Now in liquidation, Dolphin Mut 116 was one of two Irish investment vehicles used to channel money into the collapsed German Property Group (GPG), formerly known as Dolphin Trust.  In total, 1,102 Irish pension investors paid €65.8 million through the Irish SPV into what some in Germany claim was nothing more than an alleged ‘ponzi scheme’.  The Mut 116 investors were due €100 million in capital and interest payments. What they will actually claw back from their investment is likely to be a fraction of that sum as GPG’s demise has left international investors from South Korea to the UK…

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