DCI Advisors Ltd on Monday said associates of its former investment manager have filed a criminal lawsuit against two directors and ‘certain other individuals’ connected to its management.

The British Virgin Islands-based investor, which specialises in the luxury resort sector, said the plaintiffs ‘group’ consists of Dolphin Capital Co-Founder & Managing Partner Miltos Kambourides, Chief Operating Officer Michael Tsirikos and ‘some other people who worked for or were associated with’ Dolphin.

DCI filed a lawsuit against the group in December, alleging charges of money laundering and ‘disloyalty against the company’.

The group, DCI explained, is claiming that the accusations against them are false, and that DCI was aware of this when it made its original complaint.

The Dolphin Capital lawsuit targets Managing Directors Nicolai Huls and Nicholas Paris, plus ‘certain other individuals connected to the current management of DCI’.

DCI countered that it ‘is fully convinced this action is baseless and an attempt by DCP to intimidate DCI and to distract from the fact that DCP was terminated for serious reasons in March 2023 and that since then, DCI believes it has found more acts of wrongdoing’.

The firm noted that its alleged wrongdoings comprise two misdemeanours while the group is accused of ‘five serious felonies’, adding: ‘DCI always treats carefully any filing of claims against companies and individuals and does not go to court casually or with unsubstantiated evidence.

‘Its cases are fact based and not based on speculation.’

DCI Advisors noted that the process is overseen by a group of five law firms specialising in civil and criminal law.

Shares in DCI Advisors have been suspended from trading in London since last Monday, July 1. They last sold for 4.90 pence on June 28.

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