Dolphin Trust assets worth ‘a fraction’ of funds raised, Irish liquidator warns investors

Myles Kirby, the court appointed liquidator of Dolphin linked company MUT103, has said ‘it remains to be seen what funds, if any’, will be available to distribute to investors

29th March, 2021
Dolphin Trust assets worth ‘a fraction’ of funds raised, Irish liquidator warns investors
Charles Smethurst, founder of Dolphin Trust which German authorities have described as a ‘pyramid scheme’, and his wife Manou Lenz, fashion retail businesswoman. Photo: Getty

The value of Dolphin Trust property assets linked to Irish investors are worth a fraction of the total funds invested, an Irish liquidator has warned.

Dolphin Trust, now renamed German Property Group, stopped paying returns to Irish investors at the end of 2019 and is now bankrupt. Its dealings are subject to a fraud investigation in Germany.

Myles Kirby, the court appointed liquidator of Dolphin linked company MUT103, wrote to investors and creditors on Friday saying...

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