January 2022
iProsperity liquidators claim a $1.1m unit bought with company cash
Harry Huang allegedly used LZYH Investments to purchase an apartment using $350,000 of funds he transferred from iProsperity in two instalments, court documents allege.
- Max Mason
March 2021
- Opinion
- Chanticleer
Don’t let fraud kill financial advice
Paying for sound financial advice is essential in a world where slick product spruikers and fraudsters have used low interest rates to take money from naive investors.
- Tony Boyd
February 2021
The dark edge of Australia’s ‘golden ticket’ visa
Australia’s significant investor visa scheme has raked in $12 billion from people flocking to our shores. Occasionally, things go wrong.
- Liam Walsh
December 2020
EY partner buys fugitive's Seaforth home
The Seaforth home of missing international fugitive Michael Menghong Gu has been sold on the quiet in the $6 million to $7 million range.
- Lucy Macken
November 2020
Sydney home of international fugitive Michael Gu sells for $12m
The sale comes more than three months after Mr Gu fled the country and his property empire iProsperity collapsed with debts mounting to as much as $350 million.
- Lucy Macken
September 2020
Land trust swings to huge loss after iProsperity loan impairment
Agricultural Land Trust directors said they believed it "very unlikely that the fund would receive any further payments" due on loans provided to iProsperity.
- Larry Schlesinger
August 2020
Rolls-Royce all that remains from Michael Gu's $350m collapse
More than a month after his iProsperity group failed, administrators have found few hard assets to repay creditors. The chase begins.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- Michael Gu
iProsperity trustee failed to notice red flags for seven months
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.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- Michael Gu
The 'enablers' of Australia's biggest scam
Frank Tearle and Justin Epstein were trustees of a $124 million fund used by Michael Gu's iProsperity Group to manage money raised as part of the government's Significant Investor Visa program.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- Business investment
Auditors flagged concern over fund using visa scheme money
Auditors raised concerns about iProsperity last year but the federal government provided only minimal oversight of its visa program for wealthy investors.
- Angus Grigg and Ingrid Fuary-Wagner
- Breaking
- Hotels
iProsperity founder plotted escape for 12 months
Creditors are owed $350m from the collapse of iProsperity, some of which was used by Michael Gu to buy a new passport.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- Crime
'The next Skase': investor fury over iProsperity fugitive
The finger-pointing and recriminations have begun over Michael Gu, the founder of failed property group iProsperity, being allowed to leave the country.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- China
iProsperity founder flees country leaving $60m trail of debt
Michael Gu left Sydney for Los Angeles on July 26, more than two weeks after his empire collapsed and well after a long list of creditors had accused him of misappropriating money.
- Angus Grigg and Ingrid Fuary-Wagner
July 2020
- Exclusive
- China relations
Fears Chinese investors targeted to 'game' visa scheme
Secret WA government submissions to Home Affairs review of significant investor visas warns fund managers and migration agents are gaming the controversial system.
- Michael Roddan
- Exclusive
- China relations
Fears $150m missing as part of federal government visa program
The administrator of collapsed property group iProsperity has already contacted ASIC over missing money.
- Ingrid Fuary-Wagner and Angus Grigg
- Exclusive
- China
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.
- Angus Grigg and Ingrid Fuary-Wagner
- Exclusive
- China
Private jets, fast cars leave investors facing $100m wipeout
The empire of Michael Gu, a 32-year-old former mobile phone salesman, has collapsed as investors question his high-octane lifestyle.
- Angus Grigg and Ingrid Fuary-Wagner