Michael Gu, the founder of collapsed property group iProsperity, was preparing to flee Australia 12 months ago, spending $1 million to purchase Vanuatu passports, according to a creditors report released on Thursday.
The report from administrator Cor Cordis said creditors are owed $350 million from the failed group and that Mr Gu used company bank accounts like they were his own piggy bank.
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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
