Ground Report

Investors trusted the Germans Malte Hartwieg and Christian Kruppa with millions of Euros.  Their capital may well have vanished into the desert sand

Thousands of investors trusted the German Malte Hartwieg and his Dubai-based investment-promoter Christian Kruppa with their money. They invested millions of Euros into dubious funds in the UAE, the US, Ukraine and Germany. As no payments have been made or interests received, investors fear that their capital has evaporated into obscure channels. The public prosecutor in Munich launched a preliminary investigation against Hartwieg and Kruppa in August 2014, and the police raided Hartwieg’s offices and house in Germany.

At least 150 million Euros have disappeared. Through his lawyers, Hartwieg is blaming Christian Kruppa, who was not available for comment. While investors are trying to get a grab on whatever is left of their capital, Kruppa is seemingly enjoying a luxurious life between Dubai and Florida. The German promoter manages, among other things, the Emirati funds of Hartwieg’s company Selfmade Capital. It was with those funds that Kruppa and Hartwieg began their lucrative business on the back of the investors. After deducting 20 percent of the investment sum, the money was transferred into the various Middle East Venture Companies, all managed and owned by Christian Kruppa.

Plaintiff lawyers Lachmair and Kollegen from Munich who are representing thousands of investors went to trace some of the money allegedly invested in Abu Dhabi. The lawyers visited all companies and locations relevant to the alleged target investments and talked to the staff. They found no plausible trace of an investment. Although the gold and silver refineries (International Precious Metal Refiners) as well as the cement factory (Icon Concrete) actually exist, nobody was able to confirm any form of collaboration with Kruppa’s various Middle East Venture Companies, let alone an investment of millions of Euros.