Lion Property Group collapse: liquidators uncover $25m shifted to director-linked entities
Liquidators allege millions were moved to director-linked entities before Lion Property Group collapsed owing investors $122.5 million, as ASIC and police assess potential action.
The Lion Property Group directors are facing a series of police and regulatory investigations. (Image source: API Magazine)
More than $25 million was shifted outside Lion Property Group before its collapse — with the money moved to external “related party” entities tied to its directors — an explosive report has found.
Liquidators KPMG have identified $25.29 million of funds from the group, which collapsed owing around 600 investors $122.5 million, that have been removed before their appointment.
“The related party transfers relate to payments made to entities outsi…
