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A liquidator hunting down tens of millions of euro raised from Irish investors for the failed German property group formerly known as Dolphin Trust has initiated legal action against a UK company.
Irish investments were channelled to German group through special-purpose vehicles
MUT 103 raised cash for German Property Group and owes €41m to investors
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The Central Bank was aware of, but failed to act on a German ponzi property scheme that had its ânerve centreâ in Ireland. The company involved collapsed last year with 1,800 Irish victims facing losses of up to â¬108 million, the Dáil has been told. Sinn Féin finance spokesman Pearse Doherty made the claim as he highlighted a fraud investigation by German authorities into a company called Dolphin Trust and its director Charles Smethurst. The firm was renamed as the German Property Group and owed about â¬3 billion to some 20,000 investors around the world when it co...