Expert handling Dolphin Trust’s bankruptcy called it a ‘pyramid scheme’

The German property group, into which 1,800 Irish investors put a combined €107m, has been reported as having ‘collapsed years ago’

31st January, 2021
Expert handling Dolphin Trust’s bankruptcy called it a ‘pyramid scheme’
Charles Smethurst‘s Dolphin Trust, now renamed German Property Group GMBH, had around 1,800 Irish investors

Dolphin Trust, the collapsed German property group where Irish investors stand to lose millions of euro, was described as a pyramid scheme by an expert handling its bankruptcy, a report seen by the Business Post shows.

Gerrit Hölzle, who was the preliminary insolvency administrator after Dolphin Trust petitioned for bankruptcy last year, said in his report to the Bremen district court that the company’s business model “collapsed years ago” and that funds raised from investors...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader



Unlimited Access for 1 Month, €19.99 Monthly thereafter

Get basic

*New subscribers only

You can cancel any time.



€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.




90 Day Pass

You can cancel any time.

2 Yearly



Unlimited Access for 2 Years

You can cancel any time.

Team Pass

Get a Business Account for you and your team

Related Stories

Dolphin Trust paper trail shows flow of money to ‘DT Cayman’ account

Legal Róisín Burke 8 hours ago

Elaine Byrne: Opening court to TV spotlight runs risk of playing to the gallery

Legal Elaine Byrne 1 day ago

‘Slow but positive progress’ made in case of detained Irishman in China

Legal Rosanna Cooney 1 day ago

Court tells Nephin founder to obtain an independent valuation of the firm

Legal Barry J Whyte 1 day ago