Full coverage: German Property Group

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 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.

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.

The High Court is to rule today on Cork pensioner Kathleen Dineen's High Court petition to wind up Mut 103, the Irish affiliate of collapsed German property fund Dolphin Trust, aka German Property Group (GPG). Dineen is one of around 1,800 Irish investors left out of pocket by the group's demise.