We have a number of clients who are affected by this and who have instituted proceedings in this matter.
This is a German Property Fund or a German Fund Group of products.
These are unregulated investments in Ireland and an Order of the High Court made by Mr Justice Brian O’ Moore on Wednesday the 10th March confirms that this investment group is now deemed insolvent and will be wound up. If you have through a Broker or through any investment vehicle invested funds in this group, please call us on 021 239 0620 and we can assist you in establishing whether you have a claim. This is a free and confidential service, and we look forward to providing you with any legal assistance required.
Summary of Facts:
On Wednesday morning Mr Justice Brian O’ Moore ordered that a petition to wind up M.U.T103 Limited must be granted. He deemed the company insolvent and unable to pay its debts as they fell due pursuant to Section 569 (1) (d) of the Companies Act, 2014.
Background of Facts:
Charles Smethurst Incorporated the German Property Group GMBH a number of years ago. It operated as an investment vehicle, whereby it raised funds from private investors to develop and renovate war listed buildings in Germany. The promise to investors was high, interest payments by way of return. It is thought that more than 1 billion was invested in the company by investors located in Ireland, the United Kingdom, Russia, France, Singapore and South Korea. It is believed that Irish investors invested in excess of €170,000,000 in the fund and that extensive Irish investors have been left unpaid.
Many Financial Brokers in Ireland have advised clients that this is a good investment offering a loan coupon in return for a cumulative payment or indeed a yearly payment. The investment worked on a 3 or 5 year term depending on the initial sum invested or indeed the term of investment.
The Administrator and Security Trustee since 2011 has been Wealth Options Trustees Limited.
It is thought the financial difficulties of the company are long standing and certainly came to light in 2019. Despite assurances given in this jurisdiction and indeed other countries no payment was forthcoming.
Ms Kathleen Dineen bought a petition before the High Court on the 10th March 2021 seeking an Order to wind up the company on the basis that the company could not pay her loan back following a demand for same. There was no defence put forward on behalf of the company and Mr Justice O’Moore indicated that the company must be now placed in liquidation. He noted that there were “profoundly worrying” allegations made about the status of the German Fund since July 2019. Despite re-assurances given by Brokers and indeed Wealth Options to investors in the intervening period, it seems these assurances were given without foundation or indeed any substance. Many Irish investors find themselves now in a line of unsecured Creditors in terms of investment made and ultimately are unlikely to see any substantive return of their monies.
Call Stephen Quinn, Carrie McDermott or Anthony Shields on 021 239 0620 for a confidential consultation and advice in respect of this if you have been affected by it.