September 30, 2023

Brokers form investor business groups affected by the German "pyramid system"

Brokers form investor business groups affected by the German “pyramid system”

Impacted by the collapse of the Hanover-based German Real Estate Group (GPG), some 40 brokerage firms, whose clients include more than 1,800 Irish investors, have created a set of procedures for dealing with the liquidator of the Dublin vehicle deal. With their investment. Get some of your money back.

He said the so-called: “Until recently, individual companies only worked with their clients, but it was believed that the collective approach would be a more effective and efficient way of gathering information and resources that would better assist investors in their search for compensation.” GPG said. Thursday equity group.

“The GPG Redress Group is formed to assist the investors by interacting on their behalf, where authorized and appropriate, with all parties involved in the investment, including the liquidator, the Pension Authority and the Department of Finance.” Added.

GPG, formerly known as the Dolphin Trust, has collapsed last year after acquiring more than 1.5 billion euros from investors in the republic, the United Kingdom, Asia and other countries since it was founded by businessman Charles Smithhurst in 2008.

GPG raised € 107 million from Irish investors through a loan bond issue, an unregulated product, to buy and renovate historic buildings in Germany and promise an annual return of at least 15 per cent. The first signs of interest payment default on Irish banknotes appeared in late 2019.