Unregulated German Property Group (Dolphin Trust) collapses
News reaches from our business solicitors in Dublin Lavelle Partners LLP of the significant losses that Irish investors in the German property Group, formerly known as the Dolphin Trust, now face a s a result its collapse. The GPG is reputed to have raised €107 million by way of issuing loan notes, an unregulated product, for the purpose of buying and renovating listed buildings in Germany. The investment promised returns of as much as 15%.
The German Property Group fund operated through an irish company Wealth Options Trustees Limited (“WOTL”), and two special purpose vehicles. A creditors action resulted in the appointment of Myles Kirby was appointed over one of the special purpose vehicles MUT103.The full story is available on on our Business Solicitors newspage.
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