The liquidator of an Irish investment company used to channel money into the collapsed German Property Group (GPG), previously known as Dolphin Trust, has launched a legal action against its former directors over the running of the business. The voluntary wind up of Kildare-based Dolphin Mut 116 was approved by the High Court in June 2021 after it emerged 1,102 Irish pension investors had paid €65.8 million through the Irish SPV to invest in the alleged “Ponzi” scheme. GPG entered German bankruptcy proceedings in 2020 after taking €1.5 billion from investors gobally. It was set up by German-British businessman Charles Smethurst…

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