The Pensions Authority has taken legal action against a Kildare company linked to the high-profile collapse of Hanover-based German Property Group (GPG) that resulted in 1,800 Irish investors losing as much as €107 million. Mr Smethurst’s home was raided by German police in March as part of an ongoing investigation into suspected investment fraud. While case details list the Pensions Authority as the defendant in this case and WOTL as the plaintiff, a spokesman for the authority confirmed that his organisation is the petitioner and WOTL are the respondents. The Pensions Authority has only had authority to investigate WOTL, a Revenue-approved pensioner trustee, in relation to Dolphin MUT 116, the pensions vehicle. When Dolphin Trust told WOTL in late 2019 it would miss interest payments due to Irish investors, the Naas-based firm hired a number of advisers, including law firm Dentons, to try to protect the interests of investors in the Republic.

Source: The Irish Times June 09, 2021 14:42 UTC