Liquidator to take legal action in Dolphin Trust case

Value of main property in bankrupt German fund’s Irish portfolio is assessed as minuscule, with small investors set to suffer ‘enormous’ loss

Charles Smethurst: founded Dolphin Trust which collapsed last year

The liquidator of one of the two Irish companies linked to the bust German property fund Dolphin Trust will launch legal action within weeks against several parties connected with its Irish activities.

Myles Kirby warned in a letter to brokers that vast losses would be suffered by 1,800 Irish investors in the fund, now called German Property Group (GPG), which was dubbed a pyramid scheme by its German insolvency administrator.

Following six months of investigations, ...