From first equity to final curtain
The collapse of the investment vehicle First Equity Group has left hundreds of wealthy Irish investors out of pocket, many of them to the tune of millions of euro. Gavin Daly and Ian Kehoe report
It was never supposed to end this way. Late last Friday afternoon, the High Court appointed a liquidator to the company behind First Equity Group, an Irish investment firm that worked on projects worth more than €3 billion.
More than 400 investors - mainly wealthy Irish people - had ploughed millions of euro into the group, which operated through a complex series of companies. Their money was invested in everything from apartments in Beverly Hills...
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