Dolphin-linked firm which took in €65m from Irish investors rejects €400k offer for assets

Liquidators say litigation with a German insolvency administrator is expected to be launched soon

Charles Smethurst, founder of Dolphin Trust: raised money by issuing loan notes, an unregulated product, for the purpose of buying and renovating listed buildings in Germany

A Dolphin Trust-linked company in which Irish investors placed more than €65 million of mostly retirement savings has rejected an offer of €400,000 for assets it has security over, its liquidators have said.

Shane McCarthy and Ian Barrett of KPMG, liquidators of MUT 116, sent an update to creditors late last month outlining how legal proceedings with a German insolvency administrator were expected to commence early this year after the offer was refused.

MUT 116 ...