Full coverage: Dolphin Trust

The liquidators of an Irish vehicle linked to the collapsed Dolphin Trust are suing its former directors for reckless trading. Court filings give an insight into how Mut 116 was run and into how its executives intend to meet the civil charges against them.

The joint liquidators of Dolphin Mut 116 claim GPG was in financial difficulty for a number of years before its demise and that the directors of the Irish firm continued to lend it investment money despite being aware there was no loan security in place.

The former directors of Dolphin Mut 116, an Irish vehicle used to funnel millions of Irish pension money into German Property Group, formerly Dolphin Trust, are facing legal proceedings over their handling of the company. The demise of GPG’s global network of companies in 2020 left international investors exposed to the tune of around $1 billion.

The official liquidator of MUT 103, an investment vehicle used to channel money into the collapsed German Property Group (GPG), has lodged legal proceedings against three companies and seven individuals. Investors are owed around €42 million.

Only a fraction of the €42m raised from Irish investors through an investment vehicle into a collapsed German property scheme is likely to be recovered, Myles Kirby has said in an update to creditors on the “complex” liquidation.

The Court of Appeal sent papers to the corporate watchdog for review after Anthony J Fitzpatrick said he inadvertently failed to disclose the withdrawal of money from the liquidation account of a Galway restaurant. The accountant tried to appeal the move.

The liquidator of MUT 103 Ltd has also told Irish investors he is questioning salary payments, fees and other expenses paid out by the company which raised €41.3 million.

A new report shows the security on Dolphin Trust property assets outside Berlin and Munich could prove a flashpoint between liquidators acting for different groups of Irish investors.

The High Court has confirmed the appointment of liquidators to Dolphin investment vehicle Mut 116 as Irish investors face over €100 million in losses.

Having launched an investigation into Irish investor losses in Dolphin Trust, the Pensions Authority has now issued legal proceedings in the wake of the alleged pyramid scheme's collapse last year. Irish investors face losses of €107 million.