Disappointment for Irish investors who invested $ 107 million in the Dolphin Trust

At a meeting of brokers who are members of the Ireland Business Group of Brokers, this week realized the “disappointment and uncertainty” of Irish investors who had invested 7 107 million in a loan collateral, linked to the now-collapsing German real estate group.

Some of the brokers at the meeting helped 1,800 Irish clients sell real estate products through unrestricted loan notes, which were later invested in German residential property development.

Irish investors have not received interest payments on their loan notes, and their major payments have been returned by the end of 2019.

Kathleen Dennon Cork, a 78-year-old Cork woman who has suffered from multiple sclerosis for 40 years, has won a Supreme Court decision to overturn an Ireland-based company that raised a total of $ 107 million from investors in Ireland. For the Dolphin Trust, a German real estate group.

The application is for an Irish-registered company, MUT 103, one of the investment vehicles of Wealth Options Trustees Limited (WOTL), an Irish supplier based in Kildare.

Recently, WOTL raised a total of $ 107 million from Irish investors through a network of proven brokers.

Funds were raised for the German real estate group MUT 103 and another vehicle, the MUT 116, also known by the former names Dolphin Capital and Dolphin Trust.

WOTL MUT 116 is not in liquidation, but it is believed that its future is under discussion.

Official liquidator Miles Kirby said in a letter to Irish creditors last week that it was impossible to determine the outcome of Germany’s bankruptcy proceedings this week.

It holds about 730 loan notes from more than 600 investors involved in Irish liquidation.

Rafael McGowan, director of financial services at Brokers’ Ireland, said he heard at a broker’s meeting on Monday that clients were frustrated because they did not know much about what would happen in the liquidation.