Broken trust: The fight to recover invested funds from doomed Dolphin venture

A group of about 1,800 Irish investors placed a collective €107 million in German Property Group, formerly Dolphin Trust, before it collapsed in 2020. Some are seeking restitution in the courts, but a long legal battle lies ahead if they are ever to get their money back

The corporate headquarters of German Property Group (GPG), formerly called Dolphin Trust, in Langenhagen, Germany. GPG collapsed in 2020 after approximately 18,000 investors entrusted it with €107 million. Picture: Getty

“I would like to contact investors,” a small notice placed in the Galway Advertiser in November 2020 began.

The ad was placed by Diarmuid, then 75 years old, who had invested €30,000 of his savings in a property scheme which filed for bankruptcy only a few months before. He made the investment in the hope that it would generate some much-needed income during his retirement.

The ad was headlined in bold “German Property Group, formerly ...