An Irishman who was a key figure in a now collapsed German property investment scheme was given a €1.8m director s loan by Dolphin International Group (Dolphin IG) before he moved to take up a new position at the Dubai- based global investment arm of a Wall Street broker.
Marc Reilly, now CEO of Europe and Asia at J Streicher Global, was one of two Irish directors at Cork-based Dolphin IG.
He and fellow director and shareholder Cormac Smith each obtained loans of €1.8m from the firm in the months before it was placed in voluntary liquidation in October 2019, according to company documents seen by the Sunday Independent.
A 78-year-old Cork woman has petitioned the High Court to wind up an Irish firm owned by a collapsed German property company.
Kathleen Dineen claims she is owed a total of €135,000 and, her counsel told the court, she “has been consistently fobbed off’ when she sought repayment of her loan note investment.
The German Property Group collapsed last year after taking more than €1bn from investors in Ireland, the UK, Asia and elsewhere.
Money had been raised from over 1,800 Irish investors by way of issuing loan notes for the purpose of buying and renovating listed buildings in Germany with promises of annual returns of as much as 15pc.
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One individual the
Irish Independent spoke to yesterday said he had invested about €300,000 with one of the Irish firms behind Dolphin Capital, also known as German Property Group.
Most of the investors in the German firm’s doomed schemes were ordinary workers who – often on the advice of brokers – ploughed their pensions and life savings into the firm with the p romise of generous returns in the region of 12pc.
The investor from the south of the country who spoke to this newspaper but did not want to be named is in his late 60s and said he had retired from a multinational company here some years ago.
An investor from Co Cork has petitioned the High Court to wind up an Irish firm owned by collapsed German property company Dolphin Capital.
The German group imploded last year in a scandal that has seen thousands of people across Ireland, the UK and elsewhere lose their pensions and life savings.
More than €1bn had been pumped into the German firm by backers, many of them regular workers with small pensions and savings pots.
Dolphin Capital, which along with other associated companies is also called German Property Group, offered investors eye-watering returns by refurbishing and repurposing listed properties in Germany.