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.
Iririki Island Resort in Vanuatu was one of Michael Gu's deals that never eventuated.
It was the Melbourne Cup Carnival of 2018 and Michael Gu was behaving as he often did – extravagantly.
The 32-year-old founder of collapsed property group iProsperity had assembled friends, staff members, contacts and the son of at least one billionaire on a private jet headed south.
Angus GriggNational affairs correspondentAngus 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-WagnerExplainer editorIngrid 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
