April 2022
Star denies ignoring risk iProsperity CEO gambled investor funds
The casino operator did not question debts that were repaid by iProsperity’s CFO, less than two years before its $350 million collapse, an inquiry has heard.
- Hannah Wootton and Elouise Fowler
January 2022
iProsperity liquidators claim a $1.1m unit bought with company cash
Harry Huang allegedly used LZYH Investments to purchase an apartment using $350,000 of funds he transferred from iProsperity in two instalments, court documents allege.
- Max Mason
February 2021
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.
- Liam Walsh
September 2020
Land trust swings to huge loss after iProsperity loan impairment
Agricultural Land Trust directors said they believed it "very unlikely that the fund would receive any further payments" due on loans provided to iProsperity.
- Larry Schlesinger
August 2020
Rolls-Royce all that remains from Michael Gu's $350m collapse
More than a month after his iProsperity group failed, administrators have found few hard assets to repay creditors. The chase begins.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- iProsperity scandal
Auditors flagged concern over fund using visa scheme money
Auditors raised concerns about iProsperity last year but the federal government provided only minimal oversight of its visa program for wealthy investors.
- Angus Grigg and Ingrid Fuary-Wagner
- Breaking
- iProsperity scandal
iProsperity founder plotted escape for 12 months
Creditors are owed $350m from the collapse of iProsperity, some of which was used by Michael Gu to buy a new passport.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- iProsperity scandal
'The next Skase': investor fury over iProsperity fugitive
The finger-pointing and recriminations have begun over Michael Gu, the founder of failed property group iProsperity, being allowed to leave the country.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- iProsperity scandal
iProsperity founder flees country leaving $60m trail of debt
Michael Gu left Sydney for Los Angeles on July 26, more than two weeks after his empire collapsed and well after a long list of creditors had accused him of misappropriating money.
- Angus Grigg and Ingrid Fuary-Wagner
July 2020
- Exclusive
- China relations
Fears Chinese investors targeted to 'game' visa scheme
Secret WA government submissions to Home Affairs review of significant investor visas warns fund managers and migration agents are gaming the controversial system.
- Michael Roddan
- Exclusive
- iProsperity scandal
Fears $150m missing as part of federal government visa program
The administrator of collapsed property group iProsperity has already contacted ASIC over missing money.
- Ingrid Fuary-Wagner and Angus Grigg
- Exclusive
- iProsperity scandal
He won over Asia's savviest investors before a $100m collapse
Michael Gu, a 32-year-old former mobile phone salesman from Western Sydney, travelled in private jets and drove fast cars but has left a trail of failed deals.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- iProsperity scandal
Private jets, fast cars leave investors facing $100m wipeout
The empire of Michael Gu, a 32-year-old former mobile phone salesman, has collapsed as investors question his high-octane lifestyle.
- Angus Grigg and Ingrid Fuary-Wagner
Pandemic-led hotels collapse sends iProsperity into administration
Administrators from Cor Cordis have been appointed voluntary administrators of 13 iProsperity entities after hotel income dried up due to the pandemic.
- Larry Schlesinger
May 2020
Loan dispute puts iProsperity subsidiary in receivership
The dispute relates to loans provided to iProsperity Underwriting by Alan Caratti's Agricultural Land Trust and funded through its debenture program.
- Larry Schlesinger
March 2020
iProsperity teams up on $720m US hotel portfolio deal
The portfolio comprises seven Kimpton Hotels spread across the US acquired from New York-listed hotel REIT Xenia on a 5.3 per cent yield.
- Larry Schlesinger
'In default' iProsperity puts Agricultural Land Trust profit in doubt
Agricultural Land Trust may have to restate its latest interim accounts - and swing from a profit to a loss - if unpaid interest from iProsperity Group is not received.
- Larry Schlesinger
January 2020
iProsperity ends loan stoush with Allen Caratti-backed trust
iProsperity's underwriting division borrowed money from the Agricultural Land Trust, but was also a lender to the ASX minnow, which is controlled by Allen Caratti
- Larry Schlesinger
July 2019
Chinese buyer checks in at iProsperity's Novotel, Century City
Asian investment firm iProsperity, led by Michael Gu, has successfully exited a mall and hotel complex in suburban Melbourne.
- Nick Lenaghan