--- title: "The Cypriot subsidiaries: investment firm and structured-products company" language: en canonical: https://dossiertwist.com/dossiers/the-ultima-world-dmcc/cyprus/ as_of: 2026-10-15 keywords: ["THE ULTIMA WORLD DMCC","FG BCS LTD","BCS Financial Group","Oleg Mikhasenko","Alexey Annenkov","Vitaly Shelikhovsky","The Ultima Investments Cyprus","The Ultima Structured Products","The Ultima World (DIFC)","BCS Capital (DIFC)","The Ultima Global Markets (USA)","BCS Americas","The Ultima Global Markets Qazaqstan","BCS Holding","BCS Bank","Dubai Multi Commodities Centre","DFSA","FINRA","CySEC","AIFC"] --- # The Cypriot subsidiaries: investment firm and structured-products company **Question.** What are the group's Cypriot companies, who are their officers, and what has CySEC recorded? **Answer.** The Ultima Investments Cyprus Limited, formerly BrokerCreditService (Cyprus) Limited, is a Limassol investment firm that has notified the provision of investment services in Belgium; The Ultima Structured Products PLC was formerly Brokercreditservice Structured Products Plc. Officers of both include people and companies tied to the Cypriot law firm Michael Kyprianou & Co. CySEC fined the investment firm EUR 10,000 in 2022 and reached a EUR 100,000 settlement with it in 2023 over the detection of market abuse. ## The Ultima Investments Cyprus Limited - Analysis: The Cyprus register's open data list The Ultima Investments Cyprus Limited (HE 154856, a private company registered on 7 December 2004) at Spyrou Kyprianou & 1 Oktovriou 1, Vashiotis Kalande Offices, Mesa Geitonia, Limassol, with directors Eirini Theodoulou, Tonia Antoniou, Denis Kozub, Igor Zatseda and Vera Kuzniatsova and with A.M.K. Trustee Services Limited as secretary; the open data show officers currently on file, without appointment dates. The firm's own website names Kuzniatsova as managing director, Zatseda as executive director responsible for regulatory compliance and anti-money-laundering matters, and Antoniou and Iryna Theodoulou as non-executive directors. The firm's Limassol office, on the first floor at that address, is at the same address that GLEIF records for Seldthorn Private Equity Limited, the company the group sold to its ultimate shareholder in 2022. [src-025] [src-030] [src-047] [src-048] [src-046] [src-173] [src-043] [src-015] - Analysis: BrokerCreditService (Cyprus) Limited took the name The Ultima Investments Cyprus Limited from 11 February 2025 and moved its website to theultimacy.com and its e-mail domain to theultimagm.com from 14 April 2025. The Belgian regulator FSMA lists the firm, as BrokerCreditService (Cyprus) Ltd from 22 April 2013 and as The Ultima Investments Cyprus Ltd from 17 February 2025, among EEA investment firms that have notified the free provision of investment services in Belgium, covering reception and transmission and execution of orders, dealing on own account, portfolio management, placing, safekeeping and related services. [src-011] [src-175] - Analysis: In its own description the firm's website lists as group affiliates The Ultima World (DIFC) Limited, The Ultima Structured Products PLC, The Ultima Global Markets (USA) Inc., The Ultima Global Markets Qazaqstan Limited and Brokstock SA (Pty) Ltd, an FSCA-authorised financial services provider in South Africa. Its news page reproduces the decision of S&P Global Ratings of 27 October 2021 to raise its long-term issuer credit rating on FG BCS to 'B+' from 'B' and on its subsidiaries BrokerCreditService (Cyprus) Ltd., the structured products company and BCS Prime Brokerage Ltd. to 'BB-' from 'B+'. [src-173] [src-011] ## The Ultima Structured Products PLC and the law-firm connection - Analysis: The Ultima Structured Products PLC (HE 158664, a public company registered on 18 March 2005, formerly Brokercreditservice Structured Products Plc) has its registered office at Agias Fylaxeos 182, Kofteros Business Center, Limassol; the Cyprus register's open data list Dimitra Karkalli, Alona Joannu and Franz Hep as its directors and M. Kyprianou Fiduciaries (Cyprus) Ltd as secretary, showing officers currently on file without appointment dates. [src-024] - Analysis: The officers of the two Cypriot subsidiaries include companies and people tied to the Cypriot law firm Michael Kyprianou & Co. LLC. A legal-directory profile supplied by the firm describes Tonia Antoniou, a non-executive director of The Ultima Investments Cyprus, as a partner heading its banking and finance and corporate departments in Limassol. The Cyprus register's open data list her among the directors of the law firm and of M. Kyprianou Fiduciaries (Cyprus) Ltd, the company secretary of The Ultima Structured Products PLC, and show A.M.K. Trustee Services Limited, the company secretary of The Ultima Investments Cyprus, registered at M. Kyprianou House in Limassol. [src-172] [src-145] [src-084] [src-154] [src-024] [src-025] ## CySEC actions - Analysis: On 28 March 2022 the board of the Cyprus Securities and Exchange Commission (CySEC) fined BrokerCreditService (Cyprus) Limited EUR 10,000 for non-compliance with Article 16(2) of the EU Market Abuse Regulation: the firm had not established and maintained effective arrangements and systems for detecting suspicious transactions, because it did not take due account of price changes in the instruments it traded that could give rise to reasonable suspicion of insider dealing. The decision was announced on 19 April 2022. The announcement records a judicial review and a judicial-review ruling, both available only as links whose content was not retained, so the outcome of the review is not known from the record. [src-103] - Analysis: On 24 April 2023 CySEC reached a EUR 100,000 settlement with BrokerCreditService (Cyprus) Limited over possible violations, in 2019–2021, of Article 16(2) of the Market Abuse Regulation on preventing and detecting market abuse and of the organisational requirements for investment firms under Cypriot investment services law; the settlement was announced on 12 July 2023. The firm had already paid the EUR 100,000, and CySEC's announcement records no judicial review. [src-104] ## Sources - [src-025] Corporate registry source · src-025 - [src-030] Corporate registry source · src-030 - [src-047] Corporate registry source · src-047 - [src-048] Corporate registry source · src-048 - [src-046] Company statement source · src-046 - [src-173] Company statement source · src-173 - [src-043] GLEIF LEI records: The Ultima Investment Hong Kong Limited and Seldthorn Private Equity Limited, Global Legal Entity Identifier Foundation, 2026-10-15 - [src-015] Company statement source · src-015 - [src-011] Company statement source · src-011 - [src-175] FSMA register: The Ultima Investments Cyprus Ltd, Financial Services and Markets Authority (Belgium) - [src-024] Corporate registry source · src-024 - [src-172] Media source · src-172 - [src-145] Corporate registry source · src-145 - [src-084] Corporate registry source · src-084 - [src-154] Corporate registry source · src-154 - [src-103] CySEC announcement of a board decision concerning BrokerCreditService (Cyprus) Limited (fine), Cyprus Securities and Exchange Commission, 2022-04-19 - [src-104] CySEC announcement of a settlement with BrokerCreditService (Cyprus) Limited, Cyprus Securities and Exchange Commission, 2023-07-12