd. | 431702 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | ~€46,000,000 (loans) |
| Lisemin Group Ltd. | 436673 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | ~€8,700,000 (loans) |
| Raterino Trading Ltd. | 437192 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | ~€12,600,000 (loans) |
| Sikedrono Holdings Ltd. | 433416 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | €300,000 (loans) |
| Daloxan Trading Ltd. | 431696 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | GIF MANAGEMENT LIMITED | €6,237,333 (equity) / –€13,820,793 (liability) |
| Elguma Investment Ltd. | 426520 | ΦΩΤΟΥΛΑ ΣΑΒΒΑ | ΠΑΝΑΓΙΩΤΗΣ ΕΡΩΤΟΚΤΙΤΟΥ | €22,030,870 (equity) / €410,000 (loans) |
| Vadona Services Ltd. | 426564 | ΙΡΙΝΑ ΣΙΔΗΡΟΠΟΥΛΟΥ | GIF MANAGEMENT LIMITED | €14,878 (equity) / ~€718,000 (loans) |
| SIFT CAPITAL PARTNERS CYPRUS LTD | 426874 | ΙΡΙΝΑ ΣΙΔΗΡΟΠΟΥΛΟΥ | GIF MANAGEMENT LIMITED | N/A (former manager link) |
The acronym “GIF” in the administrators’ names is hypothesized to stand for Gotthard Investment Fund, though this remains unconfirmed. The presence of this unified, licensed administrative center confirms that these are not standalone companies, but a cohesive, professionally constructed corporate structure where the ultimate beneficiaries remain hidden behind nominee directors.
We will continue to monitor the fund’s operations as new public disclosures become available.
Source: https://www.cysec.gov.cy/en-GB/entities/asp/list/73548/
Source: https://gif-capital.com/en/