The dark edge of Australia’s ‘golden ticket’ visa

Australia’s significant investor visa scheme has raked in $12 billion from people flocking to our shores. Occasionally, things go wrong.

iProperty Group CEO Michael Gu in front of 333 Kent St, Sydney, which is part of the Company's property portfolio: James Alcock

Liam WalshReporter

Feb 6, 2021 – 12.00am

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T he woman was a moneyed migrant from Malaysia who suffered cruel turns of fate. Her husband passed away in 2009, leaving her an investment portfolio of $7 million, and then her eight-year-old daughter was tragically killed when flung from an amusement park ride in Adelaide.

They are among details listed in a Federal Court lawsuit against stockbroking outfit Morgans, which the woman sued for alleged botched oversight of her special significant investor visa.

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Liam WalshReporterLiam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane.