Liquidator seeks to identify those who invested in redevelopment scheme
Dolphin Trust GmbH changed their name to German Property Group GmbH. According to the management, the reason for the name change was not intended to divert attention from negative press coverage and customer dissatisfaction.
Dolphin Trust and German Property Group claim to acquire buildings in Germany for refurbishment and subsequently sell them. The aim is to generate returns for investors. The investors acquire so-called notes, i.e. a kind of promissory note which is an unregulated product.
Bayerischer Rundfunk, together with Hessischer Rundfunk and the BBC, has broadcast a report on Dolphin in London (see Mediathek BR, Kontrovers vom 22.05.2019). In the programme, RA MATTIL was interviewed as an expert on banking and capital markets law.
The investigating journalists have discovered that the properties allegedly acquired by Dolphin are not being renovated in a "listed" manner, but are just sitting there decaying. Where the returns paid to the investors come from is highly dubious. The returns were presumably taken from the capital of new investors.
Dolphin has , for each project purpose , established a company , called for example Dolphin Capital 1 Projekt GmbH & Co KG and so on , consecutively up to No 300.
Dolphin promised a security for investors , by registering a land charge on the property. This was a highly wilful deception , since a land charge only happens for a trustee , not for an investor on first ranking. This would be the only way of a security , in case of course , provided a valuable real estate ( building ).
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