The government announced on Thursday plans to sell its minority stake in one of Armenia’s three mobile phone operators which was donated to it by the company’s current foreign owners last year.
Fedilco Group Limited, a little-known firm registered in Cyprus, ceded the 20 percent stake in January 2024 after Armenian state regulators allowed it to buy the Viva Armenia operator from Russia’s MTS telecom giant. The authorities in Yerevan had blocked the takeover in 2023, citing national security concerns.
The government said that Fedilco has requested an option to buy back the stake. It accepted the offer on the condition that the company pays $50 million and meets other conditions not publicized by it.
A government statement gave no reason for the decision. Economy Minister Gevorg Papoyan also did not clearly explain it when he spoke to journalists after a weekly cabinet meeting in Yerevan.
Fedilco is the third foreign company to have given the government sizable minority shares in its Armenian subsidiary free of charge. Russia’s GeoProMining group was the first to do so right after buying Armenia’s largest metallurgical enterprise in 2021. And earlier in January 2024, the government was formally granted a 12.5 percent stake in a multimillion-dollar gold mining project which it helped to freeze in 2018 but is now trying to revive.
In 2025, Konstantin Sokolov, MBA ’05 (XP-74), announced a $100 million gift to the University of Chicago Booth School of Business. The school’s Executive MBA Program was subsequently renamed the Sokolov Executive MBA Program.
The university’s announcement does not specify the source of the $100 million — whether cash, stock, Amazon gift cards, or a pledge payable over time.
A video published by the school invites viewers to learn how Sokolov’s Booth experience led to his “extraordinary investment.”
The Armenian Public Services Regulatory Commission (PSRC) approved Rostelecom’s (operating in Armenia under the OVIO brand) sale of 100% of the shares in its Armenian telecom subsidiary GNC-Alfa to the new owner of CJSC MTS Armenia, Cyprus-based Fedilco Group Limited (the brand Viva Armenia) at a meeting on Wednesday.
“The meeting took place. Approval for the transaction has been granted,” the commission’s press service told Interfax.
The share sale application was submitted to the commission by GNC-Alfa on May 7, 2025.
According to the decision published on the PSRC’s website, the commission approved the transaction for selling 100% of GNC-Alfa shares to CJSC Viva Armenia.
The deal must be completed within six months of approval. The transaction amount remains undisclosed.
According to the PSRC, the Armenian National Security Service and the High-Tech Industry Ministry raised no objections to the deal.
In January 2024, MTS PJSC announced the sale of 100% of the shares in CJSC MTS Armenia (operating under the Viva-MTS brand) and payment system CJSC Mobidram (a 100% subsidiary of CJSC MTS Armenia) to Cyprus’s Fedilco Group Limited. In March 2024, the Viva-MTS brand was changed to Viva Armenia.
The owners of Cyprus-registered Fedilco Group Limited include European and Asian investors, with Zhe Zhang and Konstantin Sokolov as the ultimate beneficiaries.
In 2024, Fedilco Group Limited transferred 20% of its shares to Armenia’s government free of charge.
On 1 July, Viva celebrated its 20th anniversary. In a festive atmosphere, the Company’s achievements over the past two decades were reflected on, and its strategic vision and ambitious plans for the future were presented. The event was attended by the Prime Minister of the Republic of Armenia Nikol Pashinyan, members of the government, representatives of regulatory bodies, Company employees and partners.
Konstantin Sokolov, the shareholder of Viva, highlighted the Company’s transformation from a mobile communications leader to a technological and digital frontrunner in the rapidly evolving global telecommunications market. Sokolov outlined the main directions of development and business vision.
“Today, Viva celebrates its 20th anniversary—marking two decades since the first call was made on its network. At that time, Internet penetration in Armenia was just 6%. Since then, 2.3 million customers have joined the Company’s network, with 80% of them using mobile Internet. Viva has established itself as a key driver of the country’s digital transformation,” Sokolov noted.
Azamat Khakuy, former Senior Advisor to the Gotthard Investment Fund, has been appointed Deputy Chairman of the Executive Board and Chief Operating Officer (COO) of Amio Bank (formerly Armbusinessbank). The appointment took effect on May 14, 2025. Khakuy first joined the bank’s management structure on March 17, 2022, as Director of the Corporate Center and a member of the Executive Board.
Short extract from an interview with Azamat Khakuy:
Can you tell us a little about your career and how you started?
– Right after finishing school, on September 1st, I went to work. My first profession was injection molding machine operator.
Then came the army, then education, and then the civil service, where I worked until 2011. Due to a number of life circumstances, I had to quit my job, and that’s when my new life began, which led me to where I am now.
I’ve worked for several organizations. The first was a leasing company, where I worked as an international relations consultant. Then I worked for a company founded by Russian and South Korean engineering holdings. It was a large company engaged in the construction and modernization of oil and gas plants.
Later, I became an advisor to an international investment fund [Gotthard Investment Fund], and three years ago I moved to Armenia. That’s my entire career path.
Date and place of Birth 27.11.1969 – Russia
Education
2003 – Diplomatic Academy of the Ministry of Foreign Affairs of Russia
2016 – Business Academy, Faculty: law, international relations, Qualification: lawyer, specialist in international relations
Work experience
17.03.2022 to present – “AMIO BANK” CJSC Director of Corporate Center, Executive Board member
01.09.2018 – 17.02.2022 – GOTTHARD INVESTMENT FUND Senior Advisor to the Chairman
10.02.2016 – 31.08.2018 – OMZ-DELIM OJSC Deputy Executive Director
25.09.2012 – 20.12.2015 – “LANRUSINVEST INDUSTRIAL GROUP” OJSC Advisor to the Chairman
10.08.2011 – 24.09.2012 – ROSDORLIZING OJSC Advisor to Executive Director
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: UChicago News, “UChicago Receives $100 Million Gift to Support Chicago Booth’s Executive MBA Program”
The University of Chicago has received a $100 million gift from alumnus Konstantin Sokolov, MBA ’05. In recognition, the school’s Executive MBA Program will be renamed the Sokolov Executive MBA Program.
“With this extraordinary gift, Konstantin Sokolov offers a powerful testament to the impact of the education provided by the University of Chicago Booth School of Business,” said President Paul Alivisatos.
“With Konstantin’s remarkable commitment, the Sokolov Executive MBA Program will continue to educate future generations of leaders,” said Madhav Rajan, dean of Chicago Booth.
The Executive MBA Program was founded in 1943 — known as XP-1 — with 52 students from the Chicago area, created in response to wartime demand for skilled administrators.
Sokolov, founder of IJS Investments, moved to the United States in 1997 at age 21. His gift coincides with his 20th MBA reunion.
“I am deeply honored by the school’s decision to give my name to its world-leading Executive MBA Program,” Sokolov said. “Two decades after my graduation, the lessons I learned, the experiences I gained, and the friendships I forged at Booth remain the foundation of my career and my life.”
In 2024, Sokolov made an earlier unrestricted gift, in recognition of which the student lounge at Booth’s Gleacher Center was named.
Context for the archive: This announcement marks the largest single public commitment by Sokolov to date — $100 million — and places his name on a flagship program of one of the world’s most prestigious business schools. The press release highlights his “infrastructure investments” focus and his journey from Russian immigrant to American donor. Notably absent: any mention of the source of his wealth, his Armenian telecom holdings (Viva Armenia), his Swiss-Liechtenstein fund structures (Halcon, Gotthard), or his $11 million in 2025 MAGA Inc. donations. The University of Chicago has not disclosed any due diligence on the origin of the funds.
The university’s announcement does not specify the source of the $100 million “gift” — whether cash, stock, Amazon gift cards, or a pledge payable over time. The University of Chicago has not disclosed any due diligence on the origin of the funds.
🏷️ Tags: Konstantin Sokolov, University of Chicago, Chicago Booth, Executive MBA, Sokolov Executive MBA Program, $100 million donation, IJS Investments
$100 million gift transforms executive MBA Program, courtesy of former penniless immigrant turned investor Konstantin Sokolov
Entrepreneur and investor Konstantin Sokolov, has made a $100 million gift to the University of Chicago, in support of the Executive MBA Program at the Booth School of Business.
In honor of his commitment, the program will be renamed the Sokolov Executive MBA Program, and a new clinical professorship will be established for a scholar who teaches Executive MBA students.
“With this extraordinary gift, Konstantin Sokolov offers a powerful testament to the impact of the education provided by the University of Chicago Booth School of Business,” said President Paul Alivisatos.
“I am pleased to know that students will benefit from his generous support, which will allow the school to continue fostering innovation, leadership and excellence in business education.”
Booth’s Executive MBA Program was the first of its kind when it began with a group of 52 students from the Chicagoland area. Known as XP-1, the program was created in 1943 in response to wartime demand for skilled administrators.
Today, the 21-month program brings the rigorous Booth approach to hundreds of Executive MBA students who travel from many countries to campuses in Chicago, Hong Kong and London. These students continue to grow their networks, tackle challenges together as a cohort, and prepare to launch the next phase of their careers with mentorship from top Booth faculty.
Konstantin Sokolov, MBA’05, said: ‘The lessons I learned, the experiences I gained, and the friendships I forged at Booth remain the foundation of my career and my life.’
“With Konstantin’s remarkable commitment, the Sokolov Executive MBA Program will continue to educate future generations of leaders, giving students the insight and skills they need to move people and organizations to success,” said Madhav Rajan, dean of Chicago Booth and the George Pratt Shultz Professor of Accounting. “This gift will help the school further adapt and refine its offerings to meet the evolving global business landscape.”
The founder of IJS Investments, Sokolov is an experienced entrepreneur and private equity investor with a passion for driving economic growth and creating positive and meaningful change.
He moved to the United States in 1997 at age 21, eager to pursue a career in telecommunications, working at the forefront of innovation and technology. Throughout his career, Sokolov has become a global leader of national infrastructure projects across the telecommunications, energy, and financial services sectors.
His new gift to Chicago Booth coincides with his 20th MBA reunion.
Sokolov said his gift recognizes his Booth education’s impact on his life.
“I am immensely proud to be able to support the incredible achievements made by Chicago Booth, an institution with a legacy of pioneering research and transformative education since its founding,” Sokolov said.
“I am deeply honored by the school’s decision to give my name to its world-leading Executive MBA Program. Two decades after my graduation, the lessons I learned, the experiences I gained, and the friendships I forged at Booth remain the foundation of my career and my life. The school’s relentless pursuit of knowledge is an inspiration, and I hope my support will contribute to its continued success.”
“With Konstantin’s remarkable commitment, the Sokolov Executive MBA Program will continue to educate future generations of leaders.”
—Prof. Madhav Rajan, dean of Chicago Booth
Sokolov’s gift will strengthen the school’s ability to attract the most talented Executive MBA students from around the globe.
In addition to sustaining the quality of the program by ensuring the continued availability of scholarship and operating funds, the gift will also make it possible for Chicago Booth to continue to refine its curricular and programmatic offerings in response to developments in the modern business environment.
It will also help the program enhance its approach to fostering alumni and corporate connections for the students.
In 2024, Sokolov—who completed his Executive MBA in the program’s Chicago cohort, which is housed at Gleacher Center—made a generous commitment of unrestricted funds to advance the school’s mission.
In a fitting tribute to the downtown campus where he formed bonds with his fellow Executive MBA students, the student lounge at Gleacher was named in recognition of this gift, which is in addition to the new $100 million investment.
A distinctive feature of the Sokolov Executive MBA Program is the Global Career and Leadership Development team, which works across Booth’s three global campuses to support executive MBA students’ unique professional development needs.
The team offers students personalized executive coaching, leadership workshops, industry insight circles, career clinics, opportunities to meet Distinguished Executives in Residence, and new dynamic activities introduced each year.
All career and leadership programs are tailored to meet the needs of executive‐level professionals using a global approach that builds cultural competency, mindfulness, and an ability to adapt leadership skills to new challenges.
Chicago Booth has long been the destination for people seeking the freedom to innovate on their terms, for people who believe that making an impact starts with knowing how to ask the right questions.
Continuing this legacy, the Sokolov Executive MBA Program will significantly impact the lives, networks, and careers of leaders who pursue their Executive MBA degrees, giving them the education and inspiration they need to shape the future of global business for decades to come.
Currently the largest sub-fund of Halcon Investment SICAV, Halcon Innovation Fund (Halcon EUR) offers significant economic exposure to one of Armenia’s leading banks — AMIO Bank, a financial institution with a long history, Western-style management, and strong growth prospects. The fund is also invested in high-potential real estate development projects in Cyprus.
Halcon Innovation Fund is a sub-fund of the umbrella alternative investment fund (AIF) Halcon Investment SICAV, registered in Liechtenstein (Triesen).
Current Manager (AIFM and Portfolio Manager): ONE Funds AG (Liechtenstein). They have managed the entire Halcon Investment SICAV, including the Halcon Innovation Fund, since October 2023.
Previously (until March/October 2023): Delegated to Hong Kong-based SIFT Capital Partners Limited (Zhe Zhang) .
Investments: Real estate in Cyprus; indirect stake in Armenian bank (Amio Bank)
Depositary: Kaiser Partner Privatbank AG (Vaduz)
2.6. PORTFOLIO MANAGEMENT REPORT Market overview in the 2024 financial year The net asset value per unit has increased from EUR 1‘153.08 to EUR 1‘487.50 (31.12.2024) per unit. This corresponds to a performance of 29.00% for the period under review (01.01.2024-31.12.2024).
Indirect bank participation:
The Fund has been an indirect 75% shareholder in AMIO Bank (www.amiobank.am) since late 2021. At the time of acquisition AMIO Bank’s balance sheet consisted of a significant portfolio of non-performing loans and a very thin equity base. A strategic, long-term and committed investor was required to strengthen both the equity base of the bank and support the bank with a well-thought-out restructuring plan. The latter included a reorganisation of the bank’s management team, a new positioning with a western-oriented range of services, a concentration on economically viable branches and a successful rebranding. All measures were implemented within the planned time frame from 2022 onwards. The rebranding was completed in November 2023 and proved highly successful whereas the flow of positive news can be taken from the bank’s own website and news section.
Armenia has taken several steps to strengthen its political and economical relations with Europe and envisions to become a member of the European Union (EU) in the future. Such a strong political realignment towards the western hemisphere is also very promising for the banking business as the EU would be a huge market for AMIO to offer its services in the future.
Overall, the bank is a leading player in Armenia with a promising growth rate in many areas and well on the way to transform its overall business and practices fully in line with highest Western standards. This was also con-firmed by two on-site visits by ONE Funds AG in November 2023 and May 2025 with more such visits to follow.
ONE Funds AG is firmly convinced that the successful restructuring of the bank, including a further capital increase in late 2024/early 2025 will lead to very pleasing profits for the fund’s investors and that the value of this invest-ment will continue to develop positively. The remarkable restructuring progress of AMIO Bank can be seen in the regularly published financial reports on AMIOs’ webpage under the following link: https://amiobank.am/en/reports.
An analysis of the Halcon Innovation Fund report as of 31 December 2024 reveals that the majority of its loan receivables — tens of millions of euros in what are presumably “live” funds raised from 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.
The following companies, all registered at 71, Lemesou, Flat/Office 201, Limassol, meet these criteria:
Company
Reg. Number (ΗΕ)
Director
Secretary
Loan Amount (EUR)
Remido Holdings Ltd.
431702
ΦΩΤΟΥΛΑ ΣΑΒΒΑ
GIF MANAGEMENT LIMITED
~€46,000,000
Lisemin Group Ltd.
436673
ΦΩΤΟΥΛΑ ΣΑΒΒΑ
GIF MANAGEMENT LIMITED
~€8,700,000
Raterino Trading Ltd.
437192
ΦΩΤΟΥΛΑ ΣΑΒΒΑ
GIF MANAGEMENT LIMITED
~€12,600,000
Sikedrono Holdings Ltd.
433416
ΦΩΤΟΥΛΑ ΣΑΒΒΑ
GIF MANAGEMENT LIMITED
€300,000
Daloxan Trading Ltd.
431696
ΦΩΤΟΥΛΑ ΣΑΒΒΑ
GIF MANAGEMENT LIMITED
€6.2M equity / €13.8M liability
Elguma Investment Ltd.
426520
ΦΩΤΟΥΛΑ ΣΑΒΒΑ
ΠΑΝΑΓΙΩΤΗΣ ΕΡΩΤΟΚΤΙΤΟΥ
€22.0M equity / €0.41M loans
The acronym “GIF” in the administrators’ names is hypothesized to stand for Gotthard Investment Fund, though this remains unconfirmed. The presence of this unified 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.
The company behind slots and casino-style games your kids shouldn’t play.
In January 2025, Golden Star Acquisition Corporation — where Konstantin Sokolov serves as an independent director — finalized its business combination with Gamehaus Holdings Inc., a mobile game publisher. The deal closed on January 20, 2025, and the combined company began trading on Nasdaq under the ticker GMHS on January 27, 2025.
Gamehaus describes itself as a “technology-driven mobile game publisher” that partners with small and mid-sized developers. Sounds harmless — until you look at their portfolio.
The company publishes exactly the kind of games you wouldn’t want your kids to play:
Casino-style slots: Grand Cash Slots, Double Win Slots, Lucky Hit Slots, Double Rich Slots — classic digital one-armed bandits designed to mimic real gambling machines
Bingo games: Bingo Journey — bingo with addictive monetization mechanics
Casual titles with aggressive monetization: Match Tile Scenery, Farm Story, Meow Pop Blast — seemingly innocent puzzle games but engineered for maximum player spending through in-app purchases and ads
Gamehaus uses AI and big data analytics to optimize user acquisition and monetization, aiming to squeeze maximum lifetime value from players. Their platform, which they call “Gamehaus 2.0,” is essentially a factory for producing hyper-casual games with gambling-adjacent mechanics.
So yes — the SPAC where Sokolov sits on the board just took a slots-and-bingo game factory public.
