Lion investors furious as police refer $122 million collapse back to ASIC
Investors who lost millions in the collapse of Lion Property Group have reacted angrily after Victoria Police referred the matter back to ASIC, despite liquidators uncovering alleged transfers of more than $25 million to entities linked to the company's directors.
Lion Property Group's directors raised $122.5 million from around 600 investors who have since faced the prospect of not seeing their money again. (Image source: API Magazine)
Victoria Police will take no action over the failed $122 million Lion Property Group despite being given a secret dossier containing allegations of serious illegality, and have instead handed the matter back to the beleaguered corporate regulator.
That refusal is also despite explosive public findings by liquidators KPMG that, before its collapse, more than $25 million dollars was shifted from Lion to entities controlled by its directors Gary Pe…
