The liquidator of a Kildare company linked to a Germany property group which collapsed, resulting in losses of up to €107 million for Irish investors, has criticised delays he is experiencing in getting key information as he investigates the firm’s affairs before it was put into wind-up, the Irish Times reported. Hanover-based German Property Group (GPG), formerly known as Dolphin Trust, collapsed last year after taking €1.5 billion from investors in the Republic, the UK, Asia and elsewhere since it was set up by businessman Charles Smethurst in 2008. Mr Smethurst’s home was raided by German police in March as part of an ongoing investigation into suspected investment fraud. Irish investments were channelled to the German group through two special-purpose vehicles, MUT 103 and Dolphin MUT 116, based in Naas, Co Kildare, and set up by Wealth Options Trustees Limited (WOTL), of the same address. All three companies share the same directors: Eanna McCloskey and Brian Flynn. A third director, Paul Dunne, died last October. MUT 103, an investment vehicle for €41.3 million of retail savings, was put into liquidation in March, and Dolphin MUT 116, responsible for €65.8 million of pension savings, entered liquidation at the end of last month. Liquidators of both are dealing with GPG’s insolvency administrators. MUT 103’s liquidator, Myles Kirby of Kirby Healy Chartered Accountants, said in an update for investors and creditors, dated June 4th, that he has had “several constructive discussions” with the provisional liquidators of Dolphin MUT 116. Kirby said that he wrote to the directors of MUT 103 on April 23rd with questions on the company’s statement of affairs before its liquidation. “I await the response to a number of my queries. The delay is unsatisfactory, however, I have been assured by the directors that they will respond shortly,” he said. Read more.