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.
Loading...
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
