Some 40 financial broker firms whose clients were among over 1,800 Irish investors hit by the collapse of Hannover-based German Property Group (GPG) have set up an action group to deal with the liquidator of a Dublin vehicle linked to their investment as they seek to recover some of their money.
âUntil recently, individual firms have been working with their clients alone, but it was thought that a collective approach would be a more effective and efficient method of pooling information, and resources, which would better assist investors in their quest for redress,â the so-called GPG Redress Group said on Thursday.
âThe GPG Redress Group has been set up to support investors by engaging on their behalf, where authorised and appropriate, with all connected parties to the investment, including the Liquidator, the Pensions Authority, and the Department of Finance, among others,â it added.
Irish investors in failed German fund told of problems in getting hold of assets Germany Property Group collapsed last year after raising €107m from Irish investors
Sat, Feb 13, 2021, 06:48
More than 1,800 Irish investors caught up in the collapse of a German property group last year are being told of the difficulties they face in any attempt to get hold of assets on which they have a claim, and which have an uncertain value.
The Germany Property Group (GPG), formerly known as Dolphin Trust, collapsed last year after taking more than €1 billion from investors in the Republic, the UK, Asia and elsewhere since it was set up by businessman Charles Smethurst in 2008.