Business
Auditors flagged concern over fund using visa scheme money – The Australian Financial Review
Auditors raised concerns about iProsperity last year but the federal government provided only minimal oversight of its visa program for wealthy investors.
This had forced the maturity dates on loans to be extended and Mr Haydon said if this process faltered then the company may be insolvent.
His concerns were realised just eight months later when administrators were appointed. A creditors report released on Thursday said this vehicle was owed $132 million by iProsperity entities.
In a statement, Austrade said it has a policy advisory role for the SIV program with Home Affairs “responsible for all other aspects of the visa”.
Mr Gu is estimated t…
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