The trustee overseeing a $124 million fund for iProsperity's Michael Gu was unaware for seven months the fugitive businessman had breached a loan agreement, worsening investor losses.
Documents seen by The Australian Financial Review show Mr Gu and his offsider Harry Huang transferred ownership of a key company from the iProsperity Group into their own names last August.
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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
