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A number of companies in the overseas investment scheme German Property Group (“GPG”) have recently entered preliminary bankruptcy proceedings in Germany.
One of the GPG’s most well-known investments made available to UK investors was formerly known as Dolphin Capital GmbH (“Dolphin Capital”). This Unregulated Collective Investment Scheme (“UCIS”) focused on redeveloping German listed buildings into luxury apartments.
Typically, the investment involved an investor making an investment into a German Special Purpose Vehicle via the purchase of a secured capital loan note. The loan note was to be retained for a period of five years and was often held within a Self-Invested Personal Pension (“SIPP”) wrapper. It is estimated that about £600m was invested in the scheme.
Dolphin Capital was marketed by some IFA’s, but often it was unregulated salespeople who promised UK investors significant returns on their investments. Regrettably, it has been reported that the German public broadcaster BR visited buildings apparently listed in an investor document and found that no work had been started, despite the buildings being owned by GPG for more than five years. Indeed, our experience is that investment returns have been sporadic and no income has been received by investors for several years.
On 8 October 2020, in an unusual joint statement, the Financial Conduct Authority, the Financial Ombudsman Service and the Financial Services Compensation Scheme announced that investors should take action now, in order to protect their right to make a recovery.
It is important to stress that this announcement does not mean that a claim involving Dolphin Capital will automatically succeed. It is important that the right Defendant is identified, the right redress forum chosen and the claim presented correctly.
We have successfully acted for clients who have suffered losses on Dolphin Capital investments. Our expertise in these types of claims in well documented given our involvement in many claims against IFA’s and ground-breaking claims against SIPP operators.
If you are similarly affected then we would like to hear from you as we may be able to assist you in bringing a No win, No fee claim to recover your losses. Please call us on 0800 152 2620 for further advice, or fill in the form and one of our Solicitors will call you back at a convenient time.
Have you suffered financial losses on a SIPP operated by a SIPP operator? If so, then you may have grounds for bringing a No Win No Fee claim.
Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.View More