Scale of failed Lion Property Group's 'Ponzi scheme' unveiled by liquidators, Supreme Court
Lies, financially ruined investors, a vacated office: the mess left behind by the Lion Property Group has been unveiled in court and by the company's liquidators, with API Magazine exclusively revealing the scale of the shambolic collapse of the discredited enterprise.
Hundreds of investors have been burned by the collapse of Lion Property Group, with the aftermath of the financial debacle now playing out in Victoria's Supreme Court. (Image source: API Magazine, Lion Property Group website)
Melbourne’s failed Lion Property Group, which folded owing $120 million, had “ceased trading activities” before provisional liquidators were appointed and its offices have been “vacated”, the Victorian Supreme Court has heard.
An explosive report provided to the court by provisional liquidators KPMG states construction on the group’s string of projects, in Melbourne, Brisbane and the Gold Coast, “seems to have halted in 2024”.
The report, obtai…
