Dolphin Trust Insolvency
In the case that you have invested money in an overseas property development scheme such as the Dolphin Trust and have not received the returns you were promised, you may be entitled to compensation. Dave Coleman, Managing Partner at Coleman Legal LLP previously advised the Sunday Business Post about the dangers of unregulated investment products in Ireland.
Misselling of Dolphin Trust investments
Coleman Legal LLP is assisting investor clients dealing with the Dolphin Trust insolvency now known as German Property Group. Our experienced Professional Negligence Solicitors at Coleman Legal LLP are available to discuss the options available to the investors of the Dolphin Trust.
The grim extent of dolphin trust Fiasco Laid Bare
The devastating impact on Irish investors of the collapse of Dolphin Trust is becoming increasingly apparent.
Over 1,800 Irish people placed significant proportions of their savings—and often their pension pots—in the unregulated investment products offered by this failed German property company (since renamed “German Property Group”).
The business now owes approximately €1.2 billion to investors worldwide, including up to €200 million to Irish investors. German prosecutors are currently conducting an investigation into possible criminal wrongdoing at the firm.
John Martin Shek is one Irish victim of this debacle. Speaking to RTÉ’s Prime Time, he outlined how, guided by his financial advisor, he was enticed by the 13% return over a period of five years which Dolphin Trust offered to place 70% of his savings with the company.
He considered that this rate of return compared very favorably with the low-interest rates available on bank deposits. He was told these high returns were to be obtained by the purchase of old buildings in Germany and their development into apartments. But Mr. Shek has said to Prime Time he now believes his money is “more or less gone”.
Coleman Legal LLP is representing several Irish investors in Dolphin Trust. The firm’s managing partner Dave Coleman was asked by Prime Time to shed light on the situation
Another Irish investor in his 60s spoke anonymously of how he had lost almost €1 million, or 85% of his pension fund, and of the great personal toll this had taken on him. He recalled how he had been assured that his investments were backed by good security in the form of the German buildings purchased by Dolphin Trust.
But Justus von Buchwaldt, who is overseeing the company’s insolvency in Germany, has estimated that the combined value of all these properties adds up to only around 10% of its debts to investors, and has described hopeful estimates of the extent of securities available to Irish investors as unrealistic.
One site connected to Irish investors was valued at €30 million by Dolphin Trust—but at a mere €5.6 million by independent valuers. Myles Kirby, the Irish liquidator of one of Dolphin Trust’s Irish special purpose vehicles, has warned of a very considerable shortfall for investors.
Contact our team
Coleman Legal LLP is assisting investors in this investment scheme to explore their legal options. Our dedicated team has extensive experience in claims relating to professional negligence across various industries, and we are ready to advise and assist you with your case. If you believe you have been mis-sold a financial product and suffered financial losses arising from negligent advice, please contact our Professional Negligence Team today at Coleman Legal LLP to discuss if you have a potential legal action.
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