Court shuttered Lion Property Group fearing directors were luring more hapless 'investors'
As Victoria Police's Financial Crime Squad looks into the practices of Lion Property Group's directors, the Supreme Court has said the business' $120 million liquidation was necessary to prevent others from being duped even after directors knew of its insolvent position.
Victims who invested large sums, often life savings, with Lion Property Group are concerned they will never see any of their money returned. (Image source: Leonard Zhukovsky/Shutterstock.com, and API Magazine)
The alleged misconduct of the two directors of the failed $120 million Lion Property Group — handed to police in a confidential report — was so serious it alone justified the appointment of liquidators, a court has ruled.
The Victorian Supreme Court has found Lion directors John Sader and Garry Pesochinsky either had “no insight” into the difficulties facing the group, or they had “deliberately avoided facing them” before the court.
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