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
