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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. ....
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. ....
An estimated 1,800 Irish investors entrusted more than €100 million of pension and investment monies in unregulated loan notes with the bust German property group ....
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. ....