In the more than a decade it existed, the Dolphin Trust, later renamed the German Property Group (GPG), created a labyrinthine network of 320 companies. These entities sprawled from Germany to Ireland, Britain, South Korea, France, Russia, Singapore and even to the Cayman Islands. While there were plenty of fees and charges along the way in all of these countries, the bulk of the money being raised by Dolphin/GPG  was destined for Charles Smethurst, a businessman of German-British heritage who presented himself as a brilliant financier.

In corporate brochures provided to potential investors, his talents appeared dazzling. He was, it appeared, a rich man who “specialised in revitalising listed properties in Germany and marketing them worldwide”. Now, he was offering relatively small-time investors the chance to join him on his journey.

A series of before-and-after photographs pitched Dolphin Trust as buying run-down listings for as little as €100,000 and then fixing them up and selling them on for €1 million. Sometimes, the figure was higher, and they also availed of tax breaks set up to encourage regeneration. It was quite the deal.

From 2008 until two years ago, all seemed rosy in Smethurst ‘s corporate garden. Then the world changed when he was accused in Germany of running an elaborate “Ponzi scheme”. He was accused of not redeveloping that many buildings but, instead, recycling cash from investors to meet the hefty interest rates they were due every year. Smethurst now finds himself under criminal investigation and companies around the world associated with Dolphin have gone bust.

More than 1,800 Irish investors are caught up in the Dolphin scandal, and there is a real fear they have lost most, perhaps all, of their money. They want answers. The clean-up is complex – both in Ireland and abroad. There are three companies associated with Dolphin in Ireland now in liquidation. The Currency has contacted the accountants sifting through the files of these companies to find out what is going on. We have also tried to speak to the people formerly associated with the business in Ireland. The results shed new light on the status and the focus of the ongoing investigations.

“The next level”

It was a golden investment opportunity for affluent readers of the English-language New Straits Times, the oldest Malaysian newspaper still in print (it dates back to 1845). It was April 2012, and then thirty-something Irish businessman Marc Reilly explained to the newspaper how it was the time for Asian investors to make their fortune by investing in a company he was involved with called Dolphin.

“Though we have enjoyed success in Europe and the US, it is only natural that we explore opportunities in Asia to further propel ourselves to the next level,” he explained.

“With the establishment of Dolphin Capital Asia, we have been able to bring about an investment opportunity which is very niche, and we foresee that this would be a very lucrative market for both Dolphin Capital and our investors.”

At the time of the interview, Reilly, then with an address in Midleton, a small town in Co Cork, was just a few months into almost a decade he would spend as a director of an Irish company called Dolphin IG. He was joined on the board by his friend and fellow Cork resident Cormac Smith.

The third director of this Irish company was about 14 years older than Reilly and Smith. He was a businessman called Charles Smethurst, the German-born son of a British army officer who lived in Germany and was putting together a network of companies all feeding into one that was then called Dolphin Capital. It would later be renamed as Dolphin Trust in 2014 before changing its name again in 2019 to the German Property Group (GPG).

Back in 2012, Smethurst was the chief executive of Dolphin Capital, as it was then called, which in turn was linked to Dolphin IG, the Irish company Reilly had just become involved with. 

In that same New Straits Times interview, Smethurst explained how Dolphin had just opened up an office in Singapore. Dolphin, he enthused, had great success in Germany where the business claimed to have built over 4,000 residential units, generating an annual turnover of €1 billion. 

“Dolphin Capital Asia’s establishment sparks the beginning of many new possibilities in Asia,” Smethurst proclaimed.

As the years went by after that interview, Smethurst’s Dolphin empire continued to grow. Investors flocked to the prospect of making double-digit returns after two to five years by turning old monasteries, castles and run-down historic buildings into brand-new apartments.

For investors not only were they getting fantastic returns, but they could also rest easy as their money was secured on property in the stable, law-abiding economy of Germany. Unusually, rather than going to big funds – who would presumably have killed for the returns he was delivering – the Anglo-German businessman decided to raise his money from thousands of small investors. They most typically started by lending him €100,000 before ramping up their exposure as Dolphin appeared to pay out.

As the years went by, the money rolled back to investors. Neither they nor the introducers to Dolphin or the various local companies associated with Dolphin questioned too much just how Smethurst could deliver such clockwork returns, despite all the fees associated with it and the inherent risk involved in property development.

*****

That was then. This is now. Today things are not looking so positive for Smethurst or the tens of thousands of people who trusted him with their money. He is accused of running a “Ponzi scheme” and there are serious questions being raised about just how many properties he actually developed, and how – and why – nobody raised questions about how he was doing it for almost a decade. The numbers involved are staggering. Bloomberg estimated this month investors worldwide are facing losses of $1 billion. In South Korea, investors are estimated to have lost $436 million, while in Britain, they are potentially on the hook for $418 million.

In Ireland, between its launch here in 2012 and October 2019, Irish backers invested about €150 million in Dolphin. Some of this money came back to Irish investors, but the amount they may have lost is estimated at €107 million.

The Currency has been contacted by various Irish investors asking questions about just what has happened to their money and what are their chances of getting any of it back. Typically, these investors put their money into Dolphin, now GPG, through a network of brokers spread around the country. None of these brokers suspected anything untoward about Dolphin/GPG, which for many years paid out returns with amazing regularity – at least until the music stopped a year ago.

As investors put their money into Dolphin in Germany in the form of loan notes, they find themselves with no recourse to the Central Bank as loan notes are unregulated financial products.

It was all so different to a brochure prepared in 2019 by Dolphin in Germany for Irish brokers that promised returns of more than 10 per cent per annum to their Irish clients based on a “track record” of already returning €22 million to Irish investors.

By 2019, Reilly and Smith were no longer involved in anything to do with sending money to Dolphin.

A different company called Wealth Options Trustees Ltd was managing the Dolphin project, having previously been involved as its security trustee and administrator, but not as a distributor.

According to a 2019 sales document for Irish brokers interested in putting their clients’ investments into Dolphin, “Wealth Options Trustees Ltd (WOTL) have investigated the operation of Dolphin Trust consistently over the last eight years.

“We have visited the offices of Dolphin several times each year. We have met the chief executive and the chief financial officer at least annually.”

Over the previous eight years, Dolphin had never missed an interest payment and cash flows prepared by a German accountancy firm were always positive. On top of all this, Irish investors were assured this was an “asset-backed opportunity”, with a charge on a German property and the land it is built on.

It was all very compelling, and even the question of why Dolphin would look to raise money from small-time investors rather than a bank or institutional investor had an answer. Getting cash from investors, Dolphin said, meant they could act “swiftly” and get “better deals” without facing “delays” associated with “banks’ due diligence”.

On the back of the brochure was a warning that “some of these products” were not regulated by the Central Bank.

Brokers were also told the investment should be considered “high risk” for their clients and that in the “unlikely event” that their security might have to be sold, it might not cover their investment, leading to the possibility of them “losing all of the funds loaned”.

During the good years, nobody was that concerned about the risks. Investors regularly doubled down, taking the money they made from Dolphin and reinvesting it back.

A letter dated July 5, 2019 from then managing director of WOTL Paul Dunne to brokers, however, sent a shiver into the market. Dunne, who died from cancer in 2020, told brokers that a negative article had appeared in the British press about Dolphin.

Dunne sought to calm things down by briefing brokers that Dolphin had “never defaulted” in the previous seven years, and was fully up-to-date on payments. “The face value of security we hold is circa 182 per cent of the loans advanced,” he said.

Rapidly, however, it emerged that things were very bad for Dolphin as the German group first delayed and then halted payouts, before going spectacularly bankrupt with debts that were eventually estimated at €1 billion.

The 1,800 Irish investors have watched in horror, scouring the internet for news of what was unfolding, and asking repeated questions locally too.

To try and answer these questions The Currency has attempted to interview the various parties embroiled in what happened in Ireland. Below is what those who chose to speak to us had to say.

Kirby: “I anticipate a significant shortfall”

Myles Kirby is the managing partner of Kirby Healy accountants. He has 20 years’ experience as an accountant and is a veteran liquidator who has worked on many complicated cases. Kirby is forensic in his approach to following the paper trail relating to the companies he liquidates.

The Currency emailed Kirby over 20 questions that investors in the Dolphin Trust/German Property Group wanted answered. Kirby has been the official liquidator of a company called MUT 103 Ltd since March 10, 2021. This company raised €41.3 million from Irish investors, and it is this money that Kirby is trying to track down. The directors of MUT 103 Ltd are currently Eanna McCloskey (2011 to today) and Brian Flynn, who only became a director in October 2020.

Previous directors of MUT 103 Ltd were Charles Smethurst (2015 to 2020) and the late Paul Dunne (2011 to 2020).

McCloskey and Flynn are also the directors of WOTL. MUT 103 was set up to facilitate Irish investments in the German property fund, which were made in the form of loan notes. A network of brokers offered the opportunity to their Irish clients. More than 40 brokers were part of this network and they have formed a redress group seeking to find out what happened to their client’s funds.

WOTL has acted as exclusive distributor of Dolphin/GPG loan notes in Ireland since 2018, when it took over from Cork-based Dolphin IG. After WOTL took over, Dolphin IG was put into voluntary liquidation by its directors Reilly and Smith, and we will return to this company later.

MUT 103 Ltd was one of two companies raising money from Irish investors. The other company, called MUT 116, raised €65.8 million. This is also a company we will return to later.

Prior to responding to The Currency, Kirby noted he was updating investor creditors regularly and that “there are certain things in all liquidations that are confidential and/or legally privileged/sensitive that prevents me from sharing such matters in the media”. 

He then proceeded to answer our questions. My first question to Kirby related to fees, as this was continually raised by Irish investors.

Tom Lyons (TL): Do you know what level of fees and commissions were paid to brokers and service providers who raised money from Irish investors?

Myles Kirby (MK): I have seen a Dolphin Trust Information Memorandum (IM) sent to investors in 2016 which refers to costs (although not specifically commissions). That document states that all costs, both legal and administrative, associated with the Loan Notes are borne by the Company (meaning MUT 103) and Dolphin. That IM expressly states that Lenders will not be required to pay any fees. I am aware that brokers and other parties did receive commissions. I am investigating this issue and I am trying to establish three key things. First, which entity was legally obliged to pay the commissions? Secondly, what were the agreed rates and amounts actually paid? Three: How were the commission payments actually made and what was the flow of funds?

I have written to WOTL about the commissions, and I am awaiting a response. I note you also put these questions to Eanna McCloskey and he may be able to clarify the position.

TL: What were the fees typically for an individual investor? Do you have any estimate of how much was paid in total? Do you know if these fees and commissions were explained in full to investors prior to their first investment?

MK: As per question 2 above.

TL: Why did Dolphin IG Ltd based in Cork stop distributing Dolphin/GPG products in mid-2018 given how well it was doing?

MK: The Dolphin IG directors would have to answer this. 

TL: Why did Wealth Options Trustees Ltd (WOTL) then take over?

MK: This is a question for WOTL/Mr McCloskey

TL: Given the kind of steady and secure returns that appeared to be generated from investing in Germany, why would Dolphin IG ever give up distributing such a strong product?

MK: The Dolphin IG directors would have to answer this. 

TL: Have you ever asked Dolphin IG about why it stopped, or do you intend to?

MK: I am in ongoing communication with the liquidator of Dolphin IG and he in turn is in communication with the Dolphin IG directors. The liquidator has replied to my queries. 

TL: What due diligence did Wealth Options Trustees Ltd do prior to it taking over as distributor in mid-2018?

MK: This is a question for WOTL / Mr McCloskey.

TL: What role or services if any did each of the following companies provide to the MUTs a. Wealth Options Ltd; b. Wealth Options Trustees Ltd; and c. Wealth Options Capital Ltd?

MK: I am investigating the role of the different companies and I have written to various parties about this issue. I note you also put these questions to Eanna McCloskey and he may be able to clarify the exact role and services. 

TL: In total, about €100 million was collected from Irish investors over the lifetime of Dolphin/GPG. How much of this was used to acquire properties?

MK: The preliminary German liquidator estimated that over €1 billion was raised worldwide by Dolphin Trust. He estimated that approximately €220 million of that worldwide investment was used to purchase property and meet the associated purchase costs. The MUT 103 investors are owed over €40 million in capital alone (excluding interest). It is not clear to me at this point as to how much of the investment was used to actually acquire properties. Eanna McCloskey may be able to clarify this.

TL: How much of this Irish €100 million was spent on the actual redevelopment of properties?

MK: I am not aware at this point, but this will be part of my investigation. Eanna McCloskey may be able to clarify this.

TL: How much of it went on professional fees such as planning advice or engineering that would be associated with the actual redevelopment of properties?

MK: I am not aware at this point but this will be part of my investigation. Eanna McCloskey may be able to clarify this.

TL: Who in Ireland was responsible for monitoring the progress and the status of the property investments in Germany?

MK: This is a question for WOTL/Mr McCloskey.

TL: What due diligence was performed on each property as it was acquired and afterwards when it was supposed to be developed?

MK: This is a question for WOTL/Mr McCloskey.

TL: Did anyone in Ireland go and visit these properties, and if so, please can you detail who, when and what properties?

MK: This is a question for WOTL/Mr McCloskey.

TL: How many properties in total were completed using the €100 million?

MK: According to the German liquidator, very few if any of the properties were actually completed. This will be part of my investigation. Eanna McCloskey may be able to clarify this.

“I am not aware of any properties having been completed and sold.”

Liquidator Myles Kirby

TL: How many properties were sold after they were redeveloped between 2013 and 2020?

MK: I am not aware of any properties having been completed and sold. Deposits may have been taken on certain German properties and again this is something the German liquidator is investigating. Eanna McCloskey may be able to clarify this.

TL:  How much in total was paid back to investors prior to the start of 2020?

MK: The earlier investors did receive repayment of their interest and capital, although some of that was re-invested in Dolphin Trust rather than repaid. I am awaiting records from some of the earlier years so I cannot give a definitive figure yet.

TL: Of the money that did come back do we know yet how much of it was from the sale of properties versus other investors’ funds?

MK: I do not yet have full visibility on the flow of funds to and from Germany and I am awaiting information on this.  However, the German liquidator has confirmed publicly that Dolphin Trust was a pyramid scheme.  It would therefore seem likely that substantial repayments to investors (whether by way of capital or interest) were funded using later investor funds. 

TL: How was the residual valuation methodology used by Dolphin/GPG supposed to work? Did it actually work differently?

MK: The residual valuation methodology values property based on its projected value after redevelopment. The anticipated development costs are deducted from that projected valuation to arrive at the projected residual value. Certainly for accounting purposes, this is not a widely used valuation methodology in Ireland. This methodology is predicated on the property being fully developed and sold. Given the insolvency of Dolphin Trust and the extent of the shortfall, it seems very unlikely that these residual values will ever be achieved. 

An explanatory note from Tom Lyons: The reason why The Currency has asked about this methodology because it is a central concept to how Dolphin ran its business in Germany for many years. Dolphin might have been considered insolvent years earlier if other valuation methods more commonly used in Ireland had been applied. It also led many investors – who were often relatively unsophisticated – to believe that their investments were well covered by the value of properties as they actually were and not the value they were projected to possibly become. If, as it has turned out in many cases, projects were not actually being developed and sold on by Dolphin, then investors found to their alarm that they were underwater.

TL: Where is the German process now in terms of the various investigations?

MK: I am liaising with the German liquidator who is very co-operative. This is an extremely complicated liquidation in Germany, and it may take several years to conclude. 

TL: How is WOTL working with the two liquidators to recover investor money?

MK: I am in very regular contact with WOTL, the directors and their advisors and am awaiting further information and documentation from them.

TL: Do we have any idea yet how much money investors might expect to have returned to them?

MK: This is the question that all investors are understandably asking me. There are many variables and it is too early to estimate. The security and value of the underlying properties in Germany will be a central issue. However, based on the information and likely shortfall in Germany, I anticipate a significant shortfall.  

TL: Is there any other comment you would like to make?

MK: I am working with the provisional liquidators and WOTL with a view to getting an up to date appraisal and valuation of the German properties. This is an important step. 

McCloskey: “The situation… is extremely disappointing”

Eanna McCloskey has 33 years’ experience of working in the financial services industry. He is a Revenue-approved pensioneer trustee and a fellow of the Chartered Insurance Institute and the Life Insurance Association. McCloskey and his colleague Brian Flynn both previously worked together in Scottish Provident. McCloskey and Flynn are directors of Wealth Options Trustees Ltd.

McCloskey is responding to The Currency in his capacity as a director of WOTL. He has said previously on affidavit that while he has been a director of this company since 2007, “day-to-day responsibility” for WOTL and the two MUTs was with his late business partner Paul Dunne. McCloskey is also the co-founder of a separate company called Wealth Options Ltd, which has nothing to do with Dolphin as he explains in his response to The Currency. McCloskey has, in affidavits in the High Court, also detailed his “very great regret” about what has occurred “due to circumstances entirely beyond the control” of the companies he is a director of.

These affidavits also detail how his companies have appointed various professional advisors to help them try to figure out what is happening. McCloskey decided to respond by making a detailed statement rather than addressing questions in turn. This is his statement:

“We are unfortunately constrained in how we can respond to you and we are unable to address each of your queries individually in circumstances where both MUT 103 Limited and Dolphin MUT 116 Limited (together referred to as the MUTs) are now in liquidation. It is therefore not appropriate for Wealth Options Trustees Limited (WOTL) to respond directly to any questions in respect of the MUTs – if they are to be addressed, these queries will need to be addressed by the respective liquidator / provisional liquidators of the MUTs. The Liquidators are currently carrying out their own enquiries and WOTL is assisting in every way possible in this regard.

“There are also a number of queries below that do not relate to WOTL that would be more appropriately addressed to Dolphin IG (now R E Administration Limited) (Dolphin IG) and / or the German Property Group (GPG).

“As previously indicated, it is important to flag that WOTL, Wealth Options Limited (WOL) and Wealth Options Capital Limited (WOCL) are separate legal entities acting independently from each other and each with different business functions. WOTL acted as administrator of the MUTs regarding the investment of funds into Dolphin Trust / GPG from 2011 and was the distributor of the GPG products in Ireland from June 2018.

“Between 2011 and 2018, WOTL had no involvement in the promotion or distribution of GPG products in Ireland – this function was carried out by Dolphin IG. WOTL replaced Dolphin IG as distributor of the GPG products in June 2018. At this point WOTL outsourced the sales and marketing function to WOCL who are a specialist distribution company and who distribute numerous products to financial brokers for various third parties.

“Wealth Options Limited is a pensions administration company and has had no involvement in the marketing, promotion or distribution of the GPG products at any time nor did it provide any services to the MUTs.

“It is also important to flag that Dolphin IG and WOTL are completely separate legal entities and do not have (and never have had) any corporate relationship or nexus whatsoever. Neither WOTL nor its directors have any connection with Dolphin IG. Therefore, any queries you have in respect of the role of Dolphin IG will need to be addressed by Dolphin IG. In terms of fees, prior to June 2018 WOTL was not responsible for any commission or payment of any broker fees.  After June 2018 fees were paid to brokers and service providers at commercial rates.

“In relation to some of your other queries, please note that any questions you have in relation to the investment of monies in properties in Germany and their redevelopment will need to be addressed by GPG. Further, questions in respect of the German insolvency process will need to be addressed by the German Insolvency Administrator and / or the Liquidators and questions in relation to the sums invested and potential investor recoveries will need to be addressed by the Liquidators.

“As you are no doubt aware, we have provided regular updates and statements over the last 18 months and have endeavoured to keep brokers and investors up to date with all developments in respect of Dolphin Trust / GPG. WOTL has had a long and successful relationship with brokers for many years. As we have stated previously, the situation that has arisen in relation to the GPG Products is extremely disappointing and we acknowledge that it has been a deeply worrying time for investors and their brokers. We continue to be committed to working with all parties and in particular cooperating with the Liquidators in order to secure the best possible outcome for the loan note holders.

“However, at this stage, and as explained above, we are not in a position to provide any further comment and we would ask that all future queries in respect of the liquidations be addressed to the Liquidators of the MUTs.”

KPMG: “Important questions relevant to our investigations”

The second company that collected funds from Irish investors is a company called MUT 116.  It raised €65.8 million, making it larger than MUT 103. Its joint provisional liquidators are KPMG accountants Shane McCarthy and Ian Barrett. McCarthy is a partner in KPMG’s restructuring department with over 14 years’ experience, while the younger Barrett is a director with the accountancy firm. The directors of MUT 116 are again McCloskey and Flynn, with Smethurst a director of this company from 2016 to October 2020.

In a statement, KPMG said: “As you can appreciate, it has been a short period of time since our appointment as Joint Provisional Liquidators on 28 April 2021.  The questions you have raised are important questions relevant to our investigations, but it would be premature at this stage to address these questions at such an early stage in our investigations. We can confirm that the directors are fully cooperating and engaged in the process.

“There have been positive discussions with a senior representative of the German Insolvency Administrator and we are in regular contact with Mr Myles Kirby (Liquidator of MUT 103 Limited). We have also held discussions with the investor redress group to explain the basis of our appointment, and provided an initial update at this early stage in the liquidation process.”

“We fully appreciate this is a stressful and worrying time for the company’s investors and we will continue to keep all investors and their brokers updated on developments in the liquidation process as appropriate.  All parties are fully aligned to maximise the recovery of investors’ funds.”

Fitzpatrick: “A separate company”

The third company that is in liquidation is Dolphin IG, which was renamed R E Administration in June 2018 – a few months before the business was put into voluntary solvent liquidation by Reilly and Smith. Documents that have emerged in relation to this business now in liquidation reveal a once-thriving company.

On March 21, The Sunday Independent published its fixed asset register as at the end of November 2017. This showed its assets included a fleet of luxury cars including two BMW X5 luxury SUVs, a BMW 7 Series and a BMW 5 Series as well as the most expensive of the lot, a Range Rover Vogue worth €142,000.

The company also invested in about €10,000 worth of gym equipment and its directors enjoyed the trappings of their success with Reilly’s credit card bill showing stays in Fota Island Resort in Co Cork and the five-star Regent Porto Hotel in Montenegro. This type of spending would not be unusual for the directors of a successful firm that had €4.27 million in cash when it was placed into voluntary liquidation.

Accountant Anthony Fitzpatrick, a Limerick-based accountant, is the liquidator of this business. Fitzpatrick responded to questions from The Currency in the form of a statement. “R E Administration Limited was placed into solvent voluntary liquidation in 2019 and I was appointed as liquidator. The liquidation process is ongoing in accordance with my statutory duties as liquidator and I am cooperating with the various stakeholders,” Fitzpatrick said. 

“R E Administration ceased trading in 2018 and is a separate company to Dolphin Trust GmbH. To the best of my knowledge and understanding of the company’s affairs R E Administration Limited provided general administrative services to Dolphin Trust GmbH until these were taken over by other providers in 2018, it was not in receipt of and had no custody, access or control of investor funds, and no role in the investments made or the security taken in respect of those investments.”

Contacting Marc Reilly

Having had success in business with Dolphin IG, its Irish directors – Marc Reilly and Cormac Smith – have now moved on. Smith is reportedly building small housing projects in Munster and could not be contacted for comment. Reilly now works for J Streicher, a finance company that was founded in 1910. According to its website, it is a firm that “few in the financial industry can look back on a heritage as long and rich”.

J Streicher has offices in New York, London, Nashville and Dubai. This gives it a presence on three continents. Reilly is now a senior member of its team as chief executive for Europe and Asia.

Other members of the team include Michael Hanlon, a former reporter who later worked on acquisitions for the Beverley Hills Country Club. He has worked mainly in the United States but has looked at deals in Ireland too and is a regular visitor here. He was previously involved with an Irish company called Montaigne Investment Corporation.

There are about a dozen senior members of J Streicher’s team listed on its website, all with diverse backgrounds.

It is in this eclectic and international financial milieu that Reilly is now working. In his profile on the J Streicher website, Reilly states he has worked in food distribution, real estate administration, digital banking and digital wealth management.

The now 47-year-old says he is interested in various hot investment areas from electric vehicles to water.  Reilly does not mention by name the nine years from 2012 until today that he was a director of Dolphin International Group based in Ireland. 

Reilly does, however, explain he is not all about work. He is an “active philanthropist,” who has launched a “schools programme” in transcendental meditation courses with the David Lynch Foundation. This foundation is named after its founder, the renowned filmmaker best known for making Twin Peaks, Blue Velvet and Mulholland Drive.

Reilly doesn’t list a contact email on his profile, so The Currency wrote to the David Lynch Foundation as it is the only named firm in his profile.

The David Lynch foundation said that J Streicher EU had “made a donation to Maharishi International University (Ireland) Ltd to support an educational project” delivered by it to teach students and teachers about quiet time and transcendental meditation. This project had been paused by the pandemic, and the foundation said the amount donated was a private matter for J Streicher.

The Currency also wrote a Dublin-based partner with J Streicher to see if he could introduce us to Reilly and give us a little more colour about his own business background. He didn’t respond.

On Wednesday, May 19 at 9.05 pm law firm Arthur Cox did however respond on J Streicher’s behalf.

The law firm sent a two-page letter which it said was not to be quoted from.

The Currency then sent Arthur Cox back seven questions primarily about its client’s employee Reilly.

A second one-page letter followed from Arthur Cox the following day, again not for quotation.

J Streicher has, however, commented on Reilly and Dolphin before. In March 2021, J Streicher chairman Jonathan Q Frey told The Sunday Independent that the J Streicher Group of companies has never had any relationship with Dolphin Trust or the German Property Group.

There was no suggestion by The Currency that it did or does, or that J Streicher is anything other than a reputable firm.

“We are fully aware of the previous employment history of every person who joins the Streicher team. We have an outstanding team of executives and look forward to continuing strong growth in the future,” Frey told The Sunday Independent.

“The company has concluded hundreds of successful and profitable deals over its history. Many such deals are currently being finalised, the exact details of which are confidential and commercially sensitive,” he said.

There is no suggestion that Reilly or Smith ran Dolphin IG in anything other than a professional manner. But it is fair to try and contact them after they were for years co-directors of an Irish company with Smethurst, a man now making world headlines.

Others involved in what has happened in more recent years in Ireland – including Kirby and McCloskey – have suggested in this article that Dolphin IG might be better able to assist in explaining some of the history of the business in Ireland. 

Marc Reilly is, of course, not obliged to answer questions from the media. While Reilly was prepared to discuss Dolphin’s bright future 10,800 kilometres away with Malaysia’s New Strait Times almost a decade ago, he is not inclined to do so today with The Currency. Should that change in the future, this offer remains open.

*****

In a profile circulated to Irish brokers, Charles Smethurst is described as a genial character, who ticks all the boxes. Not only was he rich and successful, but he was also, according to a 2019 corporate brochure, a “well-read non-fiction specialist, author, lover of nature, proud dog owner and active player in his local football club”.

Since his home was raided by investigators last March, he has said to the media through his lawyers that he is cooperating with them while declining to comment on any specific allegations. There is still much to play out in his story. He certainly has less time for hobbies now than perhaps he was used to.

Further reading

Dolphin Trust: “broken promises”, regrets, and a “high risk” scheme that fell to dust