1. george sibley
    August 15, 2018 @ 2:54 am

    i am also waiting for my money to be repaid after maturity. it is over a month now and it does seem like a scam. for me this is the second one Lomax trust also went bankrupt. afterwards, i discovered that they only had shares in Lomax halls which is still thriving, the directors who were architects etc for Lomax halls parent company sold off the shares and went bankrupt leaving us mugs penniless. seems like this is another though again i was informed this that we had a first call on their property/


      January 25, 2019 @ 2:03 pm

      Hi George
      I have money invested with Dolphin Trust, and I received my annual statement September 2018 and I am still waiting for my money to be released.
      Can you tell me what the complaints procedure is please? or who you spoke to at Dolphin? I am worried that I have lost my life savings.
      Sam Hields


      • Elizabeth
        May 8, 2019 @ 11:28 am

        Sam. Have u received your money We were also expecting money in March But received a phone call asking us to wait another month and we would be paid an extra bonus for waiting however we have not heard from them since


  2. george sibley
    August 21, 2018 @ 3:27 pm

    since this, i have received my payment in full. Dolphin trust does seem ti have a problem with communication but since complaining, i have received the money with a 1% bonus. they turned £80,000 to £160,000 in five years. I understand also that no investor in Dolphin Trust so far has not had the interest paid or their loan returned. Unlike Lomax find that was a scam Dolphin Trust is genuine.


    • Rob
      October 5, 2018 @ 2:13 pm

      I wonder if you could help me, I am currently waiting for my money from them too. How did you manage to get your money? I’m not receiving a date from them and no one is telling me no information, my money matured on August 5th and I’ve had nothing.


    • Steven Rose-Lloyd
      June 19, 2019 @ 11:05 am

      Hi George I too have invested my pension with Dolphin capital and should have been paid October 2018 but nothing and keep getting fobbed off can you help as to where I can contact anyone to get it back
      Now June 2019.


      • Angie
        June 19, 2019 @ 1:56 pm

        What I don’t understand is why Dolphin isn’t communicating with the lenders/investors. It just makes Dolphin look like obvious scammers because that is what these criminals typically do when a scam collapses. They hang the victims out to dry.


  3. Mick
    September 13, 2018 @ 12:37 pm

    this article seems sensational and unfounded about Dolphin Trust. I invested in Dolphin Trust and got paid with all returns and on time. They have vast properties all over Germany and actually encourage investor visits to their properties before investment. You appear to be over critical of ALL investments with no actual due diligence yourself.


  4. Keith Eaton
    September 26, 2018 @ 7:07 am

    I too am waiting for my money to be paid. It is six weeks since my loan note matured. Whenever I contact them (weekly) they assure me it will be paid by the end of the week. I wanted to reinvest a portion of the money with them. This is now very unlikely!


  5. David James Booroff
    September 27, 2018 @ 2:14 pm

    Hi, I was shown the small brochure today by a Financial Advisor. I liked your comment “Quite apart from the fact that no self-respecting introducer or financial adviser should EVER be caught selling high-risk, unregulated, non-standard “assets” in the first place, surely nobody would ever want to be caught flogging the same stuff that the likes of James Hadley and Stephen Ward were making a fortune out of.”

    Is there any further news on this company as I have a meeting with the Advisor next week. Just looking forward to the look on his face. 25% intro commission is what he failed to tell me. I wonder why?

    Thank you for your article.


  6. Tony Balahura
    October 3, 2018 @ 4:36 pm

    Hi I am waiting for details upon my investment. It matured on the 15th of August 2018, to date I have not heard anything at all despite numerous calls and e-mails. I have been informed that after maturity date it takes 15 days for funds to be transferred. 7 weeks down the line nothing to report.


    • Angie
      October 3, 2018 @ 7:17 pm

      I am afraid this is an all too familiar story. Dolphin seem to have run out of cash and many investors (in reality, lenders) are being fobbed off with excuses. In fact, many victims are being conned into trading their loan notes for worthless shares in Vordere.


  7. Wendy Stevenson
    October 12, 2018 @ 12:39 am

    I thought I could rely on my Financial Advisor who lives in a large house in Holywood, Northern Ireland and he also used a prime fancy office in Belfast town Centre. Prior to giving him my money to invest he assured me and showed me papers that he was a regulated Financial Advisor. He also assured me the companies he was putting my money into were regulated and protected. He invested my funds in Dolphin Capital and Colonial Capital. Colonial Capital was an elaborate scam, I lost my £11,000 investment. Now I am stressed to the max regarding my three Dolphin Investments. One was paid out last year, this week I am due £20,000 having read the above information and knowing about the scam of Colonial Capital it is no wonder I feel stressed worrying about what I am due this month and next. Once I learned that Colonial Capital was a scam I tried to get my money out of Dolphin Capital they refused to pay out. The Financial Advisor I had trusted failed to inform me he was struck off. Every fibre in my body hates that man for the stress he has put my family and I through. Check and double check credentials of any Advisors and Companies you invest in.


    • Angie
      October 12, 2018 @ 4:15 pm

      Let me have the details of your financial adviser and I will put a warning out about him to make sure no other members of the public get scammed by him in the future.


      • J Marais
        February 21, 2019 @ 4:41 pm

        Angie, My money was due 17/11/18, how do I go about to get my money back from Dolphin Trust? No joy with agent or any response from Dolphin trust.


    • Liam
      May 21, 2019 @ 2:09 pm

      Hi, I believe you had your full investment returned maybe the problem was communication but this investment was returned + interest.


      • Karen Brown
        May 24, 2019 @ 2:17 pm

        Sorry to bother you, I wonder if you can help.

        I also invested 10 thousand with Dolphin which should have paid out 18/10/2018, after constant chasing I was told yesterday I will have to wait another 12 months, i don’t know who to turn to for help, have you had any success many thanks Karen


        • Liam
          June 3, 2019 @ 4:10 pm

          Hi Karen,

          In my experience i guess you would always speak to your pension company regarding that.


  8. Keith Eaton
    October 12, 2018 @ 3:58 pm

    Good news for me! Dolphin Trust paid up in full today. Last week I spoke with an administration manager for Dolphin who explained when the payment would be made. It doubled my original investment so with hindsight it was worth the anxiety!


    • Angie
      October 12, 2018 @ 4:13 pm

      I heard of another investor who got his due interest payment, although not his principal amount. But well done you if you’ve got the whole lot back. You must be tremendously relieved.


      • Penny Dreadful
        October 28, 2018 @ 4:13 pm

        All my interest payments have been in full and on time too.

        Wonder if this “Angie” character is just a bitter old harridan with a bee in her bonnet….

        …or possibly worse (gulp!!):



  9. Ian Michael
    November 12, 2018 @ 8:20 pm

    What a load of sensationalist tripe!
    Dolphin trust have never failed to pay out in full. Introducers do not get anywhere near 25% commission (max 10%). The share scheme is not worthless in fact quite the opposite and gives bond holders greater liquidity.
    This is a genuine, honourable company and idiots like the write should do a bit more research before spouting such nonsense


    • Angie
      November 12, 2018 @ 8:28 pm

      I wonder what you do – let me guess: Dolphin Trust introducer? You might want to ask some of the Trafalgar Multi-Asset Fund victims about “great liquidity”. If Dolphin Trust is genuine and honourable, I am sure it will repay all the distressed scam victims. Aren’t you?


  10. Peter S
    November 25, 2018 @ 1:05 pm

    Interesting that I’ve stumbled on this site.

    My experience of Dolphin since 2012 has been broadly positive though half-yearly interest has been increasingly slow to come through. Recently they’ve blamed AML admin delays etc. That may be plausible – I’ve friends overseas who find normal bank transfers can take weeks now, but I’d expect transfers within the EU should be timely.

    Dolphin’s communication with lenders seems dire. Likewise Vordere’s communication with shareholders – see how few RNS’s they’ve issued. Dolphin never offered me the option to swap for VOR shares in 2017. My ‘introducer’ mentioned it, giving a brief summary of +’s and -‘s. Actually he thought a reason for the offer was that Dolphin had previously relied on a large proportion of SIPP money being recycled into new loans on maturity, but this refinancing stream had dried up when most SIPP administrators started refusing to accept new 3rd party loans from 2015-ish. Again that sounds plausible and could certainly explain redemption delays. However, it’s naive in the extreme to expect to be able to redeem a substantial volume of loan notes before maturity – the world just doesn’t work that way. Either the lenders would have to be offered a substantial haircut, or the equity swap (which may be a haircut in disguise).

    I don’t know what to make of the recent tie-in with Red Rock Group. What is Dolphin/Vordere’s link to this? I assume it’s a move to broaden the lender base in some way.


    • Angie
      December 2, 2018 @ 6:20 pm

      Red Rock Group used to be called Bit By Bit. I guess that describes pretty accurately how they scam thousands of victims out of their savings: bit by bit.


  11. Tony
    November 28, 2018 @ 9:47 am

    I would gladly hear how to get Dolphin to respond as I have been waiting for payment since the beginning of October. My recent emails to Germany and a UK customer relations manager get no response which does create concern.
    Any advice appreciated


    • Angie
      December 2, 2018 @ 6:16 pm

      How much did you lend to Dolphin and why? I can’t see why anyone would lend money to a property developer with no audited accounts. Also, did you have an adviser who conned you into lending money to Dolphin? And, if so, how much commission was he paid?


  12. Samantha Hields
    January 25, 2019 @ 2:06 pm

    Can anyone on here give me a name and number or email to contact at Dolphin? I am owed over £30k and worries this is a scam


    • Liam
      June 3, 2019 @ 4:33 pm


      Have you been paid yet?


  13. Ken Steele
    February 7, 2019 @ 11:00 pm

    I am now becoming very concerned. I have a large amount of money now 8 months overdue


    • dolphin investor
      February 13, 2019 @ 1:42 am

      Hi Ken,

      Here in Asia , we are already seeing 13 months over due from them.


      • Chandra Nugraha
        March 5, 2019 @ 3:56 pm

        Asian investor here. I just went to their Singapore office. It seems the projects that have been paid in full were the ones that were supposedly exiting in December 2017. Mine was on January 2018. i hope we can get paid soon. At least they were actually open enough to explain…


        • M Singapore
          March 24, 2019 @ 6:54 am

          Hi Chandra, I am interested to see what can be done to recover the money and if we can have other investors in the same situation. Let me know.


    • J Marais
      February 21, 2019 @ 4:46 pm

      Ken, have you had any joy recovering your money?


  14. J Marais
    February 21, 2019 @ 5:26 pm

    Ken, have you had any joy recovering your money?


  15. M Singapore
    March 24, 2019 @ 6:49 am

    Hi, Singapore investor here as well. There are large investments in SG not being paid by Dolphin for more than 10-12 months. My due date was June 2018 still to date no payments. The promises we got were Dec 2018 but immediately during Dec the deadline was updated with strong promises as due dates Feb 2019. Now we are in March and still nothing or any new communications with the new dates. Is there anyone interested here to start legal actions to recover our investments?


    • Tze
      April 2, 2019 @ 10:48 pm

      If they are facing cashflow problems and or registry problems, sueing them may not help to get any dollar back, only pushing them to run away… Best is to visit them to talk… i think.


    • Tze
      April 10, 2019 @ 2:11 pm

      M Singapore,

      May I ask have you receive back your investment?
      Have you contacted them, any repayment updates after Feb 2019.? I was thinking taking legal action may force them further away…. any thoughts.?


      • M Singapore
        April 21, 2019 @ 3:36 am


        No, I did not receive any money back.
        I also tried to contact them via multiple way like emails, phone calls etc and no feedback as well.

        Legal actions will force them to get their assets blocked and can be sold at a price just to recover our investments. Rest it is their problem like profits or to recover their costs.


      • M Singapore
        April 21, 2019 @ 3:57 am

        Tze, you look very active on this forum ….

        I contacted them, no response no explanations. There are no payments for projects due in Jan 2018 and not Feb 2019. those who got the latest cents in Jan 2019 were those with deadline in Dec 2017.

        Yes, taking legal actions work – the assets will be blocked and forced to be sold in their existing stage and we recover the money. EU does not joke with these time of situations. Recovering my money is a priority and rest is not part of my responsibilities like how they will recover their costs and their obligations. I deliver on my contractual obligations, I waited for additional fake deadlines and now I am ready to take actions to get money back and let this behind.

        I would like to get some other people so we action together and recover our money together.


  16. Leo Hayes-Allen
    March 29, 2019 @ 3:40 pm

    My loan note matured 28th August 2018 and still nothing . Just talked to whites who are acting for dolphin and been told they have run out of cash but not to worry as my investment is safe ? How can it be safe if you’ve run out of cash ?
    I’m getting very concerned now.


    • Tze
      April 2, 2019 @ 10:44 pm

      What I kniw was projects due/expires in june 2018 and sept 2018 have been fully paid off in feb 2019.
      But there are still projects due in early 2018 which are not paid till today..

      They delayed repayment… but at least still paying… till now. Running out of cash may also mean having cashflow problems, which need time to resolve..

      Was told they have sold some properties but facing Germany registry issues and thats why the delay.. but not sure if its true or not.

      We are also very worried about our repayment.


    • M Singapore
      April 21, 2019 @ 3:49 am

      Tze, I can confirm that none of the projects due June 2018 has been paid. People with due dates in Feb 2018 also did not get their money back. How I know this? I have some contacts I keep on asking what is the status on their side and this is what I am told and I got these contact during last year meeting in June in Singapore with Charles Smethurst.

      So, there is more than 1 year delay and no money back, no communications no nothing. I tried all channels and nothing.

      “Projects due/expires in june 2018 and sept 2018 have been fully paid off in feb 2019” – this is not true. I did not get my money back and my due contractual date is June 2018.

      How this company can threat their clients, investors with respect and transparency? I believed that being a German company this is all about trust, transparency, delivery on time.


  17. Grey Ng
    April 4, 2019 @ 8:01 am

    I’m from Singapore. My project matured in May 2018 and yet to receive my payout. Now they have resort to getting someone to call us and read from a prepared script that there will be further delay but no further details offered. This is not good.


    • dolphin investor
      April 4, 2019 @ 11:03 pm


      Please join this for Sg investors


      • M Singapore
        April 21, 2019 @ 4:02 am

        Dolphin investor,

        is there anyone else in this chat group. why is it called Dakota Project?


  18. Tze
    April 4, 2019 @ 5:33 pm

    Hi Grey,

    I am glad others like you also can hear they reading from a script… and yes, the so call “clients relations experts” know nothing. Its just drama and buying time..


  19. J H
    April 16, 2019 @ 8:55 pm

    My brother and I were due a yield payment of 10% in Oct 2018 this was not paid and all investors were eventually assured that payments would be paid by March 2019 at the very latest, needless to say that deadline was not met and furthermore there is a total lack of communication from Dolphin. We are due another payment at the end of April but I find it increasingly unlikely that we will get that either. I’ve talked to Best International, the financial advice firm who introduced this “product”,they say they are pressing Dolphin for answers but I’m very concerned that we’ve lost out initial investment to say nothing of the dividend payments.


    • Hugh Clinton
      August 14, 2019 @ 7:59 pm

      MY wife and I had interest payments on time (ish) until Feb & March 2019. Our July/Aug payments have not happened and now we’ve had the letter from GPG.

      I suspect most of our funds are safe but these delays are concerning when you get evidence of past lies about payments and dates being missed.

      However for the last 5 years or more Dolphin HAVE paid on time – and I suspect are fundamentally not a scam – but they could still be a poorly run company unable to meet its obligations. Any company can go bust.

      I’d love to get my money back – but I’m also glad I stopped my wife from converting to shares at 17p which are now trading at 10p.

      Lets keep the info coming – please post if you HAVE had any interest returned in 2019, or even better return of Original Capital.


  20. Dolphin investor
    April 22, 2019 @ 3:02 pm


    The chatgroup was originally created for north dakota investors…this one has gone south for more the 2 years now….since then dolphin and ritz G5 investors have joined in this chat group


  21. M Singapore
    April 22, 2019 @ 4:04 pm

    Just found these details and thought to share it:

    Charles Smethurst, former CEO of Dolphin Trust ….Dolphin Trust’s company filings indicate he stepped down as CEO in September 2018, replaced by Helmut Freitag

    Dolphin Trust was renamed German Property Group GmbH in March 2019.

    What do you think about these developments?



  22. Tze
    April 24, 2019 @ 6:18 pm

    M Singapore, may i know yours was in bonds/notes or in property development.? All Those I had mentioned were told to me by the agent, unless he was told to lie, and likewise all agents… However, from what I heard and gather, the repayment is not entirely based on due dates, the specific projects also matters…


  23. Tze
    April 25, 2019 @ 11:16 am

    M Singapore,

    I wonder about the rational behind those few top guys in Dolphin doing up the different companies, Grounds Investment Plc owned by small listed company, Grounds Real Estate Development Ag, which is 70% owned by Charles who step down as Dolphin’s CEO and Dolphin Trust renamed to Dolphin Property Group now headed by Helmit Freitage… do they do this so to raise funds by “whatever” means in order to cover different holes and to repay investors or really to continue their real estate development business or simply to their “whatever doings”


  24. Unsophisticated
    April 25, 2019 @ 2:12 pm


    If this link is allowed, please check it out.

    Use Google translate to help, but mostly it’s self-explanatory.


  25. Dolphin Trust Action Group
    April 25, 2019 @ 9:11 pm

    Dolphin Trust Investors,

    Please contact me by email at Dolphin-Trust-Action-Group[at]yandex.ru and provide the following:

    1-Name or nickname if you prefer
    2-Product Invested In (e.g. 5 year growth loan note)
    3-Amount Invested
    4-Maturity Date
    5-Name of the SPV on your loan note instrument or certificate (e.g. Dolphin Capital 120. Projekt GmbH & Co. KG)
    6-Mobile number (optional)

    Thank you,

    Dolphin Trust Action Group


    • Dolphin Trust Action Group
      July 29, 2019 @ 1:06 pm

      We have moved from Yandex to Hotmail. Please contact us at DTAG80[at]hotmail.com


  26. CB
    May 2, 2019 @ 3:22 pm

    Hi I have also lost a large sum of money that should have been paid out Nov 2018. Can anyone advise what can be done the financial advisors who recommended Dolphin originally have been wound up by HMRC. I can’t get any answers from anyone and my SIP providers are threatening legal action for their final administration fee.


  27. Singapore Dolphin Investor
    May 9, 2019 @ 4:17 am

    I also have a considerable amount outstanding. Outstanding Payment since August 2018. Also communication has stopped since December 2018. We have to take initiative and make a list of creditors, report it and take join legal action.


    • In the dark
      May 15, 2019 @ 5:30 am

      We also have 3 loan notes with Dolphin – the first was due to mature last month and were advised of the Land Registry issues . The others are not due for another 2 years. So concerned now on reading all of these comments online. Just at a loss as to where to go next….


  28. John Cooper
    May 18, 2019 @ 3:46 pm

    I am £620,000. out which was largely due November 2018. on 5 year Loan Notes and accrued interest.

    Solicitors recorded delivery letters just ignored £300,000 promised for last Nov without fail, never materialised. It now transpires that Charles Smethurst CEO resigned. his position last SEPT, although his colleagues have been telling me , he is the only person that can solve this matter.

    WE need the name of whoever is responsible, how we can contact them. and a commitment to transparency, so that we can start examining the security available to us, and how it can be realised.

    I am 74 years old and this has totally devastated my and my families life.

    I am happy to cooperate with any legitimate solution.

    We paid Bottermann Solicitors our money, not Dolphin, on the basis that they would hold the deeds, in our names, until PAID IN FULL. Without this release, how can the apartment holders receive the deeds for their investments? Answer………..Legitimatley they can’t.


  29. Karen Brown
    May 24, 2019 @ 2:26 pm

    Hello, can anyone give me advise.
    Dolphin have now told me my investment that should have been paid out 1810/2018 could now take another 12 months, I am devastated, just been made redundant, single parent with a mortgage, many thanks Karen


  30. k steel
    May 26, 2019 @ 3:02 am

    Anyone listened to the BBC radio 4 you and yours programme on this?


  31. Trust Trussed
    June 21, 2019 @ 5:30 am

    Anyone got paid by Dolphin group/german property group in May and June 2019.? Anyone knows of any update about them? Please share.. thanks


    • Paolo
      July 15, 2019 @ 6:30 am

      Was due an income payment on June 20, got nothing, no reply either.


      • Angie
        July 15, 2019 @ 6:33 am

        How much did you lend Dolphin? Who was your adviser?


        • Paolo
          July 16, 2019 @ 3:21 am

          For this income, EUR 10000; then another 10000 deferred expiring this november (passed to RedRock), and another 10000 deferred expiring next June. Lent through Emerging Developments.


          • Angie
            July 16, 2019 @ 10:12 am

            Who was the adviser? Whoever it was would have earned up to 25% commission so you should be speaking to them as a matter of urgency.

          • Paolo
            July 20, 2019 @ 1:16 pm

            Spoke with Dolphin yesterday. They said they are now 30-40 working days late, so I should get my payment in the first half of August, but the schedule could change, in which case they will update me.
            Problem should be temporary, due to issues at the land registry with sales.

          • Paolo
            August 14, 2019 @ 10:53 am

            Did not receive my income.
            They sent a letter stating that for the next 3 months, income will not be paid, rather added to principal and paid at the end of term.
            Anybody else received this letter?

    • Steve Austin
      July 19, 2019 @ 6:51 pm

      Got one on 4th May, one on 10th June, however was due further payment on 24th June, that has not been paid.


  32. Trussed
    July 15, 2019 @ 6:11 am

    Has anyone who invested in property (not funds or mini bonds) with Dolphin Trust ever exercise their First Charge on the property to recover their investment.? Or considering doing so… please share.


    • Angie
      July 15, 2019 @ 6:33 am

      An interesting question. I think the problem is that the charge was not specifically registered on any particular property – but this is something worth exploring perhaps?


  33. Trussed
    July 16, 2019 @ 10:13 am

    Angie, how do you know that clients’ First Charge on the property “was not specifically registered on any particular property”.? Can you confirm if this is true on ALL the properties which clients had invested but have yet to exit.?


    • Angie
      July 16, 2019 @ 10:16 am

      I have seen no evidence either way, but the investigative journalists who have been having the drains up on Dolphin have reported this. I am considering starting a group action on this as there are so many people who are desperate to get their money back and if we don’t act quickly, it might be too late.


  34. Trussed
    July 16, 2019 @ 7:01 pm

    Group action… for property investors or funds investors.? How does it works and any guarantee to recover full invested amount + the agreed returns/interest and the timeline.?


    • Angie
      July 16, 2019 @ 7:31 pm

      Both property and fund investors – although pensions are slightly more complicated because it can be argued that the pension trustee is the rightful owner of the assets. Basically, a group of affected investors form a “cluster” and obtain legal opinion on the merits of legal action – alternatively (or sometimes in addition) regulatory or criminal action can be taken which does not cost any money. There are never any guarantees and the timeline can be as long as a piece of string. But it does work sometimes. You’d be surprised how quickly people will find some money when the handcuffs get jangled!


  35. Mark Hambling
    July 19, 2019 @ 6:40 pm

    I think we should all stand back and give them a chance to sort the issues out.I have been advised that 20% or projects are delayed for one reason or another, thats 12 out of 60.I am also advised that they will be giving full information to all investors regarding security etc.Its my opinion that they are in the best position to realise the assets and taking any form of legal action is more likely to make matters worse rather than better.I, for one, do not fancy the idea of trying to appoint a german receiver to sell a listed building at a decent price…..Im sure the Dolphin guys can do better.Admittedly they shouldnt be given forever to do this but I understand they are taking steps to rectify the position.


  36. Trussed
    July 20, 2019 @ 4:16 am

    Mark, thanks yours and I do understand your point. However can we really believe Dolphin/GPG words that only 20% of projects/investors are affected.? And may we know what security are you referring to.?
    Our project exit/due on Dec.2018, they wrote to say to say they cant pay and would pay in Feb 2019, and came Feb, they wrote to say they cant pay, and they ignore all emails instantly for the next 3 months! End May they said would pay us in Aug, but end June they said they can only repay us in 11 installments over next 12 months instead of full repayment, and without Any form of guarantee that we will be paid each and every of the 11 installments… So they can drag us on forever.. This is totally unreasonable and unacceptable. Do we believe them anymore???


  37. Mark Hambling
    July 20, 2019 @ 11:06 am

    I assume you have seen the missive made available to investors together with details of the helpline they have set up? I fully agree that they have been far to secretive in the past but they do seem to be making some effort to rectify this.

    I have a contact at the highest level and am trying to find out exactly what the position is.

    I suspect the situation with different loan notes, securities and projects is a bit complex, but, they should know where everyones money was invested…if they did what they were supposed to do when it was invested.

    If they are offering instalments, I can only assume that that project is a problem and they intend to generate the repayment form others.If a project is to be developed or sold then they should be able to repay in one go….again according to their stated process.

    I have also been told they have the opportunity to refinance some projects and this should also release , what is expensive, loan note money.

    My contact is visiting Germany shortly and I should have some news in the next few weeks.

    In any event, any litigious attempt will be expensive and slow so I see no point in pursuing it at the moment.


    • Angie
      July 20, 2019 @ 11:10 am

      Can you send a copy of the communication or a link to it please?


  38. Mark Hambling
    July 20, 2019 @ 7:42 pm

    This was sent out at the end of June to introducers I think.IM not 100% certain as its taken from a whats app conversation.

    In recent weeks you will have received a letter about Dolphin Trust GmbH’s rebrand to German Property Group GmbH. This change has been made to reflect our expertise in the real estate market, and also signals a renewed commitment to clarity and communication.
    With that in mind, I write to you to explain why it is likely that maturity payments will be delayed by up to 12 months.
    As has been publicised by German media, most property developers in the market are experiencing difficulties with finalising building permits and legal titles, and arranging third parties such as constructors.
    I must stress at this juncture that your capital investment is not at risk. I share this with you to provide context, by no means as an excuse, and the board and I want to assure you of three things:
    • We are making every effort to speed up payments as drawdowns for our projects begin to proceed at pace
    • We are in the process of developing, selling and re-financing properties in order to release funds and reduce the delay in maturity payments. Interest will continue to accrue on your investment until the day it is returned to you.
    • We are redoubling our focus on communications, including investing in a dedicated team that can talk you through our plans. Unless you specify otherwise, this team will call you every month with an update on your investment. In the coming weeks we will be providing you with a letter that will outline the security details for the legal charge on the property specific to your investment, showing how it is protected.
    You may have already received a call from our client-relations team, and should you have any questions before your security details reach you, please don’t hesitate to phone them on 0191 500 5459 or via email on Clientrelations@dolphin-trust.com
    The board and I would like to thank you for your patience as we progress with German Property Group’s projects, and as always we thank you for choosing to invest with us.

    Kind regards,
    Charles Smethurst
    German Property Group GmbH

    (Ehemals Dolphin Trust GmbH)
    In den Kolkwiesen 68


    • Trussed
      July 21, 2019 @ 9:25 am

      Hi Mark, thanks for the details. However, I would emphasize that all those points stated in your previous (long) post are all repeat stories we have heard many times since Dec 2018, just in a little more detail. Their so called client relations hotline are manned by those who do not know any details, they are reading from a pre-written standard script when they call. Every month they would just call and apologise, they are unable to answer any of our questions regarding updates on project, sales, repayment schedule, etc, such phone calls are totally useless.

      Our project was in Brandenburg, till today, nothing was done. On May 27 Charles told us personally in Singapore that the property Was Sold and said they will send us the Sales Contract, and said All investors will be repaid in Full by August 2019.

      However, in late June, his assistant Mike, after our repeated emails, he sent a 1 line email stated it was Not sold and we would be paid over 11 installments. – This project exit/due in Dec 2018, GPG installment letter to us on late 28 June 2019 stated –

      – Repayment of our Capital will only start on Jan 2020 over 6 installments,
      – Repayment of agreed returns + late payment interest will only start on July 2020 in 5 installments, – Accured interest or late payment interest will Stop on June 2019.! Where is the interest from July to Dec 2019.? Where is the interest on outstanding balance after each installment from Jan 2020.?
      – There is No Investors’ guarantee or security in place over the entire 11 installment period. Without his, they can just drag and delay our payments whenever they have issues, which we had experience since Dec 2018.! Such guarantee or security Must be in place.

      I have emailed to Charles/Dolphin/GPG on 29 June 2019 that their installment plan is totally unreasonable and asked for a revised schedule and full repayment to be made by Aug 2019 as informed personally by Charles, they ignored and did not reply.

      On 15 July 2019, I sent a follow up email to Charles/Dolphin/GPG, that their installment plan is totally unacceptable. We asked for a revised plan to pay us in Full by Aug 2019 Or Full Capital Repayment in Aug 2019 and All returns + interest on Sept 2019. We seek to have their reply by 30 July 2019, otherwise we shall, together with All other Brandenburg investors, proceed with whatever necessary action, including exercising Out First Charge on the property, till Full repayment is made.

      Mark, we appreciate your sharing and noted that you have the contact at the highest level; and would you be so kind to please help us anyway you can regarding Brandenburg repayment. Thank you.


  39. Mark Hambling
    July 21, 2019 @ 11:07 am

    I suggest anyone with outstanding loan notes, whether they are due to be redeemed or are overdue, contacts the number above and registers their interest.


  40. Trussed
    July 21, 2019 @ 3:39 pm

    As mentioned before, DolphinTrust/GPG so called client relations hotline are manned by those who do not know any details, they are reading from a pre-written standard script when they call. Every month they would just call and apologise, they are unable to answer any of our/investors questions regarding updates on project, sales, repayment schedule, etc, such phone calls are totally useless; even sending many emails to them, we/investors are very unlikely to get any reply. All these are what we have experienced with them since Feb 2019 till present…


  41. Mark Hambling
    July 21, 2019 @ 3:54 pm

    I will , of course, assist in any way I can.

    I note your comments regarding recent broken promises on this particular project and will see if I can find anything out. The ” help line” was always going to be of limited use but its a start.

    That said, if you do get your instalments as promised it may well be a better outcome than taking matters into your own hands. It will certainly take longer and require upfront investment on your part in fees etc.

    I would still recommend you hang fire for a few more weeks as Im only just getting started on this.


    • Mel
      July 23, 2019 @ 10:11 am

      Is there anything I should be doing, apart from ringing Dolphin and chasing. At the moment only one income payment that was due in June not received. More worrying large lump of capital due for return in November.


      • Trussed
        July 23, 2019 @ 12:42 pm

        Mark, thank your very much your kind assistance.
        On their proposed installment, it will only start in Jan 2020 in 6 ridiculous staggered percentages (16.6%, 6%, 8%, etc..) of installments… and thats only repayment of capital. Another 5 installments will start July 2020 for repaying agreed returns and interest over 5 even installments of 20%. but our contract is due in Dec 2018… If they have cashflow issues and can only pay in installments, they must at least start in Aug 2019 and in even percentages like 20% over 5 installments… I seriously hope you can help can materialise into something better… thank you once again. May I asked for your email address…so we can keep in touch.. thanks


        • Angie
          July 23, 2019 @ 12:51 pm

          I spoke at length with a lawyer in Germany yesterday. He said he believes it is urgent to take action quickly as the longer we leave it, the smaller the chance of getting anything back out of loans made to Dolphin. The writing is definitely on the wall, and those who shout loudest and quickest may get their money back, but the rest may not.


          • Jay
            July 23, 2019 @ 5:48 pm


            Can you please explain what you mean by this. This very concerning. I am due money since april 2019 which I am still waiting for plus overdue income payments???

  42. Mark Hambling
    July 23, 2019 @ 1:20 pm

    Angie, steady on….all loans are backed by security over assets ( unless they failed to put that into place ….if they did, its unlikely you will persuade them to do so by legal means), if they did as promised then everyone’s position is as secure as its going to be. They cannot start by paying back those who shout loudest as that would be preference and thats not allowed.If they go to the wall then the security kicks in and it could be the devil’s job trying to organise receivers in Germany…whilst Im an ex UK Insolvency Practitioner with a vast amount of experience in the property sector, I have no idea how to organise insolvency proceedings in Germany.

    A lawyer will always advise you take proceedings as that’s how they make their living.

    I already have a Tapatalk forum set up for those affected by this .

    If anyone wants to join they will have to state their e mail details here and I will get the administrator to contact them and deal with their application to join.


    • Angie
      July 29, 2019 @ 6:36 pm

      There is no security – certainly not valid security that would provide any guarantee for the return of the capital. What’s a Tapatalk forum? Can you put a link to it on here?


      • Trussed
        July 30, 2019 @ 6:08 am

        Mark Hambling, thanks yours. My email is hongvince@gmail.com
        May I know whats the administrator’s email or name so I know its coming from the correct source instead of any other party. Thanks


      • John Cooper
        August 6, 2019 @ 10:09 am

        Loan notes matured last Nov, £500,000 Capital plus accrued interest £630,000.

        John Cooper
        11 Wellington Drive
        Wynyard Park
        Billingham. TS22 5 QJ


        • Angie
          August 6, 2019 @ 10:56 am

          Where do you live and who was your adviser?


    • Dolphin No Comm
      August 9, 2019 @ 5:07 pm

      Hi Mark, thanks so much for organising a forum on this – Mine was supposed to be due in Feb18! I have called, emailed, with no response. They came to Singapore in Jun19 and we were also not advised. The lack of information has been disconcerting. Pls add my email to the forum pls limg777@yahoo.com. Appreciate your kind efforts to help out the fellow investors. many tx!


      • Angie
        August 10, 2019 @ 6:36 am

        I am seeing my solicitors next week so will see if we can get an action group going.


    • IC
      August 13, 2019 @ 8:46 pm

      security over assets ?? What about the liquidity issue? There’s millions in late/outstanding payments, how will this be realised exactly. To me, it seems like the whole operation has been like a sprat to catch a mackerel.
      Communication and administration has always been atrocious and unprofessional, to say the least. Even after the CR Team were supposed to help put this right. They have not replied to our last email of two weeks ago and if their staff are aware of the whole situation, I wonder how many would leave. I guess they might be being fed BS too.
      However, how much is it costing to run the customer relations outfit, who are a waste of space and just a smokescreen forming part of the delaying tactics, in my opinion.
      All we have seen and experienced, is a long line of excuses and broken promises. Smoke and mirrors.
      Why have we not seen a clear strategy or plan of action put in place ? Any credibility, for us, vanished the latter half of last year.
      Smethurst, now seems merely a mouthpiece, no longer CEO/Director, and is signing worthless communications. Why ? We are also informed that he’s moved on to other interests.

      Now, with the latest announcement that income payments are also being stopped, things appear to be deteriorating, rather than improving. That does not bode well.

      On top of all this, they have the nerve to still promote the German market and entice the unknowing. That should not be allowed, as far as I am concerned. Unethical ?

      How long before the drawbridge is pulled up ?

      As tax breaks were part of the attraction, in Germany, perhaps Merkel, or someone should be keeping an eye on the situation.

      I hope I am proved wrong, but I fear an unhappy ending for many.


  43. Mel
    July 23, 2019 @ 1:25 pm

    I am only late on one income payment at present with large payout due in November, if collapse imminent let’s get started!


  44. John
    July 25, 2019 @ 7:51 pm

    Does anyone have any information on Dolphin/GermanProperty Group GMBH
    Projekt 80.Co KG.?.
    I am in for £630K in Capital and deferred interest since November and neither myself or my solicitors can get answers to E mails or daily calls.
    I am now told that there is a letter coming to my solicitors. It has been waiting for a week to be signed off. Any queries I raise with the client is allegedly raised with Germany, but NO information is forthcoming by return. The Client Relations team at Dolphin Trust-.com on Tel 0191500549. (Whites)
    are a waste of space. albeit nice guys in a difficult position.
    Anyone know the German position of “preference, if the oldest debts are not paid first?
    What is needed is a meeting with Charles Smethurst where we can establish fact and agree a way forward. That is the least Dolphin/GPG. should do for us.
    I am open to suggestions for a way forward (anything legal)


  45. Trussed
    July 26, 2019 @ 3:06 pm

    Mark, we appreciate if you or your contact have any updates on Dolphin/GPG. Thank you.


  46. Derrick Atkinson
    July 27, 2019 @ 11:51 am

    A group is being formed to try to claim back monie owed from Dolphin trust and associates dtag80@hotmail.com for details .


  47. Trussed
    July 30, 2019 @ 5:41 am

    Mark Hambling – Thanks yours. My email is hongvince@gmail.com May I know whats the administrator email or name so that I know thats the correct tapatalk forum admin instead of other group or persons. Thank you


  48. Jay
    August 13, 2019 @ 10:31 pm

    Hi Mark

    I am happy to join the tap talk forum my email is jaybeats93@gmail.com. I am a concerned cash investor in dolphin trust loan notes. Who can i expect the email from just to make sure i join the right group


  49. ian howson
    August 14, 2019 @ 3:20 pm

    I am here to join the club, i was convinced by Landlords Pension (who i believe still promote this scheme) to invest my pension. I invested 33k into the scheme via an sipp pension. the whole thing was done by a financial adviser that they recommended. I was promised thjat after 5 years in march 2019 the funds would be returned almost doubled. i’ve had nothing but hot air and excuses. the pr office that Dolphin set up in the UK call me about once a month. they always say the same which is Dolphin have had some interest in selling a property so i may get some money soon but no idea when. I honestly dont believe this started as a scam but its gone very wrong somewhere thats for sure.


  50. Scott Birchall
    August 14, 2019 @ 4:25 pm

    Firstly I’m not an investor in Dolphin Trust/ GPC. I am a Solicitor actively looking into these cases. I can see there are comments on here that won’t help reduce the anxiety of anyone who has made an investment, whether that’s post 5th year term and not re-paid or anyone awaiting periodic return/approaching full repayment position. The bulk of enquiries we’ve received are from clients that took un-regulated advice to invest (in to the un-regulated scheme) which creates issues on ability to recover. However those that took regulated advice to invest or have invested via their SIPP (with or without un-regulated advice) will have access to some form of redress. For cash investors there is a further option of a group claim against the parent company which is something we’re currently considering. Whilst the news reports and defaults create a poor outlook all is not lost. If you believe that we can assist please contact us on sb@smooth-commercia-law.co.uk. We work on a completely no win no fee basis and would be happy to have a free confidential chat with anyone who has been affected and who may want to seek compensation.

    For further information please refer to our website https://www.smoothcl.co.uk/site/services/financial_mis-selling/mis-sold-pensions/missold-investments-services/dolphin-trust/


  51. Trussed
    August 15, 2019 @ 9:31 am

    Anyone has any latest info to share on either charles, dolphin trust or german property grp.?


  52. Mark Hambling
    August 17, 2019 @ 10:21 am

    I am told two people close to Charles that negotiations are progressing and we should know something more firm by the end of the month.Meantime they are sorting out the securities etc. I know you’ve all heard this before but I truly believe its real this time ( hostage to fortune I am !).

    As for legal redress, put it on the back burner… there is no pot of gold hiding somewhere, its all invested in property…they have around 4BILLION euros invested so its a bit early to be getting panicky… no doubt they have cash flow issues, but many companies do, especially when they are property companies.

    Clearly they have had some mismanagement issues to get into this mess, but, I hope they can now also find a way out to the good of all concerned.


  53. Mark Hambling
    August 17, 2019 @ 11:07 am

    Check this out, if the directors knowingly continue insolvently they make themselves personally liable. https://iclg.com/practice-areas/corporate-recovery-and-insolvency-laws-and-regulations/germany

    They must either be stupid, broke themselves or extremely confident that they can sort the issues out to risk this by continuing.


    • Trussed
      August 19, 2019 @ 9:01 am

      Hi Mark,

      Thanks for the information. May I ask negotiation are progressing on selling properties or…? And would you able to find out which are the properties involved in the negotiations… many thanks.


  54. Jay
    August 17, 2019 @ 4:47 pm

    I have been told that interest payments will resume again in 3 months. Gpg also have a website but most of the news on there is useless to investors. Also they are getting the security docs sent out so we will know what our first legal charge is actually secured against.

    Let’s see if they deliver on this…


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