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Collapsed property group iProsperity faked its own chairman
Investors are pursuing Michael Gu, the founder of collapsed property group iProsperity, for at least $70 million as fears grow his once burgeoning empire will be revealed to hold few physical assets.
As administrators appeared before the NSW Supreme Court on Monday to take control of 12 collapsed companies in the iProsperity group, a string of failed property deals and aggrieved investors has emerged.
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Angus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards. Connect with Angus on Twitter. Email Angus at agrigg@afr.com
Ingrid Fuary-Wagner is the AFR's explainer editor, based in Sydney. She previously wrote about property and before that was news editor at Domain. Connect with Ingrid on Twitter. Email Ingrid at ingrid.fuary-wagner@afr.com
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